20 July 2011
Fiji Development Bank’s General Manager Business Risk Services, Mr. Nafitalai Cakacaka yesterday (19/07) presented Wainibuka Secondary School with a prize money of $500 for winning the 2010 Money $mart™ Award for the Remote Category.
In his address to students, parents, friends and villagers from nearby Naiyavo and Nagia, Mr. Cakacaka said he hoped that the students learnt the value of budgeting, planning and saving money as a result of the Money $mart™ task.
“The Bank was committed to create Money $mart™ because as a responsible corporate citizen, we wanted to be part of the learning process in ensuring that our future generations were well equipped to manage money,” he said.
“I hope that during the course of doing Money $mart™, you learnt the value of money and how important it is as a medium of
exchange for goods and services.”
It is estimated that approximately $1.73 million has been saved cumulatively by students since Money $mart™ started in 2007. Reported savings for the same period however, put this figure in the vicinity of $822,000.
“For its part the Bank has also invested close to $210,000 of its own finances to equip schools and students with the resources necessary to enable our future generations become smarter about managing their personal finances,” Mr. Cakacaka said.
“While this was the underlying goal of Money $mart™, we found that for non-urban students in particular, a generation of
entrepreneurs is emerging. This is so because outside of the main towns and cities, students do not get a weekly allowance from their parents, therefore they were more likely to perform chores or odd jobs for neighbours and family members to earn a few extra dollars that they could put towards their savings. Similarly, students who had access to fruits and vegetables, sold these fresh produce to also earn the money they needed to put into their savings account.
“This is exactly what Fiji needs at this time – a generation of entrepreneurs. If Fiji is to improve economically, we need people who are unafraid to take risks and willing to work hard to make their enterprises a success.”
For their effort, students at Wainibuka Secondary scored a 1% variance during moderation and as part of their savings, put aside a total of $1,203.60 in 12 weeks. This works out to an average savings of $28.70 per student.
“Your effort and diligence has earned you the prize for being the best school competing in the Remote Schools Category for this award. All of the 30 schools returned the student workbooks for moderation but only nine including your school, also returned the results of student savings’ to the Ministry of Education,” Mr. Cakacaka said.
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