National Coordinator for the Financial Management Counselors Association of Fiji, Lagi Fisher, says parents in Fiji and around the world are one of the reasons children are held back when it comes to savings.
This was highlighted during the Panel Discussion organized by the Consumer Council of Fiji with various other financial institutions on financial literacy.
Fisher says this is because when parents give a certain amount of money to their children, they call it spending.
Minister for Finance, Professor Biman Prasad says children have to be taught about savings from a young age with parental engagement.
Professor Prasad says the Government will re-look at laws to ensure that the bank process for opening a bank account is not an obstacle for people.
Consumer Council of Fiji, Chief Executive Officer, Seema Shandil says financial literacy is more important than ever before, and over the past few years due to unprecedented challenges such as health crises, climate catastrophes, tense geo-political relationships and global inflation.
Shandil says the factors affecting financial well-being are beyond any individual's control.
She says financial knowledge can help people manage their finances better through times of hardship.
Lead specialist for Pacific Insurance and Climate Adaptation Program, Krishnan Narasimhan, says there are challenges in putting up short courses on financial literacy on the digital platform due to connectivity issues in certain areas.
He says that digital connectivity can bridge the gap because sometimes there is no substitute for face-to-face discussions.
