Thursday, 17 June 2010 09:35
THE annual Money Smart Day orangnised by the Central Bank will be celebrated in Isabel and Makira province this year.
The event was first held in Honiara two years ago in 2008 at the Art Gallery to coincide with the bank’s anniversary.
Since then the event had been an annual one which aims to create awareness and promote the importance of managing money and how the Central Bank operates in the country.
Last year Money Smart Day was held in Gizo, Western Province.
As part of the Money Smart Day, which will be held on Monday and Tuesday next week, two teams are heading to Buala and Kirakira to overseer the event.
While at the provincial capital they will conduct one day financial literacy workshops.
There will be booths for information about how to manage money and ways to get a loan for the solar power.
In 2008 former governor Rick Hou, stated that financial illiteracy amongst Solomon Islanders is a major reason why the concept of a 'Money Smart Day' came about.
He said the lack of financial literacy amongst the general population has given rise to scams by selfish individuals bent on taking advantage of people’s ignorance.
"Financial ignorance has given rise to get-rich quick schemes which rob many people of their hard earned savings.
"The absence of basic understandings of basic budgeting principles had led to many spending their income wastefully," Mr Hou said then.
He said although CBSI is doing its part to educate locals there is an urgent need to educate the population on financial matters.
"This will ensure families are in a better position to manage their finances."
By MOFFAT MAMU
[source: www.solomonstarnews.com]
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