New financial knowledge and skills have been developed in the Pacific Islands over the last seven years following initiatives under financial inclusion programs by banks to broaden access to financial services for Pacific islanders.

A report on the impact of an ANZ MoneyMinded program that was launched in 2010 in a number of Pacific Islands countries was released by Ms Ressa Price, the ANZ regional Executive Director for the Pacific in Nuku’alofa on 16 November at the Tanoa Hotel, Nuku’alofa.

The MoneyMinded initiative was to counter the state of financial exclusion in the Pacific. It was reported in 2005 that about 70% of people living in Pacific Island Countries had difficulties accessing financial services and did not have bank accounts.

Several Pacific Island Countries had introduced Financial Inclusion programs to broaden the access to financial services. The United Nations agencies and commercial banks play a critical role in developing, funding and implementing these initiatives.

A 2017 evaluation survey of the effectiveness of the ANZ‘s MoneyMinded program in Tonga, reported that respondents have acquired new financial knowledge and skills, developed more positive attitudes and behaviours towards managing money, and display a future orientation that includes setting financial goals, budgeting, saving and investing. The program reportedly had a positive impact on the participants personal wellbeing, as well as indirect positive effects on their families and friends.