Port Moresby, November 5, 2013 –Today, the Bank of Papua New Guinea (BPNG), together with the World Bank, launched the National Survey on Financial Capability.
The National Survey of Financial Competency will help develop a national baseline across income groups in PNG on financial capability. The survey result is expected to provide a comprehensive understanding of financial capability of PNG population, including the decision making on money management, financial planning habits, and use of informal and formal financial services in PNG.
“The National Financial Capability study is unique as it will provide an important information on the management of money and the use of financial services by households in Papua New Guinea at national level, rural and urban, lower income and higher income, highlands and coastal. We will also be able to measure our progress in achieving our financial inclusion targets, and compare ourselves against other countries.” Governor Bakani shared with the audience.
"The World Bank has the pleasure of supporting this important initiative of the Bank of Papua New Guinea on establishing a baseline to understand better the financial capability of PNG households. We are grateful to the financial support provided by the Korean government to the project." says Ms. Laura Bailey, Country Manager of the World Bank for PNG.
"The survey results will provide useful information to support the Government of PNG in developing targeted financial inclusion, financial education and consumer protection programs for the PNG population to support the inclusive economic growth in PNG". Ms. Bailey added.
The project is an integral part of the Financial Inclusion program initiated by BPNG, which includes both demand and supply side analysis for financial services in PNG. Other on-going projects that BPNG leads include the Microfinance Expansion Project supported by Asian Development Bank, in which a financial literacy and education program is to be developed through a newly established National Center for Excellence in Financial Inclusion (CEFI), the UN PFIP Financial Diary Project and Financial Competency Survey, which focuses on understanding the cash-flow management of low income households in select households in urban and rural communities.
The project is to be implemented in the next 9 months by BPNG with the technical support from the World Bank, PNG National Statistics Office, Institute of National Affairs, and the financial support from the Korean Government.
The survey results will be made available to the public at the end of the project for raising awareness of the areas that need to be addressed by relevant government policies and further research.