Business Spasific, in collaboration with the Financial Education and Research Centre of Westpac-Massey University, has launched a pilot programme that targets Financial Literacy among Pacific people.
Hosted by two Pacific island churches at the Business Trust’s premises last Thursday, the programme is designed to address the issues Pacific people are faced with when dealing with financial matters – especially personal finance.
The programme is being delivered by ‘Poto Money’, a business under the directorship of Jackie Curry-Malolo.
“The Pacific people will relate better to the name Poto Money, meaning ‘smart money’ which does reflect better in what we are trying to achieve in the programme, ‘be smart with your money’,” says Mrs Malolo.
“The overall objective of the programme is to improve the financial literacy and financial well-being of the Pacific families in New Zealand. We aim to empower them so they are able to enjoy financial freedom and good quality of life while meeting their family and cultural obligations.
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“Both Business Spacific and the Financial Education and Research Centre are committed to educating and enriching our people with financial skills and knowledge – one family at a time, to overcome these issues.”
The long-term goal is to train local representatives to deliver the course throughout the wider Pacific communities based on the initiative already in use by other service providers – and that is utilising those who are skilled in their own individual languages; i.e. Samoan, Tongan, Cook Island and others. Mrs Curry-Malolo’s background in Business Education, started as a Marketing Lecturer at the National University of Samoa.
She continued when she shifted to New Zealand, teaching at the Te Wananga o Aotearoa and at Martin Hautus Institute where she came across many Pacific students with aspirations to start their own businesses.
They were unable to do so due to lack of financial management skills among other things. It made her realise that in order to help and start Pacific businesses, she needed to come up with a solution to help people understand and better manage their finances.
“I noticed that Finance companies with high interest loans were directly targeting Pacific people in their promotions – that bothered me and I knew the only way to counter this was to educate our people.”
“Growing up as a Samoan, I have experienced financial hardship when it comes time to contribute and meet our cultural obligations and the need for a ‘quick cash’ during these times makes it very hard to resist the temptations to access quick easy loans from finance companies or loan sharks.”
Dr. Pushpa Wood from the Financial Education and Research Centre, saw the programme as the only sustainable way on improving financial literacy nationwide.
“I see it as my role to ignite passion in individuals and communities to take responsibility for their own financial health.
The centre is committed to promoting high quality and accessible financial literacy programmes to empower communities to ultimately take charge and deliver and Poto Money is one of of them.”
Alesana Talopau, of Break Through Advisors & Brokers Limited, and Hana Seumanu- Ikenasio, a Career Consultant of Careers NZ, who were amongst the audience both agreed that it’s about time the Pacific people have the opportunities to serve their people from positions where they can affect some changes to the mindset of the Pacific people about managing their finances.
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