Welcome to the Reserve Bank of Fiji’s Public Awareness column. This week we continue our series of articles on financial education in Fiji and how it contributes to financial inclusion.
Sixteen-year-old Abishek Shivam, a Year 11 student at All Saints Secondary School in Labasa, sees Financial Education as a way out of poverty. Since his parents divorced some years ago, he went to live with his elderly grandmother, who struggles financially. A widow, her only source of income is the $90 she receives each month from her welfare payment. At times, this is supplemented by financial help from relatives.
After learning about Financial Education in school three years ago, Abishek started a small home-based business selling milk ice-blocks after school, in Valebasoga, an area with few shops nearby.
Today, Abishek has managed to save $1500 in a bank account. He uses the money towards his stationery, school uniforms and living expenses. Abishek plans to continue with the business in years to come, to help him meet his expenses and to become financially independent.