Microfinance Focus, October 13, 2011: The Ministry of Education and Human Resource Development (MEHRD) and the Central Bank of the Solomon Islands (CBSI) are working closely to determine the best means of introducing financial education within the school curriculum. Fiji is the first country in the Pacific to commence a comprehensive project to introduce financial education in the school curriculum across all primary and secondary class levels.

The Chairman of the NFIT and Governor of the Central Bank, Mr. Denton Rarawa said, “Financial education is very important because it enables young people to acquire ‘life skills’ that would be beneficial later for themselves, their families and communities.” This cutting edge work will lead towards a future generation of young men and women who upon leaving school are able to respond appropriately when faced with a financial decision or choice.  Through financial education, our children will be taught personal money management and investment for the betterment of themselves and their communities.

The Solomon Islands together with other countries in the region, endorsed the four Money Pacific Goals to be achieved by 2020.  A key Money Pacific goal relates to financial education and states that “All children to have access to financial education in the core curriculum.”  The Solomon Islands is committed to achieving this particular goal, which complements the National Financial Inclusion Taskforce’s (NFIT) initiatives towards developing financial literacy and strengthening financial competency.

A scoping mission to assist the MEHRD and CBSI with their joint financial education efforts is presently in the country working with the Curriculum Division and meeting with key stakeholders. At the culmination of the two-week scoping mission, a strategy for introducing financial education within the school curriculum will be identified.  Funding and technical assistance for the scoping mission was made possible through the Pacific Financial Inclusion Program. The Pacific Financial Inclusion Program is a Pacific-wide program helping to provide sustainable financial services to low income households. It is funded by the Australian Agency for International Development (AusAID), the United Nations Capital Development Fund (UNCDF), the European Union and the United Nations Development Program (UNDP) and operates from the UNDP Pacific Centre.