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The New Zealand Pacific Remittance Project A Joint Project Between the Reserve Bank of New Zealand Ministry of Pacific Island Affairs Ministry of Foreign Affairs (NZAID) AusAID In cooperation with the World Bank

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PROJECT OBJECTIVES More competitive market. Greater transparency. Better informed consumers. Wider use of formal channels.

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The NZ Pacific Remittance Project PHASE ONE: To stimulate greater competition and innovation in the remittance market, and to assist remitters to make informed choices when sending money home. PHASE TWO: Promoting financial capability.

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MoneyPACIFIC 2020 GOALS These goals aim to deliver for Pacific Peoples by 2020: all school children to receive financial education through core curricula; all adults to have access to financial education; simple and transparent consumer protection to be in place; and to halve the number of households without access to basic financial services.

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The Ripple Effect of Financial Literacy

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What Is Financial Literacy? The ability to make informed judgements and to take effective decisions regarding the use & management of money.

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There are 4 aspects to financial capability FINANCIAL UNDERSTANDING Understanding the concept of money. FINANCIAL COMPETENCE Knowing how to look after & manage money. FINANCIAL RESPONSIBILITY Making personal life choices, & thinking about the ethics of money. FINANCIAL ENTERPRISE Using resources in an innovative & confident manner.

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