2. 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

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

4. 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.

5. 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.

7. The Ripple Effect of Financial Literacy

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

9. 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.