- PROJECT TITLE: PNG Financial Competency Study
- PARTNER INSTITUTIONS: Bank of Papua New Guinea (BPNG); UNDP Pacific Financial Inclusion Program (UNPFIP)
- TIMELINE: October 2010 – June 2012
There is emerging recognition of the need for government programs to tackle the widespread, weak levels of financial capability among the low-income population of PNG. The results of the present study will feed directly into the formulation of a national policy and strategy for financial education to be led by the Bank of Papua New Guinea (BPNG). This national survey is also particularly relevant to financial sector policy development, especially in the case of micro and SME finance, as it will result in a baseline database with information on attitudes to money, decision making around money, financial planning habits, and access to different types of formal and informal financial services.
As the qualitative basis for the survey, a total of eight focus group sessions (four female and four male) and 16 in-depth interviews were conducted in three sample communities.
The national survey plans to use the same sampling as the PNG HIES with some re-weighting of census districts due to migration in the inter-census period. The survey will contain additional PNG-specific questions to the set of core questions developed by the multi-country study so as to focus more on financial capacity of households in PNG.
Due to the complexity of local logistics and the upcoming election in June 2012, the national survey is postponed and will be conducted after the election. Pilot testing of questionnaire has been completed and data will be collected and analyzed to validate the instrument and constitute a first step towards understanding the challenges for financial education in PNG.