The South Pacific Stock Exchange (SPX) is intensifying its efforts to improve financial literacy among the public, particularly in Fiji. At the recent “Ring the Bell for Financial Literacy” ceremony, SPX Chief Executive Sheraj Obeyesekere highlighted a concerning statistic: only ten percent of Fiji’s stock market is owned by individual investors, while a staggering ninety percent is controlled by institutional investors.
Emphasizing the necessity for individuals to become adept in managing and investing their finances, Obeyesekere noted that the SPX has engaged in nearly 100 community outreach initiatives throughout the year. These sessions aim to illustrate that investing in shares is accessible to everyone, not just the affluent. Feedback from rural communities revealed that financial illiteracy has been a significant barrier to enhancing their financial situations.
Obeyesekere articulated that empowering communities through financial knowledge is vital for improving their overall financial well-being. He advocated for collaboration among financial institutions, suggesting that joint efforts are essential to expand financial literacy initiatives. Such collaboration is crucial for shaping a prosperous future for Fiji and equipping citizens with the ability to make informed financial choices.
This initiative aligns with a growing optimism within the SPX, reflected by a notable increase in investor participation. There has been a remarkable 200 percent rise in new investors this year, attributed to various educational campaigns. The SPX’s past initiatives have also contributed to increased daily trading values among individual investors, indicating a burgeoning interest in market involvement.
By prioritizing community outreach, the SPX is working towards creating a more inclusive financial landscape in Fiji, enabling more individuals to actively participate in the capital market and contribute to the nation’s economic growth. The SPX’s commitment to enhancing financial understanding and engagement is expected to not only improve individual financial health but also reinforce Fiji’s economic resilience amid a shifting financial environment.