My Photo
Blog powered by Typepad
Member since 02/2006

« A thoughtful book advocating the virtues of Melanesian law | Main | The writers: Imelda Yabara – great writing on themes of equality »

10 February 2017


Feed You can follow this conversation by subscribing to the comment feed for this post.

The problem of financial literacy, or the lack of it, is not confined to PNG.

Here in Australia, it is thought that more than of half of the population, despite the apparent advantages of a good education system and well developed finance and banking sector, have a perilously poor level of financial literacy.

So, for example, about 60% of small businesses fail within the first three years of operation.

Mostly, this is due to inadequate capitalisation or because the business idea was a bad one to start with. In other words, the business owners either didn't understand how much it would cost to start up and get established in the first place or simply pursued a non-viable business strategy right from the start.

Given the additional handicaps faced by people in PNG, it is no surprise to me that financial literacy is seriously under developed.

The extension of easy credit to Australians has been both a blessing and a curse. On the one hand, it has allowed many people to do and achieve things that would have otherwise been impossible.

On the other, it has allowed people with very poor money management skills to get themselves into a great deal of financial trouble.

We have people in Australia doing the equivalent job to that being done by Diane Mirio. I'd be amazed if they have not had pretty much the same experiences she has had, having to explain the financial facts of life to people with little idea of how to turn their dreams into a concrete reality.

Where financial literacy is concerned, it seems that the situation in PNG is not materially different to that applying in much of the rest of the world.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)