By Theckla Gunga – EMTV News, Port Moresby
Over 270 recruits at the Bomana Police Training College have completed a financial training workshop, yesterday.
It was conducted by Westpac Bank, stressing the importance of budgeting money while earning a regular income.
The college management believes the workshop will train recruits, to make economic decisions when they pass out from Bomana.
The training covered a range of basic knowledge on savings, budgeting and spending.
Though these are familiar areas when it comes to managing finance, the trainer who coordinated the workshop said many people still make unwise decisions when spending their money.
The training comes as a positive approach for recruits to differentiate their needs from their wants and invest in what their needs may be.
Financial National News is an area the National Government has invested since 2012, because of the high financial illiteracy rate in Papua New Guinea.
A recent study conducted by Bank of PNG revealed that 7 out of every 10 people in rural areas are financially illiterate, or do not have access to basic financial information.
Thus, BPNG through financial institutions have been conducting such trainings in the communities to increase people’s knowledge on the importance of practicing a savings culture.
For these recruits, it was an opportunity to further their understanding on financial literacy. Much focus was given to saving money for the raining day.