Solomon Islands is in desperate need of a savings culture – says the CEO of Pan Oceanic Bank, Nihal Kekulawala.
Mr Kekulawala made the statement this morning when launching the Bank’s Pikinini Savings Gift scheme in Honiara.
He said Solomon Islands does not have a strong savings culture.
“Solomon Islands generally does not have a strong savings culture. Savings levels are low across the Solomon Islands population. Solomon Islands desperately needs a savings culture.”
Meanwhile, the POB Chief Executive Officer says from the children’s point of view, the Pikinini Savings scheme is more than just a savings account.
The savings scheme, launched today, targets children under 18 years old and offers rewards or gifts to children when they reach a certain amount in their savings.
Some of these gifts include caps when a child’s savings reaches five hundred dollars, a wrist watch when the savings reaches 5-thousand dollars and a laptop when the child’s savings reaches a hundred thousand dollars.
Nihal Kekulawala says Pan Oceanic Bank is helping children to develop good financial habits that can last a lifetime.
“We are helping them develop good financial habits that can last a lifetime. Education experts say that kids learn best about money between the ages eight to 12.”