PNGX’s Post

Developing a savings culture in PNG requires concerted efforts from the government, financial institutions, educational systems, and community organizations. It is essential to promote financial literacy, create accessible and appealing savings products, and foster a mindset that values long-term financial planning.  By doing so, PNG can build a foundation for sustainable economic growth and prosperity for its people. 

To cultivate a strong savings culture, we should look beyond low-interest bank savings accounts, where the banks often benefit more than the account holders. Instead, consider investing your budgeted savings in options like Treasury bills and bonds, or dividend-paying stocks/shares. These investments typically offer better returns and contribute to long-term wealth building. Use your bank account to gather the necessary funds for these investments, and then invest wisely. Remember, the key to a successful savings culture is self-discipline; without it, even with financial knowledge, you may still struggle financially. #FinancialLiteracy #InvestmentStrategies #WealthBuilding #TreasuryBills #GovernmentBonds #DividendStocks #SmartInvesting #SavingsCulture #PNGFinance

#PNGX: IN recent times, the rising cost of store goods, market produce, and services in Papua New Guinea has significantly impacted household budgets across the nation. As prices continue to climb, it becomes increasingly crucial for every individual to make informed and manageable financial decisions. Read more here: ( https://wp.me/peM2NU-2aau )

Identifying spending triggers and making better financial decisions in Papua New Guinea involves a nuanced understanding of both traditional values and modern financial practices. For many, spending triggers are deeply intertwined with cultural events and social obligations, such as contributing to community ceremonies or supporting extended family needs. To make more informed financial choices, individuals can benefit from a balanced approach that respects these cultural imperatives while integrating practical budgeting strategies. Implementing simple financial planning tools, like tracking expenditures and setting clear savings goals, can help manage cash flow more effectively. Read the article below on the spending culture in Papua New Guinea, how to identify spending triggers and how to make better financial decisions to save and invest. #growyourwealth #investinpng https://lnkd.in/gsg4KiQ3

Understanding how to make financial decisions is key to financial growth. But understanding how to make financial decisions within the cultural context highlights the nuances of saving and spending investing in PNG. So often, the influence of cultural nuance is ignored.

Happy World Savings Day! Today, as we reflect on the theme of Sustainability and Personal finance -Living the commitment, let’s talk about how even the smallest savings can grow into something big over time. The recent Finscope Survey 2023 by Bank of Uganda of Uganda showed that while more Ugandans are saving, most do so informally through savings groups or by keeping cash at home. Only about 15% of adults have formal savings accounts. This highlights how much potential there is for us to adopt more sustainable, secure saving methods that build a stronger financial future. Imagine if you committed just 200,000 UGX a month, placing it into a unit trust. It doesn’t sound like much, but with compounding where you earn not only on your deposits but also on previous returns this small amount can transform over time. Think of it this way: 📍Year 1: Your savings of 2,400,000 UGX grows with interest, adding up to around 2,640,000 UGX. 📍Year 5: With consistent saving and compounding, your balance could grow to over 15,000,000 UGX! This is the power of compounding small amounts turning into significant growth, just by being consistent and committed. You’re not just saving; you’re building a sustainable future and creating peace of mind. On this World Savings Day, let’s make a commitment together. 📍Book a Clarity Session with me to explore how you can begin your sustainable savings journey. What’s one amount you could set aside today to start living your commitment to a sustainable financial future?

𝗛𝗲𝗿𝗲’𝘀 𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗖𝗵𝗼𝗼𝘀𝗲 𝗦𝗮𝘃𝗶𝗻𝗴 𝗠𝗼𝗻𝗲𝘆 𝗶𝗻 𝗮 𝗠𝗼𝗻𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝘂𝗻𝗱 (𝗠𝗠𝗙) 𝗜𝗻𝘀𝘁𝗲𝗮𝗱 𝗼𝗳 𝗮 𝗕𝗮𝗻𝗸. Discover some solid advantages that make MMFs stand out: 1️⃣ 𝗛𝗶𝗴𝗵 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 MMFs allow you to access your money quickly, often within 24 hours. This is great for handling emergencies or taking advantage of sudden opportunities. 2️⃣ 𝗛𝗶𝗴𝗵𝗲𝗿 𝗥𝗲𝘁𝘂𝗿𝗻𝘀 Compared to traditional savings accounts, MMFs typically offer higher interest rates. This means your money works harder for you, growing faster over time. 3️⃣ 𝗟𝗼𝘄 𝗥𝗶𝘀𝗸 MMFs are generally low-risk investments because they invest in short-term, high-quality financial instruments. This makes them a safer option compared to other investment avenues with higher volatility. 4️⃣ 𝗙𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 You can invest as much or as little as you want, without long-term commitments. This flexibility makes MMFs ideal for both short-term savings and longer-term financial goals. 5️⃣ 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 Your money is managed by financial experts who make informed decisions to maximize returns while minimizing risk. This takes the pressure off you to constantly monitor the market. 6️⃣ 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗣𝗿𝗲𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻 MMFs focus on preserving your initial investment while earning you a return. Unlike riskier investments, where you might lose part of your capital, MMFs aim to keep your principal safe. 7️⃣ 𝗘𝗮𝘀𝗲 𝗼𝗳 𝗘𝗻𝘁𝗿𝘆 It’s easy to start saving with an MMF in Kenya. Many funds have low minimum investment requirements, making them accessible even if you’re just starting your savings journey. MMFs provide a balanced mix of safety, growth, and accessibility, making them an attractive option for savers looking to grow their wealth with peace of mind. Do you have any questions regarding the Money Market Funds? 𝗗𝗿𝗼𝗽 𝘁𝗵𝗲𝗺 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗲𝗰𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗜 𝘄𝗶𝗹𝗹 𝗱𝗼 𝗺𝘆 𝗯𝗲𝘀𝘁 𝘁𝗼 𝗮𝗻𝘀𝘄𝗲𝗿 𝘁𝗵𝗲𝗺. ** (Below is an updated effective annual returns list from different fund managers in Kenya)

A relatively faster way to alleviate poverty in South Asia is to provide professionally-managed investment vehicles to poor and underprivileged citizens to access whole bandwidth of the financial markets. They might have small amounts of funds at individual level but the corpus of funds at community levels would be beyond anybody's imagination. We need to revive our network of the post offices as micro-investment hubs. Postal savings should not be limited to fixed returns. There should be 70:30 split between fixed and market-linked returns with a floor on the market-linked returns. The floor may be supported by financial support from state and central governments. Along with market returns, there should be some personal insurance component pegged to the investment corpus.

Today let's discuss why we fear discussing personal finance and why you need an Investment Advisor, In our vibrant community, discussing personal finances and investments often comes with a whisper of hesitation. It’s a common fear, rooted in privacy, pride, or the misconception that seeking advice is a sign of weakness. But let’s shift the narrative. I get a number of people come to my office for consultations, however the biggest challenge I face is that 70% of them never open up about the financial position they are. This makes it so hard to prescribe "Financial Medication" or Tailor make an investment plan for them. We have a number of people swimming in a pool of debt, no savings, no investments. And I want to help especially on savings and Investments. Financial literacy is not innate—it’s learned. And in the ever-evolving economic landscape of Uganda, keeping in the know of the best investment strategies and financial management practices can be daunting. This is where the expertise of a financial advisor becomes invaluable. A financial advisor is more than just a guide; they are a partner in crafting a future that aligns with your aspirations. They bring to the table a wealth of knowledge, tailored to help you navigate the complexities of investments and savings ensuring that your hard-earned money works just as hard for you.  Advisors don’t do one-size-fits-all. They’ll craft a financial plan that’s as unique as your fingerprint. So, let’s break the silence on financial fears. Consult a financial advisor and take the first step towards empowered financial decision-making. Your future self will thank you. PS: I help individuals, Groups and institutions start their investment journeys by crafting a tailor made investment plan for them. Reach me on my numbers today in the BIO or Profile or DM me #FinancialLiteracy #Investment #Uganda #FinancialAdvisor #EconomicEmpowerment

The Old Mutual Kenya Group has unveiled the inaugural Old Mutual Financial Services Monitor (OMFSM), offering in-depth insights into the financial landscape of Kenya. The OMFSM is crafted to provide a comprehensive grasp of Kenyan financial behavior, empowering individuals to make well-informed decisions. Key findings from the study reveal that nearly half of Kenyan consumers experience significant financial stress, with only one in ten reporting increased earnings post-COVID-19. Moreover, 59% of Kenyans allocate their monthly income to living expenses, exceeding the African average of 51%. The report underscores Kenyans’ primary financial concerns, including income security, expense reduction, and debt repayment. It highlights a significant prevalence of debt in the country, with nearly seven in ten consumers having some form of personal loan. This ratio surpasses that of other surveyed markets across the continent, including Ghana, Namibia, and South Africa. Click on the provided link to read the full article https://lnkd.in/dDnMJMYf #oldmutual #omfsm #ibmag