Low balance for members nearing retirement age is a real challenge - FNPF

An on‑going challenge for the Fiji National Provident Fund is the low balance for members nearing retirement age.

FNPF CEO Jaoji Koroi says many Fijians are not planning ahead and preparing for a comfortable retirement and end up living below the poverty line.

Koroi says approximately 73% of the FNPF members have a balance of $10,000 or less.

He says this statistic has led the Financial Literacy Working Group of the National Financial Inclusion Taskforce to partner with the FNPF, the Reserve Bank of Fiji and the UN’s Pacific Financial Inclusion Programme to create an awareness campaign on the dire need to save for retirement.

He says an expo is underway from today to Friday at FNPF Downtown Boulevard from 9am to 4.30pm.

Koroi says FNPF is taking action to encourage citizens to rethink their retirement.

He says FNPF members need to first understand that retirement is a certainty in life and whether they have enough saved to live comfortably after retirement.

Koroi says FNPF is helping members to have a retirement plan by showing them various ways in which different financial products can help them prepare for retirement.

Koroi says FNPF statistics reveal that the sooner members start planning for retirement, the more time and options they have in achieving long-term retirement goals.