Promoting financial literacy and capability in Pacific communities

About the report

Pacific Peoples have made significant economic, social, political, and cultural contributions to Aotearoa, New Zealand for more than a century now. However, despite these contributions, our Pacific Peoples continue to face many economic challenges which negatively impact the overall wellbeing of individuals, ‘aiga (family) and the wider community.

Achieving financial capability is a powerful tool in enhancing overall economic prosperity and wellbeing.  One way to achieve financial capability is through the uptake of financial capability programmes. However, even though highly successful, Pacific-centred financial capability programmes have been available, uptake of these programmes by the community has been low.

In March 2024, MBIE commissioned research looking into the critical success factors in promoting financial capability amongst Pacific peoples in New Zealand. We wanted to understand the barriers and enablers to Pacific peoples’ uptake and participation in financial capability programmes.

By understanding barriers and enablers, we can help businesses and organisations design and deliver programmes that meet peoples’ needs more effectively. Key findings from this research can:

• inform researchers and professionals from all sectors of key findings on how to best promote financial capability in Pacific communities here in Aotearoa New Zealand
• be considered and adopted by policy teams and programme administrators when considering how to design financial capability programmes for Pacific Peoples.

Report key findings

Through this research, we found several ways to appeal to Pacific Peoples and promote financial capability programmes in the Pacific community, for example:

• By framing economic well-being and financial literacy as a key component of overall well-being, we are more likely to attract Pacific communities to financial capability programmes, as it aligns with Pacific worldviews.
• There needs to be more Pacific representation and inclusivity within the banking and finance sector. This is important for fostering trust and relatability between Pacific communities and the financial sector.
• Where possible, programmes and services should be framed as family-centered, contributing to building intergenerational economic well-being and inclusive of cultural practices (e.g. cultural gifting and tithing). The relationship between financial aspirations and cultural values within Pacific communities is important, and these values shape how people think about and handle money, including how wealth is saved or shared within the community.
• Community leaders (church, sports groups and extended families) in these different groups can be strong advocates in promoting services through word of mouth and encouraging participation by those in their wider network. This endorsement increases trust in services and programmes and increases the likelihood of participation.
• Conventional promotional and awareness strategies such as utilizing church groups, Pacific-language radio shows, and Facebook are considered effective methods to reach the Pacific community.
• New social media platforms such as Instagram and TikTok appeal to most participants. Using short stories and reels to promote both the positive and negative impacts of financial capability was seen as an effective strategy for time-poor consumers. 

Report methodology

Research drew on various data collection sources, including a literature review, an environmental scan, and in-depth interviews and focus groups with various stakeholders. These included financial capability providers, the Retirement Commission and participants in financial capability programmes.

Researchers held some ethnic specific focus groups to allow for exploring differences in perspectives and experiences across Pacific ethnic groups. This included talanoa (discussion) with participants who identified with the following ethnicities: Samoan, Tongan, Niuean, Cook Islander, Fijian and non-Pacific.