Social Issues affect PNG Economy

Social issues are affecting PNG's Economy and there remains a need for a holistic approach to be given in addressing social security of individuals to promote economic sustainability within households in communities and the country as a whole.

Social Impact Consultancy managing director Meredith Tutumang highlighted that this is an area that results in economy development interventions becoming successful.

"Multi-sectorial baseline studies conducted in 2013 in 22 villages of Finschhafen District revealed that social issues are factors that impede on the savings culture of an individual and household," Ms Tutumang said.

"This was due to the fact that social welfare issues were not addressed prior to awareness on financial literacy being conducted," she added.

She said that one of the main reasons behind economical interventions in communities being partially successful is due to lack of a multi-disciplinary approach.

"Educating individuals on how social issues and other illicit activities affect economic stability within homes helps one to rationalise," Ms Tutumang said.

"It further assist them to improve their own livelihoods and develop right attitudes to foster economic growth in the wider community" she stated.

Ms Tutumang explained that conducting a holistic approach when creating awareness on financial literacy can be seen as a cost cutting measure.

"It reduces expenses on logistic, human resources and interventions may that may seem somewhat expensive," she added.

She added that donors of economical intervention incorporate various aspects of social security all at once with financial literacy awareness eases expenses.

Post Courier/ PNG Today