The Central Bank of Solomon Islands, CBSI, yesterday launched an annual event called 'Money Smart Day'.

The 'Money Smart Day' attracted many curious visitors as the Bank opened its door to the public.

Speaking during the celebrations the CBSI's Governor, Mr Rick Hou, stated that financial illiteracy amongst Solomon Islanders is a major reason why the concept of a 'Money Smart Day' came about.

He stresses that the lack of financial literacy amongst the general population has given rise to scams by selfish individuals willing to take advantage of such ignorance.

"Financial ignorance has given rise to get-rich quick schemes which rob many people of their hard earned savings," said Mr Hou. "The absences of basic understandings of basic budgeting principles have led to many spending their income wastefully."

Mr. Hou said, though small, the CBSI is doing its part to educate Solomon Islanders as there is "an urgent need to educate the population on financial matters." "This will ensure that families in the Solomon Islands are better to manage their family finances," he says.