Here is the converted article in Markdown format:

Women Take the Lead in Financial Literacy and Savings

A recent study has revealed that women are playing a significant role in financial literacy and savings in Nauru, with almost 50% of the accounts held by females.

Increased Savings Accounts

According to the report, the value of these savings accounts increased significantly from around A$0.8 million in April 2016 to over A$5.6 million in May 2021. Similarly, the number of term deposit accounts opened at the banking agency increased by 72% to 31 in May 2021, with almost 40% of these accounts held by women.

Term Deposit Accounts

The value of these term deposit accounts also noted a modest increase of 44%, from over A$0.3 million in April 2016 to around A$0.5 million in May 2021. The slow take-up of term deposit products remains a concern, especially given the limited investment and wealth creation opportunities in Nauru.

Financial Literacy

The report highlights the importance of financial literacy, with at least:

• 1,000 people benefiting from financial literacy activities by May 2021, comprising at least 50% female participants.
• 185 individuals, including 78% women, receiving training by June 30, 2021.

Government Efforts

The government’s efforts to enhance the financial sector policy framework also received attention. Although a draft financial services bill was not submitted to Parliament due to challenges in fully implementing the output:

• A draft policy paper on the legal and regulatory framework necessary to strengthen Nauru’s finance sector was completed in November 2018.
• Government officials participated in selected regional forums on financial inclusion by May 2021, with at least 50% female representation.

Conclusion

==========

The report concludes that while progress has been made in improving financial literacy and enhancing the financial sector policy framework, there is still much work to be done to address the challenges facing Nauru’s finance sector.