Financial literacy strategy launched

A national strategy for financial literacy, which sets the direction for improving financial literacy in New Zealand has been launched.

Tuesday, July 1st 2008, 7:18AM

The strategy includes goals such as the recent inclusion of financial education into the school curriculum, getting rid of financial jargon, encouraging financial education in the workplace, and continuing to provide information and tools to help people make informed decisions about their money.

"It sets a direction for us to collectively achieve our goal of personal financial wellbeing for New Zealanders," Retirement Commissioner Diana Crossan says.

She says the strategy has been developed in a short time frame and is important for New Zealanders.

"We are delighted that we are now ready to go live with the strategy. One of the first in the world, its rapid development shows the significance that we have placed on the need to create a more financially savvy population," Crossan said.

The commission will lead the strategy group, that includes the Reserve Bank, Investment Savings and Insurance Association, Securities Commission and Ministry of Education.

Reserve Bank Govenor Alan Bollard, who is on the advisory committee, said; "Financial literacy is an important life skill for all New Zealanders. The strategy is a positive foundation for us to build on as we work towards this goal."

ISI chairman Sean Carroll said the strategy is widely welcomed by the financial sector. "It's an important step towards helping New Zealanders understand their financial situation so that they can confidently make informed decisions throughout their lives."

The advisory committee will report annually to Parliament via the Retirement Commission.

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