Financial literacy tutors lacking financial knowledge

A very astute observation from a former probation officer.
Political connections are not a perfect foundation for Financial Literacy advocacy either.
The Commissioner's role could be enhanced with greater calibre, experience an qualifications.

Shouldn't surprise anyone.

Bolts and stable doors comes to mind here. Being a student in tertiary education may be when individuals get their first taste of financial independence, but the temptation of being a "student", and peer pressure, would likely mean that education at this point is wasted effort. This life skill should begin as early as possible in our schools as part of the maths curriculum. Because it is practically based, it would make the whole maths subject far more interesting, and the concept of saving and the value of spending less than you earn more ingrained. Understanding of the different markets, investment theory, risk and reward, debt and the concept of inflation and currency fluctuations, plus many other practical aspects of dealing with money, would be far more beneficial to individuals and the country in the long term, the earlier they are taught. The idea of an investment club in a school would be a great concept.

Peter...most of your comment content very accurately puts the emphasis right near where it should be and in a way, it mimics and supports a point that I have endeavoured to savor the minds of others with opinions on how "true" financial literacy may be encouraged with our citizens.

To be more specific, I have often offered my opinions into the on-going debarcle as to how those who oversee such things as Kiwisaver or any superannuation schemes are going to "get" people to put enough (savings) into such retirement schemes. The Commissioner needs to grasp the proven simplicity of how "washing your hands automatically after going to the toilet" is able to negate the need to 'force' 10% to be deducted off wages.!

When I was a primary school kid, every Wednesday was squirrel PostBank "savings" day at school.
And from way before I was a primary school kid I was taught to "automatically" wash my hands after going to the toilet.

The "automatic" savings habit is no different than the after-toilet habit!

Add to that some financial education as to how things work in the world financially, and yes, an investment club as you suggested Peter.
It has to be made to be good fun, as a natural encouragement for on-going financial life to be fun.People are suckers for doing things that are "fun."

Of course, the students are going to be taught by teachers who many suggest were taught lots of things wrong.eg; that "inflation" actually exists and is not just the "word" that it really only is?

Unlike financial planners who know reality and have held off the conditioning that other mere mortals suffer?? The teachers will inevitably 'condition' kids into believing that investment assets such as shares and property actually "inflate" in value.

Of course, all the financial planners will then have to waste time re-educating the truth, and tell the grown-up kids (their clients)just what Rob Muldoon told the nation he was going to do way back in 1984.
He said he was going to "devalue our money" at the rate of 1% per month.

If we are not careful, the teachers will twist that fact and teach the kids that Mr Muldoon was trying to say 12%pa "inflation" in another way? Yeah?

The education in schools is a great idea, however it needs to be accurate and truthful....otherwise history will simply repeat, and financial planners will forever have an uphill battle!

Think about it...every time you wash your hands after the toilet..!
Michael Donovan