AIA: Insider information

New Zealand is at a crossroads. We're grappling with the question of how we can prepare today's children to fare better than the many New Zealanders who have been hurt badly by collapses in their financial investments.

There are numerous challenges, all urgent - but there's one area in particular in which I think the financial services industry can make a useful contribution, and that's the promotion of financial literacy.

I don't believe there's any doubt that insufficient knowledge about many basic principles of finance, investment, risk and debt has cost thousands of New Zealand consumers a great deal of money. Some were unfortunate victims of fraud or incompetence, but others, through unwise decisions or inadequate action, ultimately lost money.

This is a catalyst for change. Through investing in education about personal finance, the whole industry can have a positive influence on the futures of New Zealanders.