Communication key to financial literacy
A number of ideas to improve literacy were thrown up at a recent summit in Wellington, but a common theme among the groups was the need for organisations offering financial products to up their game and ensure their customers understand exactly what they are buying.
This underpinned a key point in Retirement Commissioner Diana Crossan's update that more work was required to improve the level of communication through using "clear and transparent language".
Sean Carroll, Managing Director at Asteron, told the workshop it was in the industry's best interests to lift its game and help improve financial literacy.
By taking a "long-term view", the sector can better prepare future clients for the sector, but it may require some short-term pain for shareholders, he said.
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