$10.2m to improve financial capability of young New Zealanders

Budget 2017 is investing $10.2 million of operating funding over the next four years for initiatives to improve the financial capability of young New Zealanders, Commerce and Consumer Affairs Minister Jacqui Dean says.

“This additional funding confirms our commitment to helping young New Zealanders to better manage their finances, as was signalled in the 2015 Government statement on building financial capability,” Ms Dean says.

The extra funding will allow the Commission for Financial Capability to scale-up its Sorted Schools programme and its community-based programmes.

“Once fully operational, over 90,000 Kiwi children a year will receive financial education in primary and secondary schools throughout New Zealand,” Ms Dean says.

“Resources and training will be made universally available to teachers and schools that will assist to integrate financial education into the curriculum.

“Teaching these concepts to our kids before they enter the workforce empowers them to make smart financial decisions and effectively engage with financial products.

“This funding will also allow additional community-based financial capability programmes to be delivered. These will focus on vulnerable communities that demonstrate lower levels of financial capability, or have limited access to independent financial information,” Ms Dean says.

“Building financial capability in New Zealand will improve the wellbeing of families, reduce hardship, increase investment and grow the economy.”