$500,000 Youth Financial Literacy Fund

Youth Minister Nikki Kaye today announced the opening of a Financial Literacy Fund to support organisations to deliver financial literacy skills to young people.

“The fund will prioritise initiatives focused on assisting disadvantaged youth. In Budget 2014, Government announced $2.5 million of new funding over the next three years for youth enterprise initiatives,” Ms Kaye says.

“The funding will support young people to learn financial literacy and business enterprise skills, as well as get opportunities to develop social-enterprise projects. 

“I am pleased to announce that the first $500,000 of this funding will be available through a contestable funding process to support initiatives designed to develop young people’s financial literacy skills either in school, community or workplace settings.

“The Ministry of Youth Development works with a number of organisations involved in this work to understand how more can be done. It is clear that there are a number of programmes running in New Zealand like ASB’s Get Wise programme and the Young Enterprise Scheme, but there is a greater need.  There are some young people who need more assistance to develop their financial literacy skills with research saying that these young people tend to come from disadvantaged groups. 

“Overall the performance of 15 year-old New Zealanders in the first Programme for International Student Assessment (PISA) 2012 financial literacy assessment is above average, however there are some groups who are only reaching baseline proficiency. This funding is designed to help to start to address that difference.

“I have seen first-hand how these programmes can make a difference in the lives of young people. Financial literacy is a key life skill that gives us the knowledge, skills and ability to make the right financial decisions personally and in business. A more financially literate society helps to make a more prosperous New Zealand and more prosperous New Zealanders.”

The Ministry of Youth Development is running a contestable tender process that will be open from 7 November to 2 December 2014. Applicants must have a proven track record of delivering youth-focussed financial literacy education initiatives. Further information, including funding criteria, application form and frequently asked questions is available at http://www.myd.govt.nz/funding/.