Wednesday 24 June 2009
Retirement Commissioner Diana Crossan says that in the current global economic crisis the Financial Literacy 09 summit in Wellington on Friday (26 June) is more important than ever before. It will bring together key New Zealanders interested in improving the population's financial literacy.

“For many people, the recession has forced them to take much more interest in financial matters.  It has clearly put the spotlight on what consumers need to know about debt, saving and investing, and what they need to do to get the most out of their hard-earned money.

“Never has there been a better time to highlight the importance of financial knowledge.    For people, increased knowledge leads to better decision making. This has benefits for both the country, and people’s financial wellbeing.”

Diana Crossan, who chairs the OECD subgroup group on evaluation of financial education, says countries around the world are acknowledging the critical role of improving financial literacy. 

“An increasing number of countries are now developing national strategies much like the one introduced in New Zealand following the Financial Literacy Symposium in 2006.  The OECD has identified financial literacy as such an important issue that it has developed an International Gateway for Financial Education where issues can be aired and research can be shared between countries,” said Diana Crossan.
The OECD is also including a financial education component in the 2012 Programme for International Student Assessment (PISA) which will test the knowledge of 15 year olds in 65 countries including New Zealand.

Diana Crossan says the summit will provide a valuable opportunity to hear the experiences of two international speakers.  Wendy van den Hende is Chief Executive of the Personal Finance Education Group in the UK, a non-profit organisation taking financial education into UK schools.

Annamaria Lusardi is Professor of Economics at Dartmouth College in the United States and is an expert in financial literacy and how it relates to debt and savings.

NOTE:  Journalists are invited to attend Financial Literacy 09 at the Ilott Theatre, Wellington Town Hall on Friday 26 June.  The summit will be opened by Finance Minister Bill English at 9am. The programme is available online at financialliteracy.org.nz

For more information contact:
Heather Church
04 475 6078
021 78 29 23
heather@munrochurch.co.nz