Individual Prerequisites
1. That financial education and information initiatives be tailored
flexibly to reach all groups of New Zealanders at times, places and
in forms most relevant to them2.
2. That strategic initiatives for financial literacy be aligned with the
broader New Zealand Skills Strategy, in order to develop the skills
and knowledge necessary for self-efficacy.
Environmental Prerequisites
3. That the Retirement Commission hosts the National Strategy for
Financial Literacy on its website and take responsibility for linking
people and resources cross-agency. In its co-ordinating role, the
Retirement Commission will develop and maintain a database of
providers of financial education and information in New Zealand.
4. The National Strategy endorses the development of new standards for
transparent, plain language and user friendly forms of financial disclosure
and description of products and services, in order to enhance consumer
understanding subject to meeting regulatory objectives.
5. Best practices be developed for assessing and improving the
competency of, and providing professional support to, financial
advisers. Alongside this the Retirement Commission will continue
to alert the public to questions they should ask an adviser.
Financial Education
6. The National Strategy for Financial Literacy supports the inclusion
of a financial education teaching and learning programme, as part
of the New Zealand Curriculum launched in 2007. The Retirement
Commission will work with the Ministry of Education, and other
interested parties to ensure that as many students as possible
benefit from this programme.
7. That professional development courses be offered to increase
teachers’ knowledge of the importance of financial education and
their skill in delivering effective financial education teaching and
learning programmes.
8. That high quality resources be developed to support classroom
teachers to teach financial education effectively.
9. That financial education be delivered in a manner which is
impartial, judgement-free and seeks to empower people to best
manage the reality of their financial circumstances.
10. That community partnerships be developed with those working
on the ground to identify locations and channels where financial
education/information may most effectively be delivered for those
not in the workforce or not able to access financial education/
information at work.
11. That the Retirement Commission continue to work with employers,
unions and industry groups4 to decide the tactics most suitable to
delivering financial education/information to their employees.
12. That partnerships be established with Te Puni Kökiri, Ngäi Tahu
and other iwi to extend the delivery of successful school financial
education programmes to the Māori community. Collaboration will
aim to identify channels through which financial education can be
tailored effectively for delivery to Māori whänau.
13. That the Retirement Commission work with Pacific communities,
the Ministry of Pacific Island Affairs and relevant stakeholders
to facilitate financial education programmes tailored to Pacific
peoples to provide the information and skills necessary to become
well informed and knowledgeable consumers of financial products
and services, to manage money effectively on a daily basis, and to
plan for the future.
Monitoring and Reporting
14. That the financial knowledge of the adult New Zealand population
be measured on a 4-yearly cycle, with the next national survey
in 2009.
15. That the Retirement Commission, in its leadership role, work with
research and evaluation professionals to develop instruments to
capture the long-term effects of financial education and financial
literacy on peoples’ personal financial well being.
16. That a standard evaluation framework be developed that providers
of financial education can adopt and adapt, in order to evaluate
the effectiveness of their programmes. In addition, guidance be
provided, and experiences and best practices shared in order to
learn by doing and continuously modify programmes.
