A study undertaken by the Commission for Financial Capability has shown that many teachers think students’ money management skills are low, while in contrast students are confident they know how to manage their money.
The Commission released the research during Money Week (August 31-September 6) to highlight the importance of helping young people make informed choices about money.
The research has been welcomed by Education Minister Hekia Parata and Commerce and Consumer Affairs Minister Paul Goldsmith.
Ms Parata said the Commission plays an important role working alongside the education sector to develop financial education resources for use by students.
“I congratulate them on the work they are doing to help kids understand money and achieve their goals. This research provides rich information for those designing financial capability programmes in school.”
Schools are encouraged to develop students’ financial capability, positioning them to make well-informed financial decisions throughout their lives.
“The Ministry of Education produces a large range of resources for students and also invests in teacher professional development so that teachers can create exciting opportunities for students to learn about money management,” Ms Parata said.
“Getting people thinking about money and how to manage it is the key focus of Money Week,” Mr Goldsmith said.
“It’s particularly important to give young people the skills they need to take charge of their financial futures. This research gives us valuable insights into students’ attitudes and behaviour towards money.
“Better financial capability means having the skills, understanding and confidence to make good financial decisions at all stages of life.
“Building the financial capability of New Zealanders will help improve the wellbeing of our families and communities, reduce debt and hardship, increase investment and grow jobs and the economy.”