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Outcomes of the Financial Literacy Summit

July 20th, 2011 -

The Retirement Commission held the Financial Literacy Summit in Wellington on 21 June 2011

Here are the key points from the summit…

  • Financial capability begins in the classroom. Government support for funding of financial literacy in schools is deemed to be a priority.
  • More collaboration between public, private, community and education sectors is required.
  • Financial Literacy needs a more strategic approach as financial education within community groups (with low levels of financial literacy) is currently too ad hoc.
  • The finance sector needs to play a larger role in improving financial literacy particularly through their existing communication with customers.

and the key themes…

  • We need to understand more about how people make the jump from having financial literacy information and education to changing their behaviour around money – learning from behavioural economics.
  • There is a realisation that financial education and information programmes do not guarantee a change in behaviour, especially for those aged 18-24 years as they are generally less financially literate than the rest of the population and have little interest in the topic.
  • Last but not least, that for maximum impact those delivering the information need to be trusted.

 

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