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Funding boost for financial capability in schools

Posted to Education EducationPortal on 25-05-2017

More than $10 million of funding across four years has been announced in Budget 2017 to improve financial capability.

The Retirement Commissioner has welcomed the boost, which will be used by the Commission for Financial Capability to reach hundreds of thousands of young New Zealanders.

The Sorted Schools programmes will aim to reach over 93,000 students from 352 schools a year, with 34,000 teachers expected to use the resources, training and professional development opportunities that will be offered.

A further 350,000 students are expected to use the digital resources that will be developed for them.

Retirement Commissioner Diane Maxwell said: “I'm thrilled about this increased funding. We know that building financial capability for young New Zealanders can make a big difference to their lives.

“It gives them the skills to wrangle debt and savings, and build financial resilience across a lifetime. That matters both in the short-term and the long-term as we look at the impact of our ageing population.

“But we know for this really to succeed that we need to work with families and whānau, as well as our children.”

In addition to schools the Commission will increase its work in community-based programmes, focusing on vulnerable communities where financial capability is low and predatory lenders are active.

The programmes aim to give people confidence around money. They cover the value of having a buffer, managing money, saving and financial planning, and the hidden costs of credit and debt. 

Next: Sorted in Schools development underway

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