What does debt do for you?Posted to Money Week on 07-08-2017
Sorted Money Week gets underway next week with a new focus this year: debt.
The Commission for Financial Capability will start the week by releasing the findings of a survey into debt and New Zealanders’ attitudes towards borrowing.
Retirement Commissioner Diane Maxwell said: “We're building on our understanding of the social norms around debt and have heard from more than a thousand people, who shared their attitudes and experiences.
“We also asked whether they would be willing to lend to, or borrow from, a friend or family member. Some of the results on that one were surprising.'
Diane added: “Debt is part of life, it's how we buy cars and houses, we need it to build businesses. But there's a point where we get too comfortable with being loaded up on debt, we forget the old-fashioned notion of saving up for something, waiting and buying it when we have the money for it.'
The Commission will use Sorted Money Week to ask New Zealanders “What does debt do for you?”
The week will kick off with a launch event at Parnell District School on Monday 14 August, where students have formed a finance club to learn about how money works, so they can make informed choices for their future.
Design students will also play a key role this year. The Commission ran a competition with Auckland’s Media Design School to create a poster campaign aimed at getting young people to focus on debt.
The winning campaign will feature on billboards and at events throughout the country and on social media posts during the week.
The Commission has a series of other events lined up including:
- Tues 15 August: Pacific Women and Money Fono (Auckland)
- Weds 16 August: I’ll have what she’s having! women’s event (Auckland)
- Thurs 17 August: Cooking up ways to combat debt – pop-up restaurant challenge (Auckland)
- Fri 18 August: “Tales from the Tent” tackles student debt (Wellington)
And we’ve got a couple of firsts:
For the first time we’ve joined with the Reserve Bank to produce a series of videos featuring well-known New Zealanders talking debt, connected to the bank notes.
And we’ve got the major banks to join up on a video campaign called Birds of a Feather.
There will be scores of other free money-related events run by businesses, schools, government and community organisations and people up and down the country. All are designed to help you think about the role debt plays in your life.
What is Sorted Money Week all about?
Sorted Money Week is an annual series of events across New Zealand that focus on financial capability.
Next: Minister helps launch 2018 Money Week