Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Better support needed in teaching children about money

PRESS RELEASE
Westforce Credit Union
8 February 2012
Parents need to be better supported in teaching their children about money

Improving New Zealand’s financial literacy levels won’t be solved until parents are given the tools to teach their kids about money through initiatives that go far beyond issuing some money saving tips.

Westforce Credit Union operations manager, Victor Martick, said that anecdotal evidence from the credit union – and that of recent studies like the *Massey University study into the spending habits of 300 New Zealanders – suggest most people know what to do, but it’s the ‘doing’ that challenges most people.

"Improving financial literacy for kids requires tools, structures and systems to pass that knowledge on to your children.

"Of course teaching people to budget and to save is good, but it’s also a bit of a red herring when it comes to the real problem. What we are saying is that knowing how to fish, and teaching someone else how to fish, are two different skill sets.

"We have to make it possible for people to practice good financial literacy, and then we have to help them teach it to their children," he said. “So rather than solving financial literacy through future generations, we have to start now with the parents.”

Mr Martick's comments come on the heels of earlier findings by a Massey University study on the spending habits and financial literacy of 300 New Zealanders, which concluded that parents were the 'sole source of financial education for 66 per cent of respondents’.

Westforce Credit Union’s own financial experience with adults, parents and children led the credit union to team up with the developers of ‘emagineIF’ – a new platform that empowers families to learn, play and grow together.

"emangineIF helps parents teach their children about money. It shows the correlation between work and earning money and the relationship between goal setting, aspirations and savings towards an end result,” he said.

Mr Martick urged parents, the media and financial support organisations to get behind the emagineIF initiative.

“Good financial common sense is easier than some might think with the right tools and right support. emagineIF helps children learn about where money comes from, and how to save money. The whole family can be involved in the process.

“The first step begins with registering for this free service,” he said.

* How young New Zealanders learn about personal finance: a longitudinal study

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news