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

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


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news