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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news