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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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