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New consortium to improve financial literacy

Craig Foss

3 December, 2013

New consortium to improve financial literacy

Commerce Minister Craig Foss has welcomed the creation of a new financial literacy consortium – The Exchange.

Major financial institutions will make up The Exchange’s membership. These members will meet to share relevant information about financial literacy projects and allocate resources as they see appropriate to improve financial literacy in New Zealand. The Exchange will cooperate with the Commission for Financial Literacy and Retirement Income with their on-going financial literacy strategy.

New Zealand’s Governor General Lieutenant General Sir Jerry Mateparae has today announced he will be Patron of The Exchange.

“I started discussing the idea of such a consortium with officials and industry players last year, it is fantastic that so many are keen to be part of this partnership. Today marks a significant milestone for The Exchange. While the Exchange’s member institutions are already active in the financial literacy space, it is a great opportunity to work together towards a common goal of helping Kiwis make better financial decisions,” says Mr Foss.

The Exchange will be advised by a Council including Retirement Commissioner Diane Maxwell, Chair of the Banking Ombudsman Scheme Miriam Dean, Chair of the NZ Bankers’ Association Kirk Hope and CEO of the Financial Markets Authority.

“The Exchange will hold its first meeting in 2014 and look to expand in due course. I would like to acknowledge the work of its members in agreeing to come together and work collaboratively towards improving financial literacy levels amongst all New Zealanders,” says Mr Foss.

The Exchange has formally launched in Auckland today.

For more information visit www.cflri.org.nz/financial-literacy/hub/exchange/introducing-exchange

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