Hon Nikki Kaye

Minister for Youth
16 December 2014

$500k ‘financial literacy’ recipients announced

Youth Minister Nikki Kaye is pleased to announce that 12 successful applicants will receive a total of $500,000 over three years, to deliver initiatives for youth supported by the Financial Literacy Fund.

“I expect around 10,000 young people will benefit from these initiatives, including many from identified communities of need, such as Kaitaia and South Auckland.

“The fund supports organisations to help young people improve their financial awareness, so they can do everything from avoid getting into debt, to maybe one day starting their own business.

“It’s important that young people who haven’t developed high levels of financial literacy in their lives get the opportunity to do this.

“Often there are socio-economic factors at play here. If we can break the cycle by improving young people’s financial knowledge, this can not only help set them up for a better future, but help improve their parents’ and families’ knowledge too.”

Ms Kaye says the Financial Literacy Fund is part of the 2014 Budget’s allocation of $2.5 million towards expanding youth enterprise initiatives, including supporting young people to develop entrepreneurial as well as financial literacy skills.

“I’m pleased that the successful applicants include a diversity of organisations, including those working with teen parents and students in Alternative Education.

“For New Zealand to become a prosperous, innovative nation of savers, we need as many people as possible to have good financial literacy skills.

“This fund will ensure more young people get the chance to develop these skills, and build brighter, more secure futures for themselves and their families.”

Details of the successful applicants are available at http://www.myd.govt.nz/funding/youth-enterprise-initatives-fund.html

ends

© Scoop Media