Scoop has an Ethical Paywall
License needed for work use Register

Education Policy | Post Primary | Preschool | Primary | Tertiary | Search

 

Success Of Pilot Green Lights Rollout Of Charity-funded Online Money Skills Programme

A new free online education tool is being rolled out across New Zealand schools and organisations like the Graeme Dingle Foundation, teaching Kiwi kids essential financial literacy skills, including the difference between good and bad debt, in the face of New Zealand’s worst ever youth literacy rates.

Building on the success of Life Education Trust New Zealand’s (LETNZ) Smart$ financial literacy programme, the PMG Charitable Trust in partnership with LETNZ has developed SMART$ Online. The platform includes videos, role play and interactive content covering money topics like debt, savings, deferred payments and KiwiSaver and is being offered free of charge to secondary schools and youth organisations.

PMG Charitable Trust General Manager Bridget Lem says the Trust is focused on building better financial futures for young New Zealanders - and by presenting information in an engaging and informal way, SMART$ Online is encouraging more young Kiwis to want to learn essential financial literacy skills.

“The videos are fun and light-hearted but also give something for students to think about and take away. We’re really impressed with the results and impact the tool has had on the financials mindset of young New Zealanders so far,” she says.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

In 2023, 2000 Year 9-11 students completed a pilot of the SMART$ Online programme. Results showed the relatability of the content played an important role in students understanding and embracing of the core financial concepts.

Results of the pilot showed that after participating in SMART$ Online:

· 86 per cent of students knew the difference between good and bad debt.

· 69 per cent knew and understood the benefits of compound interest.

· 70 per cent said they would join KiwiSaver as soon as they got their first job.

· 83 per cent said they would like to learn more about KiwiSaver, savings and money matters.

· 7 out of 10 students said they would recommend the tool to a friend/whānau member.

· 86% of teachers would recommend it to other schools.

Life Education Trust New Zealand Chief Executive John O’Connell says understanding financial literacy empowers young people and improves their future prospects.

“SMART$ Online has helped us engage more students and build their knowledge and skills. Schools appreciate the flexibility of being able to use the tool to complement the theatre in education programme or as a stand-alone resource in a range of classes,” says John.

Improving financial literacy has been the focus of the PMG Charitable Trust since it was established in 2021 and Bridget says thanks to a recent $265,000 funding boost from generous donors, the Trust can now develop the learning tool further to address the urgent need to close the financial knowledge gap for the next generation.

“Over the next three decades, over 50% of New Zealand’s wealth will likely be transferred to the next generation. It’s incredibly important that those that inherit this wealth understand how they can manage it responsibly for their future and ultimately their own children’s future,” says Bridget.

“Creating tools like SMART$ Online is about empowering young New Zealanders with the skills and knowledge necessary to navigate their own financial futures by delivering this information in a way that is easy to understand.”

The tool is available for schools participating in Life Education Trust’s Smart$ money programme and will be shared with youth organisations like the YMCA, Scouts Aotearoa and the Graeme Dingle Foundation.

More information

Donors include Hosanna Charitable Trust Board, PMG Foundation Donors, law firm and corporate partner Cooney Lees Morgan, and a generous grant from Allan & Gill Gray Philanthropies advised by Trevor Gray and sourced through the Education Partnership & Innovation Trust.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Culture Headlines | Health Headlines | Education Headlines

 
 
 
 
 
 

LATEST HEADLINES

  • CULTURE
  • HEALTH
  • EDUCATION
 
 
  • Wellington
  • Christchurch
  • Auckland
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.