Financial Education & Literacy

Alongside the Whai Rawa savings scheme, a financial education strategy is being implemented to raise levels of financial literacy amongst Ngāi Tahu Whānui. Being financial literate means having the level of financial knowledge to be able to make the decisions you need to make about managing your money.

What initiatives are being undertaken to grow financial literacy?

Whai Rawa Fund Limited and Te Rūnanga o Ngāi Tahu are working together to on a range of financial education initiatives designed to increase financial literacy. The OECD defines financial education as:

”the process by which financial consumers/investors through information, instruction and/or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being.”

Research on financial knowledge

Being able to deliver financial education initiatives that meet the needs of whānau is dependent on having a good understanding of current levels of knowledge and of the financial challenges faced by whānau.

In 2010 Te Rūnanga o Ngāi Tahu worked with Colmar Brunton to implement the ANZ Ngāi Tahu Financial Knowledge Survey (‘the Survey’) modelled closely on the 2009 ANZ Retirement Commission Financial Knowledge Survey. The Survey was conducted to:

establish a benchmark of financial knowledge among Ngāi Tahu members against which future comparisons can be made; and
enable the financial knowledge of Ngāi Tahu members to be benchmarked against that of all adult New Zealanders.

Results from the survey are pleasing and show that, in general terms Ngāi Tahu Whānui have similar levels of financial knowledge to the New Zealand population. The results also identify a number of key areas where whānau can improve their level of financial knowledge and apply that knowledge to everyday decisions about money.

Check out the:

full Survey report » [PDF]
summary report » [PDF]

Building on the Survey results

The Survey has created a foundation to further develop financial education initiatives There are indications from the Survey that people forget some knowledge, particularly if it is not directly relevant to them or if it is not used regularly. This signals that information and educational tools need to be continually visible.

From February 2011, Te Rūnanga o Ngāi Tahu along with ANZ and The Retirement Commission, are piloting initiatives in Te Waipounamu communities and schools. These will be short courses made up of workshops that can be delivered on the marae, in a classroom or even your friends’ house. We’ll be keeping whānau up to date through this webpage and through tribal publications.

We are also currently exploring options for development of online financial education modules.

We also encourage whānau to develop financial knowledge and understanding through the Sorted website and their associated written resources and via other useful sites on the internet (see links below) as well as utilizing new tools for financial management such as those offered by many banks and through websites such as Sorted.

The goals we work towards:

Financial education initiatives are aligned with the broader New Zealand financial literacy strategy

Financial education and information initiatives are delivered in a variety of ways so all of Ngāi Tahu Whānui can participate in the ways that suit them.

Working in partnership

We work with a range or organisations to maximise our effectiveness. These include:

Retirement Commission
ANZ Bank
Department of Labour
Ministry of Education

Useful websites

Below are links to a range of websites related to financial education and financial well-being. Please note these links are provided as information and should not be used as a substitute for advice. Te Rūnanga o Ngāi Tahu and Whai Rawa Fund Limited do not endorse the content of any of these sites.

Organisation	Key Features
Angel Fund	The purpose of the Angel Fund is to assist women to move towards economic independence.
Australian Securities & Investments Commission	Australia's corporate, markets and financial services regulator.
Financial Markets Authority	The Financial Markets Authority regulates New Zealand's financial markets overseeing securities, financial reporting, and company law as they apply to financial services and securities markets.
Financial Well-being	Take the first step towards financial well-being with ANZ
Financing Family Life	Family life is better if you’re not always worrying about money. BNZ bring a variety of tools and information to help you prepare your family for the future.
Fido	Australian Securities Commission (ASIC) website – financial tips and safety checks
Financial Literacy and ignorance	Blog of leading international financial literacy expert Annamaria Lusardi.
Good Returns	A website containing reviews and news in NZ’s Investment industry.
Guide2	Useful range of information including a lot on personal finances
Housing NZ	Information about Homeownership courses, subsidies and Kiwisaver
Insolvency and trustee website	Range of information about personal insolvency options and court related liquidations
Interest	Bernard Hickey's website has current information on a range of topics relating to personal finance.
IRD	IRD – provides practical information relation to income tax, student loans, working for families tax credits and child support
Heaps	Heaps is a finance management tool from Kiwibank. It’s free to use and will help you track spending against your budget and goals
Kiwisaver	The official Kiwisaver website. Range of information about Kiwisaver
Look Learn Invest	A Securities Commission website with useful answers to a range of questions about personal investing Good glossary of financial terms Main Securities Commission website has a range of other information about financial markets, financial advisor regulation etc
Managing your Money	Westpac’s financial education tutorials
Mary Holm	Website of well-known author on financial matters. Some free stuff and lots more by subscription
Ministry of Education	Information about financial capability on the Ministry website
New Zealand Network for Financial Literacy	The New Zealand Network for Financial Literacy is a focal point for initiatives to improve New Zealanders’ financial literacy. It is the home of New Zealand’s National Strategy for Financial Literacy. Access to Financial Literacy strategy documents and information about a range of financial education programmes
Personal Finance	Set of tools for measuring personal wealth
Personal Finance Education Group	British website designed to help schools deliver financial education
Sorted	Sorted is New Zealand's free independent money guide, run by the Retirement Commission. It's full of calculators and information to help you manage your personal finances throughout life
Stuff Personal Finance articles	Stuff website personal finance articles
Teaching Kids Money	Money smart for kids is a financial education resources for parents
The Duffy Club	Online education club for schools – North Island only
Understanding Money	Australia’s equivalent of the Sorted equivalentwebsite
Welcome Home	Welcome Home First Steps is a FREE home ownership education course outlining everything you need to know about buying your first home. Now available online
ZVi Bodie	Contains high level information about finance and investing