Initiative to boost Māori saving and financial literacy

Tuesday November 20, 2012

University of Waikato joins initiative to boost Māori saving and financial literacy

The University of Waikato is to be part of a government and private sector initiative to boost Māori saving and financial literacy.

The National Centre of Literacy and Numeracy for Adults, Tukua Kia Rere, at the University of Waikato will join Russell Investments, the Federation of Māori Authorities, the National Urban Māori Authority, the Māori Trustee and Ngāi Tahu to help create new plans and strategies and to complement existing work in designing Māori-specific savings schemes and delivering financial education programmes to Māori.

The group has been established in response to the Māori economic development strategy and action plan released by the Māori Economic Development Panel in Wellington yesterday [Monday November 19]. The plan identifies Māori saving and financial literacy as a priority work stream.

The initiative will be led by the Commission for Financial Literacy and Retirement Income, and headed by Phil Broughton, Project Manager for Māori Financial Literacy at the Commission.

Mr Broughton, who is of Ngāti Kahungunu and Ngāi Tahu descent, said the Commission had developed a strategy to boost Māori savings but the new group would take the effort to the next level.

“Whanau want financial security and Māori businesses want to grow while maintaining majority control, so Māori people need money in the bank and the first step in that journey is basic financial literacy.”

The University of Waikato will be represented by Professor Diana Coben, director of the National Centre of Literacy and Numeracy for Adults, who also chairs the Advisory Group of the Commission for Financial Literacy and Retirement Income’s national 2013 Financial Knowledge and Behaviour Survey,

“It’s great to see the private sector and the education sector aligning with Māori on these initiatives,” she says.

Professor Coben, says the University of Waikato’s historic ties with Māori and its work in the education sector and financial literacy will contribute to developing the group’s education stream of work.

“No other university has our historic depth of relationships with Māori, nor the extensive body of research on Māori education needs and initiatives.”

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