Students get financially SavY with BNZ

NEWS RELEASE
7 July, 2011

Students get financially SavY with BNZ

A financial literacy programme for teenagers, that was developed and is run entirely by University of Auckland Business School students, has successfully secured ongoing funding from one of New Zealand’s biggest banks.

BNZ is providing funding from its covered bonds trust to enable SavY (saving generation Y) to almost double its capabilities, including expanding into the Waikato region.

SavY NZ CEO Lynn Lai says, “SavY is designed to bring a greater level of financial literacy to New Zealand high-school students by teaching budgeting skills and providing a greater awareness of financial monitoring.

“We’re really excited to be working in partnership with BNZ which will allow us to explore new and innovative ways in engaging youth on the topic of financial literacy."

The programme has been hugely successful with more than 4,000 students having completed the course over the past two and a half years.

BNZ Financial Controller Nikki Fowler says, “It has been inspirational to be involved with this group of students who are so conscientious and professional. We were hugely impressed with the SavY programme and the way that it connects with young people.

“This successful programme instils good financial values in young people. Embedding these values in the lifecycle is key to the future financial success of New Zealand’s families and communities.”

SavY student volunteers host free hour-long workshops at local high schools around Auckland and this year will also expand into Waikato, visiting eight schools and speaking to more than 200 Kiwi students.

The programme was developed in consultation with the New Zealand Retirement Commission. Commissioner Diana Crossan says, “SavY is all about young people helping other young people develop good financial habits for life - what a fantastic programme and one I’d love to see happening right across New Zealand.”

SavY hopes to initiate a change in attitudes, where financial literacy is viewed more as a habit rather than a skill.

“The earlier people learn about financial literacy the better path they will be on for the future. We have already visited 50 classes this year, and with this sponsorship we will be able to reach another 70 before the end of year,” says Miss Lai.

SavY is funded out of BNZ's covered bond trust, an innovative funding model for New Zealand that ensures funding every year.

BNZ is the first New Zealand bank to issue a covered bond and set up this trust model. “It has ultimately been a huge success and a great thing for this charity,” says Ms Fowler.

Savy is a charitable trust that was established in 2008.

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