7 September 2012

Money Week highlights the need for financial literacy

Money Week, New Zealand’s first week about helping Kiwis learn about everyday money, highlights the real need for improved financial literacy says Raewyn Fox, CEO of the New Zealand Federation of Family Budgeting Services.

“We have seen a range of money-related events taking place across the country, and their popularity has really highlighted the need for financial literacy education in New Zealand,” Fox says.

“Your everyday money is your household money; the money you need to pay the bills, feed your family, and pay your rent. It’s essential to learn how to manage this money, but it’s not always taught in school.”

“Budgeting services provide free budgeting advice to individuals and families,” Fox says, “and we play our part in educating clients. Our budget advisers teach clients how to identify the options and make sensible financial decisions. But often we get to the client too late, and they have fallen into a significant financial hole,” Fox says.

“Our budgeting services saw more than 40,000 clients last year. We have 700 budget advisers across the country and we are represented in almost every community. But we are seeing more clients than we ever have before, and community education programmes tend to get put aside while we deal with crises.”

“Initiatives like Money Week highlights that New Zealand is ready for some proactive financial literacy programmes,” Fox says.

The New Zealand Federation of Family Budgeting Services is a network of community budgeting services offering free, confidential, non-judgemental budgeting advice. Find a free budget adviser on www.familybudgeting.org.nz or by calling 0508 BUDGETLINE (283 438).

ENDS

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