Retired Commissioner Jane Wrightson. Photo / Michael Craig
Raising the levels of financial literacy among women, Maori and Pasifika is the goal of a new national financial capacity strategy that is launched today.
Jane Wrightson, retired commissioner and head of the Financial Capability Commission – the financial education arm of government – said the strategy would bring together business entities, the nonprofit sector, the iwi and the government to that they work together.
“So far, the many agencies in the financial capability industry have each engaged in a variety of largely independent activities that have the same driving force – to help people be better with money so they can achieve their goals, ”Wrightson said.
“By uniting under the aegis of the National Strategy, the sector will be better able to work together, with a shared purpose and vision, and defined objectives. This will reduce duplication and help us help the people we serve.
The strategy has three main goals: consistent content, collaboration, and demystifying the money.
Wrightson said there was a national strategy, but it focused on trying to help all New Zealanders.
“I looked at this and thought… it wasn’t realistic.” Instead, the new three-year strategy will focus on specific projects aimed at helping women, Maori and Pasifika.
It will first seek to bring the different parts of the industry to come together through regular meetings and an annual hui.
Wrightson said industry groups have also agreed to work on specific projects.
The Financial Services Council – made up of KiwiSaver providers, investment managers and life insurance companies – will be responsible for helping women improve their retirement savings. The New Zealand Bankers Association, meanwhile, has agreed to work on a Maori-focused project, Wrightson said.
The strategy will also work on ways to measure the success of the work and on a glossary of common words that can be used in the industry to help simplify messages to the public.
“Over time, you should theoretically have a clearer understanding of affordability, because the language is the same no matter who uses it – whether it’s banks or insurers.
You may feel more confident that the industry is working better together, so that the type of information gathering will have been tested between us.
“If you are a member of three target groups, I really hope that a segment of those groups has shown increased results.”
More about this article: Read More
This notice was published: 2021-04-14 17:00:00