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6 November 2007
News release
Hon Lianne Dalziel, Minister of Commerce
Minister welcomes new financial literacy initiatives
Commerce Minister Lianne Dalziel today welcomed three new initiatives that will help improve New Zealanders' level of financial literacy.
The Securities Commission today launched a new website (http://www.looklearninvest.org.nz/) to help investors understand the risks and rewards of investing, while Education Minister Chris Carter and Prime Minister Helen Clark launched the new school curriculum which has a strengthened focus on developing students' financial capability. On Friday the Retirement Commission will launch its draft national strategy for financial literacy which will act as a blueprint for future activity to help improve New Zealanders' financial knowledge.
"It is critical that all New Zealanders are able to make informed decisions and judgements on saving, borrowing, investing and managing their money throughout their lives. However, the current level of financial knowledge in New Zealand is nowhere near as good as it should be," Lianne Dalziel said.
"The Look Learn Invest website is a valuable adjunct to the Retirement Commissioner's http://www.sorted.org.nz/ website which helps people budget and manage their money. Focussing on risks and returns will help mum and dad investors do their homework when they are investing their hard earned money.
"The new curriculum will help their children and grandchildren prepare for the future. Improving financial capability is implicit in its vision which says that young people should be 'enterprising and entrepreneurial' and is cited as an example of a theme through which links between learning areas can be explored.
"The Retirement Commission's soon-to-be-released draft national strategy will give the public a chance to comment on future priorities for financial literacy activities.
"These are exciting developments as they reflect a broad acknowledgement in our community of the importance of financial literacy as a fundamental skill for people to succeed as individuals and to be effective contributors to society.
"The implementation of the new curriculum will position students to make well-informed financial decisions throughout their lives, while the need for financial literacy beyond school is supported by resources such as the new Securities Commission website.
"As a government, we want people to understand the choices that need to be made if we are to improve our country's savings record. It's also vital that people fully appreciate the concepts of risk and return involved in making investments. Responsible risk-taking lies at the heart of the entrepreneurial spirit, which must be fostered if we are to truly transform our economy."
Contact: Elspeth (Ellie) McIntyre, Press Secretary, ph 04 471 9397 cell 021 227 9397
All Lianne Dalziel's media statements and speeches are at www.beehive.govt.nz/dalziel