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The Policy Context for Financial Education in New Zealand

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International Handbook of Financial Literacy

Abstract

We describe the historical development of financial education policy in New Zealand, focussing on developments over the past 15–20 years. In particular, we evaluate the role that different sectors have played in this policy development, including government, the private sector and the non-government sector. Using recent national survey data, we demonstrate that a substantial improvement in average financial literacy levels has occurred over this period, concurrent with a range of policy initiatives. We also describe some specific interventions that have been undertaken in the non-government sector, and the positive impacts that have been demonstrated. While we cannot definitively attribute the improvement in overall financial literacy to specific programmes or features of the policy environment, we can be fairly confident that the current approach is having positive effects.

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Notes

  1. 1.

    A 14th domain, goal setting, was included but not scored.

  2. 2.

    See http://www.nzqa.govt.nz/framework/explore/domain.do?frameworkId=1174854606. Secondary schools now have access to over 20 unit standards under the Personal Financial Management title. The unit standards were reviewed in 2012–13 to ensure continued relevance for the rapidly changing financial world. As a result some new higher level unit standards have recently been introduced.

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Author information

Authors and Affiliations

  1. Department of Economics, University of Waikato, Private Bag 3105, Hamilton, 3240, New Zealand

    Michael P. Cameron

  2. Financial Education and Research Centre, Massey University, Auckland, New Zealand

    Pushpa Wood

Authors
  1. Michael P. Cameron
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  2. Pushpa Wood
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Corresponding author

Correspondence to Michael P. Cameron .

Editor information

Editors and Affiliations

  1. Friedrich Schiller University Jena , Jena, Germany

    Carmela Aprea

  2. Goethe Universität Frankfurt, Frankfurt, Germany

    Eveline Wuttke

  3. Johannes Gutenberg Unversity Mainz, Mainz, Germany

    Klaus Breuer

  4. National Institute of Education Nanyang Technological University, Singapore, Singapore

    Noi Keng Koh

  5. University of Birmingham, Birmingham, United Kingdom

    Peter Davies

  6. Vienna University of Economics and Business, Vienna, Wien, Austria

    Bettina Greimel-Fuhrmann

  7. California State University, East Bay, Long Beach, California, USA

    Jane S. Lopus

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© 2016 Springer Science+Business Media Singapore

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Cameron, M.P., Wood, P. (2016). The Policy Context for Financial Education in New Zealand. In: Aprea, C., et al. International Handbook of Financial Literacy. Springer, Singapore. https://doi.org/10.1007/978-981-10-0360-8_13

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  • DOI: https://doi.org/10.1007/978-981-10-0360-8_13

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  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-10-0358-5

  • Online ISBN: 978-981-10-0360-8

  • eBook Packages: Social SciencesSocial Sciences (R0)

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