I noted with surprise a notice in the recent Banking Ombudsman’s newsletter. It stated that The Exchange had been launched.This is a collaborative partnership between banks, financial services providers and government to raise financial literacy levels in this country. The notice goes on to say that many of the complainants they deal with may not have got into strife if they knew how to better manage their finances.
An independent board has been set up but it seems to me to be a waste of time, expertise and money to start from scratch when I know that another programme already exists.
It’s a Financial Literacy programme that’s available in schools and was set up by a working party managed by the then Retirement Commission. What a good place to start teaching financial literacy.But unfortunately I gather it is up to teachers to decide if they want to teach it. Consequently, it is not often taught as schools say their programme is full and they just can’t fit it in and many teachers do not feel comfortable teaching it.But I note with a smile that they do have someone coming in to teach about investments. You might ask, how on earth will people get money to invest if they don’t know how to budget or just don’t budget?
Also NCEA credits have now been developed on budgeting to encourage schools to deliver it as a topic.
Surely the only way to make sure everyone learns about financial literacy is by making it compulsory at all levels in all schools with a progressive level of knowledge. What do you think?
Shirley Woodrow – Executive Officer