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New Zealand’s Financial Knowledge Surveys

New Zealand’s Financial Knowledge Surveys. Stable Effective Government Policy. Trusted Financial Service Sector. Financially Educated Population. The New Zealand picture. 2020. FINANCIALLY SORTED KIWIS. 2000. ECONOMIC GROWTH. SOCIAL COHESION. DEMOGRAPHICS.

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New Zealand’s Financial Knowledge Surveys

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  1. New Zealand’s Financial Knowledge Surveys

  2. Stable Effective Government Policy Trusted Financial Service Sector Financially Educated Population The New Zealand picture 2020 FINANCIALLY SORTED KIWIS 2000 ECONOMIC GROWTH SOCIAL COHESION DEMOGRAPHICS

  3. New Zealand National Strategy for Financial Literacy Vision: Personal financial wellbeing for New Zealanders Mission: New Zealanders are financially well-educated and can make informed financial decisions throughout their lives • Developing quality • Extending delivery • Monitoring and evaluating

  4. Financial education topics Specialist Derivatives Portfolio management Retirement drawdown Trusts Occasional Mortgages Investing Workplace super Wills Taxation Inflation Consumer rights Everyday Saving Credit cards Debt management Interest Insurance Goal setting Income Budgeting Banking Net worth

  5. Financial Knowledge Surveys “The ability to make informed judgements and to take effective decision regarding the use and management of money”

  6. Financial knowledge framework • Mathematical and standard literacy • Financial understanding • Financial competence • Financial responsibility

  7. Methodology • 850 people aged 18 and over nationwide • Face to face interviews • 62% response rate • Questions test financial knowledge (what they know) and attitudes and behaviours (what they think and what they do) • Financial knowledge questions scored • Total score added up to low, medium or high level of knowledge

  8. Size of financial knowledge groups2006-2009 Source: 2009 ANZ-Retirement Commission Financial Knowledge Survey

  9. Using the findings

  10. Targeting Māori • 15% of population • Low levels of financial literacy • Survey of one tribe 2010

  11. International comparison of baseline surveys • Overview of 24 national and 2 cross-national surveys • Differences in • Definitions and terminology • Coverage • Design and analysis • Limited scope for comparison – new research project beginning

  12. Best practice guidelines • Who do we survey • Survey method • Analysis and reporting • Core questions covering four broad areas • Day-to-day money management • Financial planning • Choosing appropriate products • Financial knowledge and understanding

  13. www.financialliteracy.org.nz

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