Developing Financial Literacy for our young

This year New Zealand Money Week takes place 3-9 September, with the theme ‘Weather the Storms’ – having the financial resilience to deal with life’s ups and downs through savings, avoidance of bad debt, insurance and wills. To help our Pacific communities to start thinking about Money Week, we’ve put together some information about why it’s important to teach our young ones about financial literacy.

 

 

Better financial literacy is not a silver bullet but it provides an ability to critically review your income and spending and then make well-informed decisions.

 

Our people often make impulse purchase decisions and are easily persuaded by commercials, promotions and especially when it comes to fa’alavelaves (familial/cultural obligations which require money). Financial literacy education is a valuable activity for directing consumer attention to the safest options.

 

While there are free budgeting services across Aotearoa to help, many of our families don’t take advantage of the help on hand.

 

Money Week takes place annually throughout New Zealand with a week of events and activities which are designed to get people talking and thinking about money, because we often don’t.

 

Financial literacy is an important set of skills we need to have a handle on.

 

Creating a financially literate community means you and your young ones have the ability to use knowledge and skills to make effective and informed decisions about money.

 

There are several reasons why it’s important to teach financial literacy:

 

  • It’s a core life skill for participating in a modern society.

 

  • It’ll help our little ones discover the relationships between earning, spending and saving and thus knowing the value of money.

 

  • Helping to develop good financial skills from an early age will ensure they’re ready for the financial challenges of life as an adult.

 

  • It’ll help our children understand how the economy works.

 

  • Children will learn how to be responsible with money so that they establish good spending habits.

 

Our friends at NZCU Employees are happy to help you kick start your children’s financial literacy and good savings habits early in life with their KIDS CLUB ACCOUNT.

 

With the KIDS CLUB ACCOUNT, children can direct credit small amounts from job earnings or make a free transfers of as little as $1 a week from parents’ or grandparents’ NZCU accounts.

 

Your kids will also be part of the Kids Club when they join. They’ll receive a membership card and other benefits along the way to becoming a good saver.

 

For more information visit NZCU Employees.


 

About NZCU Employees:

 

NZCU Employees is a credit union offering a range of services for individuals, similar to what banks offer. But instead of working for profit, we work for you.
 

 

NZCU Employees

 

 

16/08/18