The policy context for financial education in New Zealand

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.