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We live in your world - September 2010

We live in your world - September 2010

World first study sets financial knowledge benchmark

Financial Knowledge study sets new benchmark

Results of an indigenous people’s financial knowledge survey in New Zealand have established a benchmark for ‘iwi (Māori tribes) and will support efforts to improve financial literacy and ultimately financial independence.

We partnered with Te Rūnanga o Ngāi Tahu, the governing body for Ngāi Tahu Whanui to undertake the ANZ Ngāi Tahu Financial Knowledge Survey.

The results of the survey, completed by 400 iwi members, indicate that Ngāi Tahu financial knowledge is on par with the general New Zealand population. In particular:

  • 40% had high financial knowledge compared with 43% of New Zealanders
  • 31% had medium (26% NZ)
  • 29% had low financial knowledge (31% NZ)

Mark Solomon, Te Rūnanga o Ngāi Tahu Kaiwhakahaere (tribal leader) said he was particularly pleased with the survey results.

"It gives me confidence to know that Ngāi Tahu are on equal footing with the general population in terms of their financial knowledge," he said.

"While there is still a way to go, I believe the work we have been undertaking through our tribal saving scheme, Whai Rawa, and other initiatives are clearly having a positive effect on our people."

Steven Fyfe, ANZ New Zealand Acting CEO, said lifting financial knowledge in communities is a priority: "This survey is an important start in the process of improving people’s ability to make informed decisions about how they manage their money and plan for the future.

"We applaud Ngāi Tahu for taking the initiative and hope other iwi will be encouraged to undertake similar work in the future.

"We will now work with Ngāi Tahu to tailor our MoneyMinded financial education programme for Māori with a shared objective to extend the programme to all iwi," Steven said. 

MoneyMinded is a comprehensive adult financial education program, designed to assist people make better judgments and decisions about the use and management of their money. The program was developed for use by facilitators such as financial counsellors and community educators. ANZ New Zealand is working in partnership with Ngai Tahu to revise and tailor the MoneyMinded material and resources to reflect iwi culture and experiences.

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