2011 Summit
Financial Literacy 2011, hosted by the Commission in Wellington in June, brought together over 200 participants and speakers from New Zealand and overseas. The summit addressed the four focus areas of the revised National Strategy for Financial Literacy - developing quality, extending delivery, sharing what works and working together.
Key outcomes
The top five key points from the day were:
- Commerce Minister, Hon Simon Power announced that he will be working with the Retirement Commissioner to explore a wider framework for the delivery of financial literacy.
- There are some great financial literacy initiatives underway and there are signs of greater collaboration amongst the public, private, community and education sectors.
- Financial education within community groups (with low levels of financial literacy) is currently too ad hoc. Education in this area requires a more strategic approach.
- Financial capability begins in the classroom. Government support for funding of financial literacy in schools needs to be a priority.
- The finance sector could play a larger role in improving financial literacy, particularly through their existing communication with customers
Programme
| Time | Session/event |
|---|---|
| 7.45 | Registration |
| 8.30 |
Welcome Diana Crossan, Retirement Commissioner |
|
8.35 |
Summit opening Hon Simon Power, Minister of Commerce |
|
9.00 |
International case study
Financial Literacy in the Netherlands, A platform approach Olaf Simonse, Project Leader, CentiQ, Netherlands (video link) Chair: Manuka Henare, Associate Dean Māori and Pacific Development/Director Mira Szászy Research Centre, University of Auckland Business School Commentators: Kerri Thompson, Managing Director Retail, ANZ Bank Raewyn Fox, Chief Executive, New Zealand Federation of Family Budgeting Services |
| 10.15 | Morning tea |
| 10.40 |
Keynote address A new approach: the UK’s Money Advice Service Tony Hobman, Chief Executive, The Money Advice Service, UK (video link) Chair: Karen Sewell, Secretary for Education, Ministry of Education Commentators: Sarah Mehrtens, Chief Executive, New Zealand Bankers' Association David Kneebone, Executive Director, Retirement Commission |
| 11.35 |
International update Financial literacy around the world Dr Annamaria Lusardi, Professor of Economics, George Washington University School of Business, USA (video link) What is happening in New Zealand Diana Crossan, Retirement Commissioner Chair: Professor Martin Young, Head of the School of Economics and Finance, Massey University |
| 12.30 | Lunch |
| 1.30 |
Parallel sessions: personal financial education 1. In the school classroom Chaired by Mary Anne Mills, Project Leader - Curriculum, CORE Education 2. Education programmes for adults Chaired by John Meeuwsen, Chief Executive, Retail Institute 3. Role of the finance sector Chaired by Adrian Orr, Chief Executive, New Zealand Superannuation Fund |
| 3.05 |
Speed sharing A selection of financial education initiatives from around New Zealand |
| 4.00 |
Summit closing Peter Neilson, Chief Executive, Investment Savings and Insurance Association James Ruddell, External Relations Manager, SavY |
| 4.30-5.30 | Networking drinks |
