Women, Māori and Pasifika money know-how to be targeted in new national strategy

Retirement Commissioner Jane Wrightson. Photo / Michael Craig

Bringing up the levels of financial know-how in women, Māori and Pasifika is the aim of a new national strategy for financial capability being launched today.

Jane Wrightson, Retirement Commissioner and the head of the Commission for Financial Capability - the Government's money education arm - said the strategy would bring together commercial entities, the non-profit sector, iwi and the government to work together.

"Until now the many agencies across the financial capability sector each engaged in a variety of largely unconnected activities that have the same driver - to help people be better with money so that they can achieve their goals," said Wrightson.

"By uniting under the umbrella of the National Strategy, the sector will be better able to work together, with a shared purpose and vision, and defined goals. It will reduce duplication, and help us to help the people we serve."

The strategy includes three core goals - consistent content, working together and demystifying money.

Wrightson said there was an existing national strategy but it had focused on trying to help all New Zealanders.

"I looked at that and thought...it was not realistic." Instead, the new three-year strategy will focus on specific projects to help women, Māori and Pasifika.

It will initially look at getting the different parts of the industry to come together through regular meetings and an annual hui.

Wrightson said industry groups had also agreed to work on specific projects.

The Financial Services Council - which is made up of KiwiSaver providers, investment managers and life insurance companies - will be tasked with helping women get better when it comes to saving for retirement. The New Zealand Bankers' Association, meanwhile, had agreed to work on a project with a focus on Māori, Wrightson said.

The strategy will also work on ways to measure the success of the work and a glossary of common words that can be used across the sector to help simplify messages going to the public.

"In time you should theoretically have a clearer understanding of financial capability because the language is the same, no matter who is using it - be it banks or insurers.
You can feel more secure that the industry is working together better, so the kind of information gathering will have been tested among ourselves.

"If you are a member of three targeted groups I'm very hopeful that a segment of those groups will have demonstrated an increase in outcomes."