Building the financial literacy and financial futures of young New Zealanders - PMG Trust

In direct response to growing financial inequality in New Zealand, PMG established the PMG Charitable Trust, believing that taking a long-term and innovative approach to financial education, will support societal change. This involves delivering a technology innovation (tool) which is online based, extending the reach and accessibility of financial literacy learning to as many groups as possible. PMG is developing increased functionality of the tool, so that modules/lessons can be added, with possible expansion of the tool to include Te Reo. This is being done in collaboration with rangatahi, iwi, schools and community groups. when and if this is recommended by iwi. Focus groups with young people and a developing partnership with Tuwharetoa iwi are informing this work.

There are rising financial inequities in New Zealand, and with this a lack of financial literacy with rangatahi, which can impact negatively on financial, physical and mental wellbeing. While Māori households are disproportionately represented in lower socio-economic groups, previous training has shown that Māori achieve greater financial wellbeing with the same level of knowledge and resources as Pākeha, indicating that investing in Māori financial capability can lead to significant improvements in financial wellbeing and the resulting quality of life.