November 20, 2012
Financial literacy for personal well being
The manager of a new financial literacy project says Māori need to learn more about managing their money.
The project, which is part of the Government's new He Kai Kei Aku Ringa strategy for Māori economic development, brings together resources from the Commission for Financial Literacy and Retirement Income, the Federation of Māori Authorities, the National Urban Māori Authorities, Ngāi Tahu, the Māori Trustee and the Bank of New Zealand.
Phil Broughton from the commission, who has Kahungunu and Ngāi Tahu whakapapa, says understanding money at an individual level can help people make better choices at a collective level.
"There's been quite a bit of research done and it shows that the Māori community on the whole aren't the best at this area in their personal well being because it's all to do with personal well being and financial literacy is part of that and no we haven't been too flash at it too be honest," he says.
Mr Broughton says Ngāi Tahu's Whai Rawa savings scheme has been widely adopted by tribal members, and shows what can be done when the right signals are in place.
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