Teaching young New Zealanders practical financial skills

Young people will leave school knowing how to do a budget, open a bank account, manage bills and invest their money as part of Labour’s new financial skills in schools programme.

Making sure young New Zealanders leave school knowing how to manage their finances is too important to be left to chance. Labour’s plan is about teaching Kiwi kids practical financial skills that they will use for life.

Evidence tells us the current approach means too many students leave school without the financial skills they need. Over the last six years, Labour has been growing financial teaching capability within New Zealand schools – including by making it a core part of the School Leaver’s Toolkit. But more needs to be done.

We’re taking the next step in our work to create an education system that gives every young New Zealander the best chance to succeed. A re-elected Labour government will require financial literacy to be taught at all levels in all schools by 2025.

What will students learn?

All young people will leave school with a core knowledge of:

  • saving and investing
  • budgeting and financial management
  • setting financial goals and planning ahead
  • banking
  • borrowing, credit and debt
  • Kiwisaver and insurance
  • income and taxes
  • consumer rights, and
  • identifying and managing risk.

This is about setting Kiwi kids up with core skills that will teach them how to save for a home or their retirement – or become the innovators and entrepreneurs of the future.

Labour delivered New Zealand Histories in schools by ensuring there is a clear framework in place, within the curriculum, so that it would be taught as part of an existing subject. Financial skills in schools will be delivered the same way, mainly through maths and social sciences as this is where existing resources are aligned. Schools will still have flexibility as to how they deliver the programme, but there will be essential learning outcomes at different year levels.

Teachers play a huge role in shaping the next generation – and supporting them is an absolute priority for Labour. An important part of our plan will be making sure teachers feel they have the necessary skills and resources to teach it. This won’t be an extra demand on teachers. Instead, it will make sure they have what they need – including access to existing programmes and partnerships and support through the newly established curriculum centre at the Ministry of Education.

Our young people are our future. We’re committed to backing young New Zealanders to succeed and make their big dreams a reality.

You can find out more about Labour’s new financial skills in schools programme, here and below.

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