Students as young as five will soon learn about money management at school as the Government pushes to introduce financial education from Years 1 to 10, the Education Minister has announced.
Minister Erica Stanford said financial education will become a “core element” of the social sciences curriculum from next year and be compulsory from 2027.
“We believe that this is extraordinarily important in a very complex world when it comes to finances, getting loans, not being scammed, working out discounts, how to go flatting, how to work out a budget,” she said to media.
The curriculum will take a staged approach, with younger children learning basics like distinguishing needs from wants, having a bank account, earning, spending and saving.
Older students will tackle more complex topics, including budgeting, investment, interest, taxes, and insurance, “to help build lifelong financial skills”.
Stanford announced the changes this morning alongside Finance Minister Nicola Willis.
Willis said: “One of the pieces of feedback that often comes through is that some people end school without the basic financial literacy to make good financial decisions for them and their family, and that can result in people ending up in really difficult levels of debt.”
Introducing compulsory financial literacy was a campaign commitment from both National and Labour at the last general election.
“Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy,” Stanford said.
Minister Erica Stanford said financial education will become a “core element” of the social sciences curriculum for Years 1 to 10 from next year. (Source: 1News)
“We know that New Zealand parents have long called for financial education to be a priority. This curriculum update answers those calls, ensuring students are equipped with the knowledge to thrive in both personal and financial aspects of their lives.”
External providers to help deliver curriculum
Delivery of the new curriculum would include external providers, working with the Retirement Commission, such as banks and educational organisations.
These providers include major financial institutions like Westpac, ASB, Kiwibank and BNZ, and organisations such as Sorted in Schools and Life Education.
“A variety of tools and resources, developed in collaboration with financial organisations, banks, and charitable trusts, will be available to schools, ensuring they can effectively deliver the curriculum,” said a Government spokesperson.
The Ministry of Education has partnered with the commission to map offerings from financial education providers against the updated curriculum requirements, Stanford said.
“The Retirement Commission’s work with providers will ensure consistent curriculum-aligned supports and resources, giving schools confidence in their delivery.
“This resource map will be extended into senior secondary years with guidance and resources for Year 11 to 13 students, supporting schools to flexibly deliver ongoing financial education to their students,” a spokesperson for the Government said.
In announcing the scheme, Willis said she was “delighted” to see the “public and private sector coming together to offer resources to help support this work”.
The newly announced changes were in addition to including financial maths in the new maths curriculum, which would be delivered separately later this year, Stanford said.
A draft of the updated social sciences learning area would be available in term four for wider feedback, according to the Government.
An updated version will be available for schools to use next year.
