Teaching financial literacy in schools has been a priority for several years now, and this priority was given a boost in April 2014 with the release of a Financial Capability Progressions (FCP) toolkit, courtesy of the Ministry of Education and the Commission for Financial Capability (CFFC). The toolkit is designed to help educators teach financial literacy across a range of learning areas by aligning money concepts with the various curriculum levels. The new toolkit should encourage a higher level of use, with the CFLRI Executive Director, David Kneebone, estimating that in 2012 only 8% of schools were using the then-available government material.
Commenting on the new toolkit, Retirement Commissioner Diane Maxwell said “Financial literacy is an essential life skill and embedding it in the school curriculum makes absolute sense. We want young people to leave school equipped to make good decisions about money from an early age.”
“We want them to be on the winning side of their decisions because they know the fundamentals and they know what questions to ask. These tools for teachers will make a significant difference in achieving that goal.”
When it comes to learning at home, the old-fashioned chores list, star chart and pocket money can still work wonders. For more wired kids, perhaps consider an app: iCAN Count Money New Zealand is one on offer. Westpac offers Cash Critter and for older children, BNZ’s YouMoney is sure to be popular.
For more information on children and financial literacy, read our 2014 Youth Banking Award report.