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Seniors need financial literacy too.

We welcomed the Retirement Commission's commitment to financial education but its strategy appeared to have little to help older people.

Archived item - last updated 2009

Age Concern New Zealand's Submission from 2008:

National Strategy for Financial Literacy

Age Concern New Zealand welcomes the establishment of a national strategy for financial literacy. We strongly support its vision, mission and recommendations for increasing financial literacy.

The attention given to financial literacy for younger people in the draft strategy is important. We concur with this.

Age Concern New Zealand is concerned to note however that the draft Strategy appears to have little proposed in the way of adult education.

It also notes that proposals for the education of current retirees and those close to retirement are omitted or not at all explicit. Age Concern considers it essential that the financial literacy education needs of retired persons and those close to retirement are developed and included as a matter of priority and that proposals concerning adult education are also included.

We are of the view that adults and retired persons would be assisted by comprehensive information about, for example-

• asset and income management
• investment portfolios
• equity release
• options for emergency funding
• and basic money management including compounding interest.

We believe there is a role for the Retirement Commission in providing such seminars to older people in their communities. This could well be in partnership with organizations with networks to older people, for example local Age Concerns.

Resources

> LINK to the Retirement Commission