New Research Highlights Gaps In Financial Education For Diverse Learners
Through surveys and interviews with 87 families, the study sought to understand the values, practices and expectations surrounding financial learning in the home.
The research project, Developing Culturally Sustaining and Equitable Financial Education Resources for Young Diverse Learners, was led by a team from the Te Kunenga ki Pūrehuroa Massey University's Financial Education and Research Centre (Fin-Ed Centre) and the Institute of Education. It focused on how families with children aged 10 to 15 engage with financial situations in their daily lives.
Through surveys and interviews with 87 families, the study sought to understand the values, practices and expectations surrounding financial learning in the home.
The study found that most parents talk openly about money with their children, sharing advice on saving, budgeting and spending. However, parents also expressed a strong desire for schools to provide consistent, culturally-aware financial education.
Director of the Fin-Ed Centre Dr Pushpa Wood ONZM says families are doing a great job laying the foundation, but financial education should not be left to chance.
'It must be part of the school curriculum to ensure consistency and equity. The recent announcement by the Minister of Education about making financial education compulsory in schools from 2027 is very welcome initiative indeed.'
More than 90 per cent of children involved in the study indicated that their parents want them to learn about money at school. The most desired topics included saving strategies, financial goal setting and understanding KiwiSaver and insurance.
In many Pacific households, cultural traditions shape financial behaviours. For instance, giving monetary gifts at events like weddings, funerals, birthdays or church gatherings is common and considered a reflection of generosity and community values.
Professor Jodie Hunter of the Institute of Education says the study shows the need to tailor both resources and financial education to student experiences. She adds that considering how cultural values impact ideas about money as a shared resource is important.
Dr Wood says when you ignore culture, you miss context.
'We can't keep using one-size-fits-all materials and expect meaningful outcomes. Financial literacy is not just about numbers, it's about values, identities and lived experiences.'
The study also echoes international concerns about the equity of financial education. Previous assessments such as the Programme for International Student Assessment have shown lower financial literacy outcomes for Māori and Pacific students compared to the national average, suggesting systemic gaps in how financial capability is taught.
'If we want to close the gap, we have to start with what students already know. Their everyday experiences are valid and valuable starting points for learning,' Dr Wood says.
Drawing from the findings, the research team is now developing and testing culturally-relevant resources to support financial education for diverse learners. These materials aim to bridge the gap between home and school and ensure students see their own realities reflected in what they are taught.
The team is also developing a series of short professional development courses to support teachers in their future journey of offering financial literacy in classrooms.
'This is about building confidence and capability. If we give young people tools that reflect their world, they'll be better prepared to make sound financial decisions and to thrive,' Dr Wood says.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsroom
2 hours ago
- Newsroom
Let's call ‘taxing the rich' what it really is
Opinion: Last month the Government, under urgency, halted all pay equity claims thereby disproportionately affecting women who experience pay inequality. This is one of many policies that included gutting government departments and cutting public service spending to accommodate a massive wealth giveaway in the shape of tax cuts to landlords (a policy designed to supposedly stabilise rents but which seems to have had little impact). As reported in March last year, the tax giveaway to landlords is estimated to cost the country $2.9 billion. To put this in perspective, that is more than the amount paid in Treaty settlements since 1985, which is about $2.7b. In other words, in one year, the current Government awarded landlords more money than has been paid out to Māori in 40 years as compensation for historical wrongs. I note this to introduce my central concern that economic policy, as has been the case for the last four decades, is dominated by the central myth (now axiomatic for almost every government) that all our ills will be solved if we keep giving as much money as possible to the rich. This is based on three central assumptions of current economic dogma that those who question are branded as 'radical leftists'. These assumptions are underpinned by the beliefs that wealth trickles down; deregulation is good for business; and the state should stay out of the market and everything should be privatised. First, wealth, especially when given away in tax cuts, does not trickle down. It stays at the top. Ever-increasing wealth inequality as measured by the Gini coefficient or any study of income trends show this. Second, seen from a purely corporate perspective deregulation is no doubt a path to profit. However, it is also socially disastrous as costs of deregulation are outsourced via public bailouts following financial crises, for example, that are directly caused by the rolling back of legislation designed to safeguard the wider economy. Third, the state has always been an economic entrepreneur funding all kinds of technological innovation, such as the internet, but this often goes unreported in the dominant economic journalism. All this results in top-heavy, financially starved economies as governments continually try to make the wealth giveaways fit into a budget by stripping support for public services or selling off public assets at knockdown prices. (There is a tendency to undervalue the future social benefits of publicly owned resources.) Such sales are no more than an attempt to generate a short-lived financial hit that dissipates as quickly as the resources we all once owned. The fact that the global economic outlook as well as specific national economies remain so fragile and unstable, and are increasingly unable to secure the basic needs of their populations in terms of health, education and social support, is surely enough evidence that the principle of continually moving wealth upwards doesn't work, certainly not for society as a whole. However, because it has become communal liturgy, recited from almost every media pulpit for the last 40 years, it has become increasingly difficult to challenge. Just as there is no economic justification for structuring an economy in which only the very wealthy are the true beneficiaries, there is also no moral justification. From inside this dogma, the moral justification has always been that it is the rich in the form of investors and entrepreneurs that are the only wealth creators, and so they deserve to reap the wealth they create. But you only have to see the collapse in wealth creation during the pandemic when workers could not work, to know that workers also create wealth. Yet many are told they do not even deserve a living wage. Supressed wages is of course one way to structure an economy (there is no such thing as 'the' economy, by the way) to ensure wealth moves upwards. This results in a phenomenon called corporate welfare where the state has to step in to pay benefits to allow workers to actually live. What this means is that the money taxpayers pay out in social welfare is really a direct contribution to shareholder dividends. Welfare often compensates for the company not paying enough to workers so it can pay more to investors. This is another example of the outsourcing of problems for which the government picks up the tab. Just as the Joker begrudgingly loves Batman for maintaining the order he gets to break, the neoliberals love the government because they know it will be compelled to bail them out – a phenomenon known as the 'Greenspan Put' named after the US Fed chair who first bailed out the banks in 1987. Tax breaks are, of course, the main way to benefit the wealthy by directly increasing the wealth they keep and by breaking the public purse and public services. This then opens up new opportunities for privatisation and profit that will benefit a very small group. And I haven't even mentioned our non-existent capital gains tax. The assault on the Te Tiriti ō Waitangi is another example of efforts to structure an economy to favour the wealthy. Aside from the persistence of a colonial mentality hostile to all things Māori, Te Tiriti remains a firm barrier to expanding corporate appropriation of public resources. Should the Regulatory Standards Bill get passed (another piece of legislation aimed at weakening democratic control of resources and opening them up to private exploitation), Te Tiriti will be all that protects us. As our society is placed under increased stresses and strains beneath the extreme weight of amassed, socially useless wealth that sits with a very small class of people, there have been increased calls to tax the rich. I think we need a different slogan. In keeping with the dogma, conservative supporters have made tax a dirty word. Rather than tax being an individual or corporate contribution to the maintenance of a functioning society, the corporatist right has over the past four decades tried to make it a synonym for theft. The idea that taxing the rich is really a form of theft also makes it easy for the dogmatists to present the call as a form of envy; a petty resentment of the successful. Instead of a call to 'tax the rich', the call should be to 'reclaim the wealth'. I believe this phrase more adequately represents the request to return a greater share of what was commonly created. It is also a call to give back even just a small amount of what was taken through the design of an economy knowingly and carefully organised to purposefully benefit the few. Even if the progenitors of the dogma genuinely thought it would be a social good, which is hard to believe because they themselves do not believe in society, there is no reason to believe the fantasy now.
RNZ News
5 hours ago
- RNZ News
Sector leader urges overhaul as builders face mental health crisis: 'You can't scale chaos'
Financial instability, rising living costs, low pay and a lack of mental health support contributed to a mental health crisis in the construction sector. Photo: 123RF Warning: This article discusses suicide. A business leader says urgent reform is needed to address what he describes as a deepening mental health crisis in New Zealand's construction sector. Research shows that suicide rates in the industry are 25 percent higher than other sectors , with Māori, Pasifika, women, migrant workers, apprentices and labourers among those most at risk. According to Marti Amos (Ngāpuhi, Ngāti Manu), the New Zealand-based head of a global mentoring service The Professional Builder , these statistics are worsened by a number of factors including: financial instability, rising living costs, low pay, lack of mental health support and a training system focused on trade skills rather than business knowledge. "Nearly one construction worker dies by suicide every week," Amos said. "That should be sounding alarm bells across the country." Reports show that construction workers account for around 7 percent of working-age male suicides in Aotearoa . The estimated burden of suicide in the industry is around $1.1 billion annually. Marti Amos (Ngāpuhi) says urgent reform is needed to tackle New Zealand's construction sector mental health crisis. Photo: Supplied Amos, author of The Profitable Builders Playbook said a major contributor is that many builders are thrown into business ownership without the financial literacy, training or systems to succeed. "The construction industry has some of the highest suicide rates around the world. The key drivers - especially for company owners - is they don't understand their numbers well. "They've come from a background of being great craftsmen, doing great projects, but it's a really different skillset to becoming a great business owner." He said many tradies work under fixed-price contracts, where small mistakes can lead to serious financial fallout. "The average build could be anywhere from $400,000 to $500,000 to $1.5 to $2 million. If you get that wrong, you can get into financial difficulty very quickly. "You can be just one missed milestone payment away from being in serious problems." Amos said the pressure of trying to keep a team employed - without stable work ahead - is also taking a mental toll. "It goes through this: Do the work, do the work, do the work, and then they're like, 'Holy sh*t, we've only got six to eight weeks of work for my 12 guys'. "That can lead to lying awake in bed at 3am thinking, 'How do I figure this out?'" Amos said many workers are stuck on what he calls the "builders hamster wheel". "It's like they build themselves a prison, a business they grow to hate and that they can't get out of, 'cos you can't scale chaos and you can't scale lack of profits. 'Cos when you try and do more, everything is on your shoulders - like pricing. Amos believes part of the solution lies in revamping apprenticeship and trade programmes to include business and financial training. "Our people are incredible on the tools - but many aren't equipped to run a business, manage cashflow or navigate the stress that comes with it." He's calling for business training to be integrated into trade qualifications, saying current systems fall short. "Everyone gets taught how to be a great carpenter, how to do great work, but no one teaches you the fundamentals of how to build a great business. "And so just like at school, you get taught Chemistry, Maths, English, Physics, PE, but no one teaches you about budgeting, saving, communication skills, marketing, all stuff that's gonna help you massively on the outside." Amos believes New Zealand needs to have a look at the curriculum that apprentices are taught. "The government should be putting in some basic training through organisations or partnering with companies who can give this to every building company owner in New Zealand," he said. Amos said visibility and financial confidence are the key to relieving stress and saving lives. "Visibility leads to clarity. And when you've got clarity, you can take the right actions - that's when you start stacking wins. "When you're constantly worrying about how to pay your subcontractors or secure payroll for the next week, it isn't just your business that suffers - it's your whole life." He believes the most vulnerable workers - Māori, Pasifika, women, migrants and apprentices - need additional support at a systemic level. "It is wider than just industry - it's cultural, educational. "It's about giving people the tools, the confidence, the learning to know: hey, it's okay to suck when you're trying new things, but you can win. You're not a tree - you don't have to stay stuck in your current circumstances." Amos said the industry needs to stop accepting crisis as normal - and act. "It's only once you go through those hard lessons - underpricing jobs, not knowing your numbers - that you learn: I need to do things differently. And if it's a skill, it can be learned. And if someone else can do it, then I can do it." Building and Construction Minister Chris Penk. Photo: RNZ / Samuel Rillstone In a statement to RNZ, Minister for Building and Construction Chris Penk said the past few years had been tough for the construction sector and its people. "Building productivity has lagged for decades, but the rising cost of doing business, along with cancelled contracts from the pandemic and a tighter economy, has put real financial pressure on tradies and businesses." Penk said the government was working to create the right conditions for the sector to thrive. "Changes like reforming the building consent system might sound technical, but they will have a real human impact by lowering costs and giving the industry a more reliable pipeline of work. "We also know how much of a difference targeted mental health support can make in someone's life. "That's why, in December, the government invested in MATES in Construction through the Mental Health and Addiction Community Sector Innovation Fund." He acknowledged that while there was "still a way to go," things would get better. "We know that when financial stress eases, it becomes easier for people to focus on their work, their families and their own health and wellbeing." Minister for Vocational Education Penny Simmonds. Photo: RNZ / Samuel Rillstone In a statement to RNZ, Minister for Vocational Education Penny Simmonds said the government was "committed to ensuring that mental health and wellbeing are part of a successful apprenticeship journey for all learners". "Under the Code of Good Practice for New Zealand Apprenticeships, Tertiary Education Organisations must ensure apprentices receive appropriate pastoral care, in line with the Education (Pastoral Care of Tertiary and International Learners) Code of Practice 2021. "This includes supporting apprentices with both their physical and mental health needs, their safety and wellbeing by offering information, advice, and identifying those who may need additional support." From 2026, a new independent, industry-led model for work-based learning would be rolled out. Simmonds said this model was the preferred option by both the public and industry during consultation. "It's designed to be more flexible, and responsive to the needs of both learners and the industries so critical to the growth agenda for our economy. "Put simply, we are transforming work-based learning by putting apprentices and trainees front and centre at the heart of the system and placing industry and employers back in the driver's seat, encouraging them to play a hands-on role in shaping training, making sure it's flexible and aligned with regional needs." The new model would involve the creation of Industry Skills Boards, which would set training standards, develop qualifications, and moderate assessments. Apprentices currently with Te Pūkenga will move to these new boards for up to two years, while new students would enrol directly with private providers, polytechnics or wānanga as they become available. Simmonds said the government was focused on "a smooth transition" with minimal disruption. "This is about building a stronger, more resilient vocational system to bring certainty, improve access, and support economic growth," she said. "We're committed to a smooth transition, with as little disruption for learners and employers as possible. This is about building a stronger, more resilient vocational system to bring certainty, improve access, and support economic growth." If it is an emergency and you feel like you or someone else is at risk, call 111.
RNZ News
a day ago
- RNZ News
Māori, Pacific removed from extra education funding priorities
The Tertiary Education Commission warns it doesn't have enough money to cover enrolment growth next year. Photo: AFP The government will remove extra funding for Māori and Pacific enrolments in vocational courses, and trim funding for workplace training. The Tertiary Education Commission told institutions this week it was "reprioritising a small amount - approximately 8 percent - of learner component funding towards provider-based delivery rates, through the removal of Māori and Pacific learners as an eligible category". The weightings for Māori and Pacific enrolments were worth $152 for each student enrolling in work-based level 1-2 certificates and courses at levels 3-6, and $364 per student in non-degree level 7 courses. However, the $1327 weighting for disabled students and students with low prior educational achievement would continue. The payments were added to subsidies for courses offered by polytechnics and private providers, ranging from $6584 for humanities and business courses to nearly $11,786 for health, science, engineering and agriculture, and $19,753 for special agriculture. The commission said funding for work-based training and education would drop 10 percent, while also repeating warnings from earlier in the year that it would not have enough money to cover enrolment growth next year . "Current forecasts indicate the demand for funding will be greater than what we have available to allocate," it said. "Given the multi-year nature of much education and training, we will need to prioritise our future investment." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
