Prime Minister Christopher Luxon and Education Minister Erica Stanford during a visit to Ridgway School in Wellington in 2024, where a mathematics class was being taught.
ROBERT KITCHIN / THE POST
Financial literacy will be added to the social sciences curriculum for children up to 15 years old from next year.
Education Minister Erica Stanford announced on Wednesday morning that financial education, covering the likes of income, spending, saving, interest, taxes and insurance, would be added to a refreshed social sciences curriculum for years one to 10 students, from 2026.
“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, in a statement.
“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.”
The teaching of financial literacy to school children became almost guaranteed at the 2023 election when, after the Labour Party promised to do so by 2025, the commitment was matched by the National Party.
The National-coalition Government has, since the 2023 election, undertaken an overhaul of both writing and maths teaching in schools, and Stanford on Monday said financial maths was already included in the new maths curriculum being taught this year.
In the social sciences curriculum, younger students would be taught about “identifying needs versus wants”, about having a bank account, earning, spending, and saving. Older students would learn about budgeting, investment, interest, taxed, and insurance.
For teaching financial literacy, tools and resources will be developed with financial organisations, banks, and charities. The Ministry of Education would partner with the Retirement Commission, a government organisation already tasked with financial education of New Zealanders for retirement, to “map” the resources available to schools.
The commission already works with organisations including Banqer, MoneyTime, Life Education, Westpac, ASB, Kiwibank, and BNZ.
This “map” will later be extended to students in years 11 to 13.
“I absolutely believe that strengthening financial education is crucial to our Government’s focus on economic growth. We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers,” said Commerce Minister Scott Simpson, who is responsible for the Retirement Commission.
The draft social sciences curriculum would be available for feedback in term 4 this year.
Life Education Trust chief executive Mark Weatherall said financial literacy was a life skill that protected people from falling into debt traps, and reduced inequality.
“By teaching students about money and making financial decisions we can prepare students to contribute to our society and our economy in a meaningful way and improve their chances of a better quality of life,” Weatherall said.
The trust has been teaching financial literacy to more than 12,000 students at secondary schools each year, since 2020.
Source: The Post
