Along with 300 others attended the Financial Literacy Summit in Auckland on Friday June 14 2013. Put on by the Financial Literacy and Retirement Commission, and a wide range of sponsors, the conference was a very well organised forum with excellent speakers, and conference organisation. Diane Maxwell, Appointed as new Retirement Commissioner. A wide range of topics covered, with Air Commodore Robert Brown, Chairman, Financial Services Consumer Council, Australian Defence Force keynote speech on Work place financial education top class. See www.adfconsumer.govt.au for an excellent resources site, and also www.smartinvesting.ala.org, and our own New Zealand site www.sorted.org.nz. Workshops on schools, Maori, Research and evaluation and Investor education took place on the Thursday
2013 Financial Knowledge and Behaviour survey results announced. NZ ranked very highly internationally on the 8 core concepts. On Savings and Investment most New Zealanders surveyed appear to be putting some money aside at least for the short term. 62% say they have put at least some savings away over the last 3 months, nearly two thirds are investing money elsewhere than Kiwi saver, and Kiwi Saver membership has increased markedly since 2009. Fewer New Zealanders own shares, while more are using store cards and revolving credit, and 31% have worked out how much they will need for their retirement.
Some bullet point impressions
· Knowledge does not always translate to good decisions and sound judgement
· Family, Banks and websites the key to financial information education
· Leadership always a key issue
· Compound interest a key principle-all must understand it
· Jurisdiction over credit, regulation of the product is dominant, but not the means to credit!
· How does one influence investor behaviour?
· Money week Sept 1-7, 2013
Alec Waugh, Chairman Kaspanz