Aotearoa joins more than 100 countries rallying behind an awareness campaign aimed at inspiring young people to learn about money as part of Global Money Week, 21 – 27 March.
According to the PISA financial literacy assessment young people are not always equipped with the financial skills they need, with around one in six on average across participating OECD countries and economies failing to attain a baseline level of proficiency, even in some high- and middle-performing countries. The assessment found while 54% of 15-year-old students have a bank account, and almost 40% have made a payment with a mobile phone, many fail to recognise the value of a simple budget, let alone understand a bank statement or a pay slip.
Te Ara Ahunga Ora Retirement Commission’s ‘Te whai hui - kia ora Sorted in Schools’ programme is running the Money Jam competition as New Zealand’s Global Money Week initiative. Students can win a share of $10,000 and get real life experience creating a budget, designing an event, and giving the winnings back to their local community.
Nick Thomson, Te Ara Ahunga Ora, Director Financial Capability says understanding how to manage money and a budget, with support from teachers and Sorted in Schools, provides a fantastic opportunity to develop this essential skill at a young age.
“Students don’t often get to use the skills and knowledge they are being taught while at school, but Money Jam gives students this chance,” he says.
“We know through our own research that financial literacy alone is not enough to change financial behaviour, but it is one of the building blocks of financial capability. Creating fun and practical ways for school children to engage with money will help lift their skills and confidence to make good decisions with money by the time they leave school.”
Waimarama Tapiata-Bright and Rakairoa Campbell winners of Money Jam in 2021 agree. “It’s a great opportunity to apply your financial skills in a real world, local context.
“There is a profound sense of freedom that comes with knowing how to manage your own finances. Having the ability to support not only ourselves, but our whānau in any situation that may arise is also about holistic wealth and cultural responsibility.”
They recommend entering Money Jam because you never know unless you give it a go - ‘Pai tū, pai hinga’.
- DREAM up a winning idea to support a cause close to your heart
- PLAN using Te whai hua – kia ora, Sorted in Schools resources including the creation of a budget
- GIVE back to your chosen charity / community initiative by being in to win a share of $10k to make your dream a reality.