Financial literacy will become a core element of the new social science curriculum for Year 1 to 10 students, Education Minister Erica Stanford has announced.
“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,” she says.
From saving to investing: what students will learn
Financial literacy is a fundamental skill in the modern world. For younger students, the curriculum will cover key financial skills such as identifying needs versus wants, earning, spending, and saving.
Older students will be taught more complex concepts such as investment, taxes, insurance, and budgeting to help them build lifelong financial skills.
Support from across the sector
A variety of tools and resources will be developed with banks, charitable trusts, and financial organisations to support the curriculum change.
The Ministry of Education and the Retirement Commission will partner to ensure consistent curriculum-aligned supports and resources, giving schools confidence in their delivery.
This resource map will be extended into senior secondary years with guidance and resources for Year 11-13 students, supporting schools to deliver ongoing financial education to their students flexibly.
Government support and political momentum
“As the Minister responsible for the Retirement Commission, 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.
“Whether it’s knowing how to invest wisely, choose the best loan at a bank, or even identify a scam,” Commerce and Consumer Affairs Minister Scott Simpson says.
“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,” Stanford says.
Introducing financial literacy to the curriculum was something both National and Labour promised at the last general election. A draft of the updated social sciences curriculum will be available at the end of the year.
Putting practical skills back in
“Every young Kiwi should leave school equipped to navigate a market economy. Knowing how to earn, save, budget, and invest is an essential part of being successful in a civilised society,” says ACT’s Education spokesperson Laura McClure.
“For students who don’t learn these lessons at home, financial education can be life-changing. It gives every student, no matter their background, a better footing to succeed later in life.
“These curriculum changes are part of a broader shift to refocus education on real-world skills instead of ideology. I’m proud to be part of a Government that is taking politics out of the classroom and putting practical skills back in.
“Financial literacy is a great equaliser. The left should welcome a reform that lifts disadvantaged students up, rather than dragging everyone else down.”
