Minister helps launch 2018 Money Week
The Minister of Commerce and Consumer Affairs, Mr Kris Faafoi, said the CFFC's annual Sorted Money Week was an example of the how organisations could work collaboratively to improve the financial capability of all New Zealanders.
Mr Faafoi spoke at the launch of the 2018 Sorted Money Week in Wellington on May 3, saying the CFFC's objectives reflected those of the government.
"This initiative shows how we can put our collective shoulders to the wheel to make life better for many New Zealanders through helping them improve their financial capability," said Mr Faafoi.
The government was doing its part by, for example, introducing legislation to address predatory lending and the activities of shopping trucks, putting together a school leavers' toolkit that would include financial capability teaching, and increasing the minimum wage.
"The CFFC has a wonderful way of connecting with people, and I'm encouraged by the support you gain for Money Week activities in communities around the country."
The head of the CFFC, Retirement Commissioner Diane Maxwell, said the CFFC's work was increasingly focused on the 52% of people who its research showed were 'in the ward' or in 'intensive care' regarding their financial situation.
"Their lifestyle could worsen as the population ages and there are fewer workers to support them through the public purse," said Maxwell. "We need to think about how things will be for our children and grandchildren. Improving the financial capability of each generation now will help them in the future."
Sorted Money Week provided an annual moment in time to focus the nation's attention on personal finance. The CFFC provides the motivation and resources for organisations across New Zealand to run events focused on financial capability. In 2017 more than 220 organisations got involved, including government agencies, banks, schools and community groups. Maxwell announced the 2018 theme would be 'Weather the Storms' - having the financial resilience to deal with life's ups and downs through savings, avoidance of bad debt, insurance and wills.
Mr Faafoi, who is also the Minister for Civil Defence, said the comparison was apt. "I know through helping the country cope with nature's storms that preparation and planning is key."