Alliance aims to boost financial literacy among NZ youth
The Insurance & Financial Services Ombudsman (IFSO) Scheme has unveiled a collaborative initiative with Banqer, a financial education technology provider, aimed at empowering young New Zealanders with crucial life skills for thriving in the financial world.
Banqer is a financial education provider that offers simulative learning experiences to students across New Zealand. Having already reached more than 300,000 students, Banqer's programs help instil financial literacy from a young age.
Through this partnership, the IFSO Scheme and Banqer will enhance students' understanding of handling issues related to insurance and financial services.
Given the IFSO Scheme’s role in resolving complaints in these sectors, the collaboration will also promote awareness of the scheme’s services among future consumers.
Advocating for early financial literacy
Karen Stevens (pictured above), the Insurance & Financial Services ombudsman, emphasised the importance of young people knowing how to navigate financial services and where to seek help with problems.
“Ensuring young people have the skills to navigate issues they will come across in the real world is a vital part of financial education,” Stevens said.
“While young people are not usually consumers of many financial services yet, they will almost certainly be consumers of them at some point in their lives – insurance is likely to start when they first leave home and need contents or vehicle insurance.
“It is important that they know about independent complaint resolution services so if things go wrong in future, they’ll know how to get help.”
Banqer’s approach has shown that financial education doesn’t just benefit students; it also reaches families. Students often share what they learn with their whānau, spreading knowledge and awareness about managing finances and understanding consumer rights.
Teaching the Kiwi youth about the IFSO Scheme
Kendall Flutey, co-CEO of Banqer and an IFSO Scheme commission member, expressed her enthusiasm for the partnership.
“This collaboration enhances rangatahi financial literacy outcomes by building awareness of independent complaint resolution services.” Flutey said. “It’s critical that consumers (and future consumers) know the support available to them and can navigate it with confidence.
“I’m proud that together we’re ensuring that the next generation is prepared to face the complexities of our financial world.”
A commitment to financial literacy and awareness
Both Stevens and Flutey underscored the importance of instilling relevant life skills in young people before they encounter financial decisions and challenges. With some students already dealing with insurance issues, the partnership between the IFSO Scheme and Banqer is a timely initiative to broaden access to quality financial education across New Zealand.
“Banqer offers an easy, engaging and effective way for rangatahi throughout Aotearoa to get the financial education they deserve,” Steven said.
For other IFSO Scheme stories, click here and here.
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