Even as an economics student at university, I remember heading into town on a Friday night knowing what I needed to pay the bills before I could spend on socialising. But despite having the financial literacy to know better, Monday could still sometimes begin with a trip to the bank to ask for an overdraft extension.
So it was encouraging to hear that financial education has become a political talking point ahead of this year’s election. Both Labour and National are promising to deliver compulsory financial literacy classes as part of the school curriculum.
Labour’s proposed financial literacy programme would include the basics of budgeting, financial concepts and how to be good with money. It would also include explanations of interest rates, retirement savings, insurance, debt and borrowing.
