Why financial literacy matters : an educational programme with practical daily applications : a thesis presented in partial fulfillment of the requirements for the degree of Master of Arts in Education at Massey University
Financial services and products have become increasingly accessible, complex and sophisticated in recent decades. There is now a huge variety, not only of financial service providers from whom to choose, but also of actual products and services. This transformation of financial services and the level of interaction required means that an individual now needs increased levels of understanding and knowledge of the sector to make decisions appropriate to their needs and circumstances. This thesis emphasises the importance of ensuring that the teaching of financial education is embedded in the New Zealand school system to enable all students to leave school prepared for the rights and responsibilities of adult life. Financial literacy, like reading and writing, affects the well-being of every individual. It is important to recognise that inadequate financial knowledge can be a substantial obstacle. This is not a minor issue or a side issue. Ultimately financial education is a decisive issue because it is a measure of whether an individual understands the forces that significantly affect the quality of their life.