Prime Minister Chris Hipkins and Minister of Education Jan Tinetti. Photo: RNZ / Angus Dreaver
Labour will make it compulsory for all schools to teach financial literacy from 2025 to address low levels of money and budgeting skills among school leavers, Labour leader Chris Hipkins and education spokesperson Jan Tinetti announced today.
"Young people will leave school knowing how to budget, open a bank account, manage bills and save and invest their money as part of a financial skills in schools programme," Hipkins said in a statement released this afternoon.
"We want all young New Zealanders to leave school knowing how to manage their finances. It's too important to be left to chance.
"Evidence tells us the current approach means too many students leave school without the financial skills they need.
"All young people will leave school with a core knowledge of saving, budgeting, banking, borrowing, bills, taxes, KiwiSaver, mortgages and insurance."
Tinetti said that the programme would make sure teachers had enough resources.
"Schools will still have flexibility as to how they deliver the programme, but there will be essential learning outcomes at different year levels," she said.
"An important part of our plan will be making sure teachers feel they have the necessary skills and resources to teach it, and that they need to prioritise it within their classrooms.
"This won't be an extra demand on teachers, rather it will make sure they have what they need, including access to existing programmes and partnerships and support through the newly established curriculum centre at the Ministry of Education."
ACT, NZ First also announce policies
In other policies announced today, the ACT Party said it wants to see more accountability for government departments as it released its policy for public services.
Leader David Seymour claims government spending has grown 70 percent in six years.
But he said there is a disconnect between what the government considers priorities and good performance and the quality of public services.
Seymour said that under ACT, ministers would issue key performance indicators for chief executives, who would also receive performance-based pay.
"ACT's plan for higher standards and greater accountability for chief executives and government departments is a step towards more effective and more efficient public services for New Zealanders," he said in a statement.
New Zealand First also announced new policies it proposes today, including withdrawing from the United Nations Declaration on the Rights of Indigenous People and legislation to make English an official language of New Zealand.