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Financial literacy and retirement planning in New Zealand*

Published online by Cambridge University Press:  11 October 2011

DIANA CROSSAN
Affiliation:
New Zealand Retirement Commissioner (e-mail: diana.crossan@retirement.org.nz)
DAVID FESLIER
Affiliation:
Retirement Commission
ROGER HURNARD
Affiliation:
Retirement Commission

Abstract

We compare levels of financial literacy between the general adult population of New Zealand, people of Māori ethnicity, and people of Ngāi Tahu, a Māori tribe that is providing financial education to its members. While the level of financial knowledge of Māori people is generally lower than for non-Māori (controlling for demographic and economic factors), there is little difference between the financial knowledge of the people of Ngāi Tahu and other New Zealanders. Moreover, we find that financial literacy is not significantly associated with planning for retirement. This could reflect the dominant role of New Zealand's universal public pension system in providing retirement income security.

Type
Articles
Copyright
Copyright © Cambridge University Press 2011

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References

Colmar Brunton (2006) ANZ/Retirement Commission Survey of Financial Knowledge. Detailed Findings and Technical Appendices Report, March 2006, Wellington. Retirement Commission.Google Scholar
Colmar Brunton (2009) ANZ/Retirement Commission Survey of Financial Knowledge, 2009, Wellington. Retirement Commission.Google Scholar
Colmar Brunton (2010) Ngāi Tahu Financial Knowledge, August 2010, Wellington. Retirement Commission.Google Scholar
Ministry of Economic Development (2010) Report of the Government Actuary for the year ended 30 June 2010. Wellington: Ministry of Economic Development.Google Scholar
Perry, B. (2010) The Material Wellbeing of Older New Zealanders. Wellington: Ministry of Social Development.Google Scholar
Retirement Commission (2010 a) Financial Literacy Strategy for Māori, October 2010. Wellington: Retirement Commission.Google Scholar
Retirement Commission (2010 b) National Strategy for Financial Literacy, November 2010. Wellington: Retirement Commission.Google Scholar
Retirement Commission (2010 c) 2010 Review of Retirement Income Policy. December 2010. Wellington: Retirement Commission.Google Scholar
Sharples, Pita, Minister of Māori Affairs (2010) Speech Launching the Results of the Ngāi Tahu Financial Knowledge Survey. Statistics New Zealand Population Census, 2006.Google Scholar
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