Fixing economic deprivation is a mammoth task, but assisting with basic financial education — to boost budgeting skills, debt knowhow and investment nous — need not be. And yet basic financial understanding can make a vast difference — not just to poorer communities such as North Ormesby, but to anyone in virtually any circumstance.
“Improving financial capability can be transformative for individuals and families,” says Diane Maxwell, former lead of New Zealand’s state-backed financial capability drive. “People report better sleep, feeling more in control, greater family cohesion, and are more likely to think long term. In that sense it has a powerful upward momentum to it.”