Call for common sense approach to investing
9:00AM
Wednesday April 09, 2008
Lianne Dalziel
New Zealanders must become more savvy investors, or expect to get 'burned', according to Commerce Minister Lianne Dalziel.
The minister believes education in financial literacy is the key.
"Whilst we may have made some progress in the realm of financial education, both the ANZ-Retirement Commission Financial Knowledge Survey in 2006, and the Reserve Bank's survey on the understanding of financial information in 2007 found that the level of financial literacy in New Zealand still falls short of where it should be", she said.
"In a world where managing one's finances effectively is essential for well-being, it is imperative that we all take part in this drive towards a more financially capable country."
The government has launched a financial literacy campaign spearheaded by the Retirement Commission and a Draft National Strategy for Financial Literacy has been developed.
Ms Dalziel stressed the role that capable and professional financial advisers play in assisting their investor clients to make informed choices about which products and providers best suit their needs and tolerance for risk.
