Milford Foundation Partners With MoneyTime To Improve Financial Literacy In Kiwi Kids

The Milford Foundation has today announced a new partnership with MoneyTime NZ Foundation; a charitable organisation that uses the MoneyTime financial literacy programme to teach Kiwi kids how to be smart with money. The Milford Foundation has committed $1.175 million to MoneyTime over the next five years, with the ambition that the partnership will support Kiwi kids’ financial independence from a young age and allow them to make smart money choices for their futures.

MoneyTime is a self-directed programme founded in Aotearoa, which takes an interactive approach to teaching kids an array of financial literacy skills. These include preparing a simple budget, the importance of paying off debt quickly, and how to invest money wisely, which MoneyTime believes are essential skills for all children.

“With our roots in financial services and specialist investment, MoneyTime is a natural partner for the Foundation,” says Milford Foundation Chief Executive Bryce Marsden. “The Milford Foundation’s purpose is to invest in our future generations, and at a base level, this means facilitating financial literacy education in schools.”

According to Financial Services Council New Zealand’s latest research report[1], financial literacy is on the decline in our country, with only 44% of survey recipients being financially literate, a decline of 6% since March 2020.

Financial literacy is the ability to understand the benefits and risks associated with financial decisions, including spending, borrowing, leverage and investing[2].

“Thousands of young students across New Zealand have already benefited from MoneyTime’s programme, evidenced by a consistent year by year average of 44% improvement in financial knowledge in children who have completed the programme,” continues Marsden.

Both the Milford Foundation and MoneyTime are aligned and motivated in their desire to support a future where confusion and uncertainty around money is replaced by understanding and confidence.

Founder and author of MoneyTime, Neil Edmond, says teaching financial literacy to children can make a real difference to their lifelong financial outcomes.

“Learning early means they develop positive attitudes and behaviour towards money at the outset of their financial journey, reducing the need to remedy poor decision making later on,” continues Edmond. “Financially healthy people create financially successful communities and the whole world benefits.”

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