Groundbreaking survey provides benchmark for iwi

10 August 2010

Te Rūnanga o Ngāi Tahu will release the results of groundbreaking research today, in a bid to set a benchmark for the iwi in growing the financial literacy and ultimately financial independence of Ngāi Tahu Whānui.

The launch of the ANZ Ngāi Tahu Financial Knowledge Survey results will be attended by the Hon Dr Pita Sharples and visiting international financial education expert Professor Elaine Kempson.

Te Rūnanga o Ngāi Tahu Kaiwhakahaere Mark Solomon says that he is encouraged by the overall results which have revealed that the financial knowledge of iwi members is on a par with the general New Zealand population 40% (43% NZ) high financial knowledge, 31% (26% NZ) medium and 29% (31% NZ) low financial knowledge.

“The survey results are on the whole satisfying for Ngāi Tahu. It gives me confidence to know that as an iwi we are on an equal footing with the general New Zealand population in terms of their financial knowledge. While there is still a way to go, I believe the work we are undertaking through our tribal saving scheme, Whai Rawa, and other initiatives is having a positive effect on our people,” says Mark Solomon.

“I think the current economic climate has really brought financial matters to the forefront for all New Zealanders. Never has it been more important for people to have sound financial knowledge to assist them in managing their money matters. The fact that 43% of those surveyed have visited the Sorted website or used the Sorted resources, strongly indicates a recognised need to know more.”

The results also show that banks are the most commonly used source of financial information or advice, 52%. Other important sources include: friends and family 38%; websites 23%; newspapers/magazines/leaflets 20%; financial adviser 18%; and television 16%.

The results provide a useful benchmark not only for Ngāi Tahu in terms of developing new initiatives to grow the financial knowledge of Ngāi Tahu Whānui, but also for other iwi wanting to carry out similar research.

ANZ Deputy CEO, Steven Fyfe said lifting financial knowledge and financial ability in communities is one of the main goals of ANZ’s corporate responsibility programme, and the bank was proud to support the Ngāi Tahu research.

“Like the ANZ-Retirement Commission Financial Knowledge Survey, this survey is an important start in the process of improving people’s ability to make informed decisions about how they manage their money and plan for the future.

“We applaud Te Rūnanga o Ngāi Tahu for taking the initiative, and hope other iwi will be encouraged to undertake similar work.”

Guest speakers include: Hon Dr Pita Sharples, the ANZ deputy CEO, Steven Fyfe, and visiting international financial education expert Professor Elaine Kempson. Retirement Commissioner, Diana Crossan will also be in attendance.

Please find attached a brief summary of findings. [PDF 70KB]