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Ed Sheeran

Maori good with money when available
Photo: Radio Waatea Image Database.

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The Retirement Commission Te Ara Ahunga Ora’s latest financial capability survey has found knowledge and psychology can have a greater influence on overall financial wellbeing than how much you earn.

The survey of more than 3,000 New Zealanders also found Māori convert the same level of knowledge and resource into greater financial well-being than Pākehā.

That’s an argument for investing more in Māori financial capability.

Retirement Commissioner Jane Wrightson says while older, Pākehā men continue to have the highest financial wellbeing, Māori and Pacific peoples have the lowest, followed closely by people living with long-term health conditions, impairment or disability, and then women.

Two-thirds of New Zealanders make poorly informed choices about financial products, more than 85 per cent of us don’t have enough knowledge to compare the terms and conditions of a credit or insurance product, and two in five people don’t check the terms and conditions of financial products at all.

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