Budget conscious wahine becoming more financially literate
|17 Oct 2016 07:15 AM|
The Maori Women’s Development Incorporation is working with the Westpac Massey Fin-Ed Centre to improve financial literacy among wahine Maori.
Centre director Pushpa Wood says a research project among a small group of south Auckland women found 59 percent of participants saved none of their income, and 68 percent don’t have any retirement savings.
Dr Wood says once the women identified almost a third of their spending went on wants rather than needs, they saw there was room to make choices about saving.
She says money can be a difficult concept to grasp, especially for younger people.
"Money’s becoming invisible. We don't see the money in our hands, we wave the plastic card. We don't have conversations about money at home. We have too many temptations for our young people. Encouragement is too spend. The messages coming from all directions is about spending not saving, she says.
Dr Pushpa Wood says the women she surveyed seemed to be more open about their finances than their Pakeha counterparts, and were more likely to borrow for significant short term purchases from family or friends rather than from a bank.
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