Should your advice business forge ties with local schools to help address financial literacy and underinsurance?
- Yes (57%)
- No (36%)
- Not sure (7%)
The issue of low financial literacy being linked to the low uptake of insurance, and Kiwi’s low levels of overall financial wellbeing, have been illustrated by many reports, including those published by the FSC.
As we reported in June, the FSC has launched a competition for school children to make a three-minute video explaining why money matters to them.
And an FSC survey found that while 35% of adult Kiwis would consider taking professional financial advice, 40% don’t see the benefit of it.
Meanwhile, research by Queensland University of Technology highlights the need for teenagers to have formal financial literacy education in high school.
Should advisory companies do more to educate young people about the world of money and insurance?