Students continue to get financially SavY

A financial literacy programme for teenagers, which is run by University of Auckland business school students, has secured ongoing funding.

BNZ funds the programme SavY (saving generation Y) from its covered bonds trust and plans to double its capabilities and expand into the Waikato region.

SavY NZ chief executive officer Lynn Lai is thrilled about the partnership.

“SavY is designed to bring a greater level of financial literacy to New Zealand high-school students by teaching budgeting skills and providing a greater awareness of financial monitoring,” she says.

The programme has been hugely successful with more than 4000 students having completed the course over the past two and a half years.

BNZ financial controller Nikki Fowler says the programme instills good financial values in young people.

“Embedding these values in the lifecycle is key to the future financial success of NZ’s families and communities.”

SavY student volunteers host free hour-long workshops at local high schools around Auckland and this year will also expand into Waikato, visiting eight schools and speaking to more than 200 students.

SavY hopes to initiate a change in attitudes, where financial literacy is viewed more as a habit rather than a skill.

The programme is a charitable trust and was developed in 2008 in consultation with the NZ Retirement Commission.