Financial capability sector to get upskilling boost

Booster Foundation is partnering with Te Kunenga ki Pūrehuroa Massey University to support its Financial Education and Research Centre (Fin-Ed Centre) to deliver a workforce development programme for all financial capability providers, filling a crucial gap in the sector.

Fin-Ed Centre Director Dr Pushpa Wood ONZM says there are currently no formal standards or development pathways for financial capability providers.

“There are lots of organisations and facilitators who deliver financial capability programmes across Aotearoa, but with varying expertise and experience, there is a lot of demand for more training.

“Upskilling this workforce will help meet the increased need for people to learn how to get on top of their debt, save and become more financially resilient,” Dr Wood says.

Dr Wood is a long-time financial literacy professional and advocate. She was awarded a New Zealand Order of Merit for her services to financial literacy and interfaith relations in the Queen’s 90th Birthday Honours list in 2016. In July 2024, she was appointed as a member of the Financial Advice Code Committee, an independent body that sets financial advice standards.

Booster Foundation Chief Executive Anika Speedy says the Fin-Ed Centre’s work aligns well with the Foundation’s mission to grow financial resilience across New Zealand.

“We’ve supported partners across the country who are helping Kiwis understand and manage their finances and increase their financial capability. We recognise how crucial it is for facilitators to also develop their own skills and capability, and for that extra training to be recognised,” Ms Speedy says.

The Fin-Ed Centre’s workforce development competency training will be accredited through Massey University and will include specialised, real-world modules delivered by financial capability providers.

Financial Adviser and Massey alumnus Joshua Matthews says his studies, which included workshops with realistic scenarios, equipped him to confidently enter the financial capability sector and help households manage their money.

“Having practitioners in this sector share coordinated, common and cooperative development training will ensure Kiwis get the best possible support to help them secure their financial futures,” Mr Matthews says.

North Harbour Budgeting Services Financial Mentor David Verry, who has worked in the sector since 2008, says he enjoyed participating in, learning from and completing the Financial Capability Practitioners Course.

“The course has been a great way to critique what I have historically done as a community educator and will greatly improve sessions and programmes that I will facilitate in the future. It has provided some new learnings and an excellent refresher for many of the skills needed to be a financial mentor. It has also assisted me to prepare for media opportunities that come up from time to time.

“As the sector gets more professionalised, as it needs to do, the course would be a good base to start from for those wishing to become involved, and will also be of great value to experienced practitioners,” Mr Verry adds.

Dr Pushpa Wood says the workforce development project is a long-term dream she has worked on with support from several training providers.

“We encourage other organisations and funders committed to growing this kaupapa to join hands with us to strengthen the financial capability workforce.”

In addition to partnering with the Fin-Ed Centre to support the workforce development programme over the next three years, the Booster Foundation will also sponsor the Centre’s mission to provide financial capability research, evaluation and consultancy to help New Zealanders become more financially savvy by improving their knowledge, attitudes and behaviour towards money.