New Zealand is considering putting its financial literacy program under the control of a single authority.

At present it is the responsibility of the Retirement Commission, with various other private and public bodies also playing a role in financial literacy.

But NZ Commerce Minister Simon Power says the Government is now looking at putting the program under one authority, as there seems to be a lack of co-ordination between various bodies.

“There are a number of public and private organisations with an interest in financial literacy in NZ,” he told insuranceNEWS.com.au.

“These include the Securities Commission, the Retirement Commission, the Reserve Bank, the Ministry of Consumer Affairs and the Ministry of Education.

“The Retirement Commission is an autonomous crown entity that has a statutory role in helping New Zealanders prepare for retirement and is the established main provider of financial education.”

Mr Power says there is still a lot of work to do with financial literacy in NZ and admits it hasn’t been done well to date.

The move to put financial literacy under the responsibility of one authority has already happened in Australia, with the Financial Literacy Board now being overseen by the Australian Securities and Investments Commission (ASIC). 

The board meet four times last year, according to ASIC’s annual report. Its focus is on financial literacy in schools.

Mr Power says financial market regulators in other countries have played a significant role in respect of financial literacy.

“The Capital Market Development Taskforce report of 2009 suggested that education about investing is one area for improvement in NZ,” he said.

“Given the ongoing importance of financial literacy, the Government is investigating the pros and cons of a single entity having a function in this area. That could be an organisation such as the Financial Markets Authority.”