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Terry Shubkin (CEO Young Enterprise Trust) and Pushpa Wood (Director, Financial Education and Research Centre, Massey University) explain how financial capability is made up of skills and behaviours enabling people to make responsible financial decisions. The process includes considering the impact on their personal life, their whānau/family, and the community.
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Financial capability discussion tool
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Terry Shubkin
Financial capability is having the skills and experience to make the right decisions that will impact your personal life, your family, and the community around you.
Pushpa Wood
What financial capability is in my view is two components. I mean, there are many components, but the two I mainly focus on. One is a skill set, and that is the knowledge that I need to have sufficient knowledge about various components of financial management. And then, of course, I need to have sufficient motivation to put that knowledge or those skills into practice, in other words, turning that into behaviour. So financial capability is a combination of skill set and behaviour.
Published on: 25 Nov 2013
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