Fin-Ed Centre runs student financial health checks

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Mon Apr 29 2013 12:00:00 GMT+1200 (New Zealand Standard Time)

Fin-Ed Centre runs student financial health checks

Monday, 29 April 2013, 11:15 am
Press Release: Massey University

Monday, April 29, 2013

Students at Massey University’s three campuses will be asking their peers some personal questions next week – all in the name of improving their finances.

The Fin-Ed Centre initiative (Financial Education and Research Centre – a joint venture between Massey and Westpac) aims to get students thinking and talking about money matters via a 15-minute financial health check.

Dr Jeffrey Stangl, a senior finance lecturer at Massey, designed the questionnaire to highlight potential problem areas.

“The survey looks at eight different areas of financial literacy, things like savings and investment, budgeting, debt management, insurance and retirement planning,” Dr Stangl says.

“The objective is really to raise awareness of managing money well, and giving students feedback on how well they are planning not only for today, but also for tomorrow.”

Master of Finance student Daniel Feller will lead the team of students conducting the survey at the Albany campus. As president of Beta Alpha Psi, an honorary organisation for finance and accounting students, he is very conscious of the need for financial planning.

“This was an important initiative for Beta Alpha Psi to support because it’s important for people to get into the habit of planning and saving. Most students have the advantage of time – it’s amazing how small amounts of money can grow,” he says.

“Many students think that retirement is a long time away and they have lots of other priorities. But they don’t always think about the things they need to save for before then – a house, a family, overseas travel. It’s really important to realise that having some savings is just as important as all the other priorities they might have.”

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The Fin-Ed Centre will collate the data gathered from all three campuses to see if there are any geographic or demographic trends. Fin-Ed Centre director Dr Pushpa Wood says the centre plans to run financial health checks for the next few years and the data collected will help inform the centre’s future work.

“The financial health checks will give students the opportunity to evaluate their personal financial management skills in a fun way, but it will also provide us with a better understanding of the knowledge levels of our student population,” Dr Wood says.

“Student debt levels in this country are still very high and we need to find ways to reduce those levels so when they complete their studies and embark on their new lives they don’t have to spend years simply paying off debt and not being able to move forward financially.”

Westpac Director of Corporate Affairs Sue Foley says the financial health checks are a good way to raise awareness about saving wisely and thinking about future spending goals.

“The results will also provide a good insight into the financial habits of the next generation and highlight areas where the centre can support them by providing sound financial information,” she says.

Financial Health Check event details:

Albany campus
Date: Thursday May 2, 2013
Time: 10am-2pm
Venue: Library
Event organiser: Dr Jeffrey Stangl

Manawatū campus
Date: Thursday May 2, 2013
Time: 10am-2pm
Venue: Library
Event organiser: Dr Claire Matthews

Wellington campus
Date: Thursday May 2, 2013
Time: 10am-2pm
Venue: Student Common Room
Event organiser: Dr Pushpa Wood
ends

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