New Zealand Tackles Financial Literacy and Consumer Affairs

In a robust effort to convene key stakeholders in New Zealand consumer affairs, the government is hosting a comprehensive financial education forum under the theme of Responsible Lenders.  Among the major constituents to be represented at the 2013 Consumer Credit and Financial Literacy Forum are financial literacy providers, budgeting service organizations, lenders, government agencies and community programs.

New Zealand’s Consumer Affairs Minister Craig Foss notes that responsible lending, and consumer education relating to such lending, is important for the country’s citizenry.  He contends that financial literacy is critical in making sure that borrower make decisions that are informed and tailored to the specific needs of their individual and family circumstances.

The forum is being presented at an important time in New Zealand’s push for greater financial education.  The Credit Contracts and Financial Services Law Reform Bill is being promulgated as a means to pursue loan sharks and a legislative solution to enhance borrow protections, while simultaneously strengthening laws related to repossession and consumer credit.  Also on the legislative front, there is a proposal to pass the Consumer Law Reform Bill that is designed to make consumers more informed and to promote the financial literacy and confidence of borrowers.

Among the topics to be covered at the forum are responsible lending, dispute resolution and advocacy relating to informed budgeting and the rights of consumers.

The Forum, to be Chaired by Retirement Commissioner Diane Maxwell, will cover a range of topics from budget advocacy, consumer rights, dispute resolution and responsible lending.