Massey University financial director Dr. Pushpa Wood has published a report on the spending habits of Māori women. She says a culturally responsive community model could be one way to improve their financial literacy.
An economic conference held in Auckland is looking at ways to improve financial literacy. Massey University has released a new report on financial literacy which also focused on Māori women who completed a spending diary for six to 12 weeks.
Massey University Financial Director Pushpa Wood says, “OECD recent research shows that women are still low in their financial capabilities overall around the world. And Māori women are doubly disadvantaged."
The research shows that 64% of the spending was on needs, 36% on wants.
"One of the challengers overall has been that money has become more invisible."
However Whānau Living show presenter Stacey Morrison believes that Māori women, in particular, are at a disadvantage.
Television personality and mother Stacey Morrison says, “If we stay within a Māori tikanga the struggle will always be investing in iwi, whanau, and hapū.”
59% of participants in the survey save none of their income and 50% of respondents don't have a credit card.
Morrison says, “It's a long grind but I’ve done it for years to prevent any family problems. Problems that could affect the family regarding health.”
Because the survey found that participants wanted to build the capability of local hapū, iwi, and marae level, Dr. Woods believes a more culturally responsive approach is key to improvement.