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Sorted Seminars & Programmes powered by the Commission for Financial Capability Sorted by the Commission for Financial Capability

Introducing the Commission • The Commission for Financial Capability (CFFC) is a government funded agency tasked with helping New Zealanders become financially capable, puAng them in the best possible posiBon to achieve their life goals and reach reBrement in good financial health. • Our vision is “Everyone geAng ahead financially”. • We provide leadership and coordinaBon of the Na#onal Strategy for Financial Capability (2015) , with an increased emphasis on sustainable and enduring behaviour change. • We do this in partnership with a wide range of government, educaBon, community and financial sector organisaBons. • The Commission builds and evaluates financial capability programmes tailored for different sectors, which are underpinned by our website, Sorted.org.nz. 2

Overview – What is Financial Capability? • Financial capability is: • about having the skills, knowledge, confidence and moBvaBon to make informed financial decisions i.e. being on the winning side of our decisions around money • a skill that every one of us needs if we want to take charge of our lives and build a more secure – wealthier – future for ourselves and our families. • How enduring behaviour change can be delivered through seminars and programmes: • The Sorted Seminars and Programmes give parBcipants those ‘aha’ moments, where they begin to see the small, but significant, changes they can make to how their families live and have a healthier and wealthier economic future. • Behaviour change comes from listening, sharing with our peers, and puAng into acBon the changes we’ve made that will to have long-term impacts. 3

Why Financial Capability? 4

Past programmes Family/Whanau Day Evening session aVer work at the Warehouse 2014 GraduaBon with Governor General, Sir Jerry Mateparae GraduaBon at Air Force AVernoon session at the Police, HQ

Programme Results 68% 68% 77 77% 71% 71 59% 59% 58% 58% report have changed say they now have a claim they have confirm they have of participants say they spending behaviour plan to achieve financial changed saving reviewed debt talk about money with goals behaviour family more often Before Be re and af and after: r: 100% 90% 79% 80% 70% 61% 59% 60% 50% 48% 50% 38% 33% 40% 29% 25% 30% 21% 14% 20% 4% 10% 0% Confidence dealing with Control over financial Have a budget Have a plan to help reach Worked out how much Have a savings plan to daily money matters situation (yes) retirement goals I need for retirement purchase own home (agree) (agree) (agree) Before Programme After Programme *Source: Report on the outcomes of Financial Capability Programmes . Base, n= (318) Baseline Consultancy, January 2017.

I can now focus There was something useful Bought less coffee, I joined KiwiSaver, posiBvely on in every lesson. This is cancelled gym put it in a growth money and posiBvely the best course I membership, increased fund, filed my finances instead of have done. I was totally mortgage payments taxes, reviewed my always stressing engaged. Just a shame it and frequency of them, insurance policies about the was available for me years stuck to $100 weekly and bought a situaBon. The best ago. I am recommending it food budget. house with my programme to everyone. sister for life and living! I’ve changed my KiwiSaver provider, set up a “rainy day” I’ve renegoBated How good was the programme? savings account I my mortgage don’t touch and set and shaved off The parBcipants said... up my own will 13 years from it! The goal seAng I have made a was probably the I have implemented My wife and I are major change in my most valuable part I believe I have been something from every talking much more lifestyle which has able to achieve all I of the course. I session. I acted and about our finances. improved my have because your made a 6-month did something to The Family Day current situaBon course gave me the plan to pay off make a change! was a turning point and future. debt and had tools to implement Today I put my kids for me. actually become what I wanted to do educaBon accounts and the confidence debt free by the into term to do so. end of the course. investments.

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The Challenge of Change Challenges / barriers to success • Pitched too long • Programme of 9 weeks - too long, unsustainable • Non-flexible – unable to choose modules specific to audience • Facilitators style, tone and language not adapBve enough to audience • One size fits all programme not as scalable Future Proof Project • Internal review – design, delivery, implementaBon, logisBcs, processes, gaps to success, recommendaBons for future • Client, facilitator, parBcipant review – met with clients, approx. 400 facilitator reports and 3000 comments • Research - Our qualitaBve and quanBtaBve research has supported our work to develop a triage tool, placing people in one of three groups: intensive care, on the ward, and GP visits.

How would you describe you current financial situaBon? Nearly two-thirds of New Zealanders describe their financial posi7on as either star7ng to swim comfortably (29%) or just treading water (35%). A minority of this sample are in what we might call ICU (those sinking financially 14%) or in a strong financial posi7on (22%) 50% GP visits OTW ICU 40% 35% 29% 30% 19% 20% 10% 10% 4% 3% 0% Flying ahead Swimming happily Starting to swim Just treading water Sinking a bit Sinking badly comfortably Sample size: 1014 Baseline Consultancy Reference SLIDE 10

Sorted Suite of Behaviour Change Programmes Be Ahead Fly Ahead Get Ahead Building a foundation, Challenging the Optimising financial norms (social / behaviour through in- addressing financial beliefs / attitudes / depth understanding, stresses and habits); addressing that leads to visualising the future, self denial financially healthy that leads to positive mechanisms; decisions and financial behaviour change. actions. choosing to visualise the future differently that leads to improved financial behaviours.

Behaviour Change Programmes What it is… • Sorted ‘Get Ahead’, ‘Be Ahead’ and ‘Fly Ahead’ Programmes are quality behaviour change programmes that support conBnuous learning on personal financial maners • Independent, imparBal and not aligned with any financial service provider or products • Drives behaviour change triggered by an understanding of ‘what’s in it for me?’ • Designed to embed behaviours so they remain with parBcipants over the medium and long term • AcBviBes are based on learning by doing with life centred problems for immediate use • Supports the power of habit for change where rules of thumb are weaved throughout the programme • Underpinned by Sorted.org.nz with blended learning opportuniBes embedded throughout • 2-3hrs per week (dependent on group size) where the parBcipants can come up with the best soluBons for their own circumstances Why partner with us? • Our Sorted Programmes are tried and tested so we know it works! • You have the ability to customise length and delivery approach so the programme works for you and your parBcipants e.g. from 4 weeks to 10 weeks. A modular approach • We can survey your potenBal parBcipants through a broad Commission-developed financial capability segmentaBon that will idenBfy programme or content topics best matched to their needs and best return on investment • Sorted Programmes have two refresher workshops that have been designed to deliver at 6 and 12 months post programme compleBon to support sustainable behaviour change over Bme

Commission-Affiliated Facilitators “Facilita(on is the art, not of pu4ng ideas into people’s heads, but of drawing ideas out.” Our Commission-Affiliated Facilitators deliver the programme and: • Are independent, neutral and imparBal in keeping with the Commission’s programme. They • Do not give financial advice • Nor do they endorse or dismiss any specific products, services, beliefs • Or offer to make specific referrals to product/service providers, financial or otherwise. • Are matched to organisaBons and the programme requirements. • Come from a variety of personal, professional and cultural backgrounds including community, finance and commercial sectors. Many are authorised or registered financial advisors. • Are highly skilled in creaBng a relaxed and open learning environment, where parBcipants exchange ideas, informaBon and learn from their peers. • All have completed the CFFC Facilitator training programme which covers content, facilitaBon, adult learning principles, behaviour change, self-reflecBon and cultural competencies. • Are selected, trained and regularly observed through a robust quality assurance framework. 11