The Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is embarking on a collaborative effort with Banqer, a financial education technology company.
The collaboration aims to foster financial literacy and insurance awareness among the nation's younger population.
Banqer, known for its interactive education platforms, has made significant strides in financial education across New Zealand, educating over 300,000 primary and secondary school students.
The partnership aims to expand young New Zealanders' comprehension of insurance and financial services, particularly focusing on addressing and resolving related issues.
The IFSO Scheme, which plays a crucial role in the resolution of insurance and financial services complaints, offers its services free of charge and operates on principles of independence and fairness. A key part of its mission is to enhance consumer awareness about its services, with a special focus on the younger demographic.
“Ensuring young people have the skills to navigate issues they will come across in the real world is a vital part of financial education,” said Insurance & Financial Services Ombudsman Karen Stevens. “While young people are not usually consumers of many financial services yet, they will almost certainly be consumers of them at some point in their lives – insurance is likely to start when they first leave home and need contents or vehicle insurance. It is important that they know about independent complaint resolution services so if things go wrong in future, they'll know how to get help.”
The initiative also has a broader impact, with Banqer's educational programs indirectly benefiting students' families by spreading financial literacy to parents, caregivers, and extended family members, thereby widening the reach of the IFSO Scheme's services.
Kendall Flutey, co-CEO of Banqer and a member of the IFSO Scheme Commission, expressed excitement over the partnership, highlighting its potential to enhance financial literacy and raise awareness about the support systems in place for current and future consumers.
“This collaboration enhances rangatahi financial literacy outcomes by building awareness of independent complaint resolution services. It's critical that consumers (and future consumers) know the support available to them and can navigate it with confidence. I'm proud that together, we're ensuring that the next generation is prepared to face the complexities of our financial world,” she said.
Both Stevens and Flutey underscored the importance of pre-emptively equipping youth with relevant skills and knowledge. Acknowledging the reality that some students are already navigating insurance matters, they advocate for increased awareness and education on these topics.
“Some students are already having to grapple with things like car insurance while they're at school, so it's important they know what to look out for and what they can do if things go wrong,” Stevens said. “Banqer offers an easy, engaging, and effective way for rangatahi throughout Aotearoa to get the financial education they deserve. We're delighted to be one of their community partners this year.”
In other news, the IFSO Scheme recently emphasised the importance of honesty in insurance claims following an incident linked to the Auckland floods in 2023.
