Project Ikuna’s Future Ready Financial Micro-Credentials: Transforming Financial Literacy in New Zealand
Project Ikuna’s Future Ready Financial Micro-Credentials has been awarded the Best Adult Financial Education Project by a Non-Profit at the highly competitive Money Awareness and Inclusion Awards (MAIA) 2024. This innovative initiative, developed by Tātaki Auckland Unlimited, is making significant strides in improving financial literacy among Pacific communities in Auckland, New Zealand.
“Project Ikuna’s work is truly transformative, standing out among many strong contenders this year,” says Trudi Harris, co-founder of the MAIAs. “Their dedication to enhancing financial literacy for underserved communities is commendable.”
Target Community: Empowering Pacific Peoples
The Future Ready Financial Micro-Credentials target Pacific people living in Tāmaki Makaurau Auckland. This community often faces socio-economic challenges, including lower levels of formal education, financial literacy, and digital capability. Moreover, Pacific workers are frequently employed in industries at greater risk of automation and technological change.
“Our vision is to support Pacific people to have economic choice and live prosperous lives,” says Candy Elsmore, the project lead at Tātaki Auckland Unlimited. “We aim to bridge education and income gaps through our financial literacy courses, enhancing lifelong prosperity for Pacific communities.”
Making Money Accessible and Beneficial
The micro-credential courses, which include Money Confidence 1, Money Confidence 2, Pathways to Home Ownership, and Saving for Your Retirement, are designed to be accessible and impactful. These foundation-level courses require no prior academic achievement and are delivered in the workplace to ensure learners can attend without affecting their pay. The 16-hour courses are offered anytime, anywhere, including during night shifts, to accommodate all workers.
The curriculum covers essential financial concepts such as budgeting, saving, managing debt, and understanding retirement savings schemes like KiwiSaver. By providing practical financial knowledge, the courses empower participants to make informed financial decisions and improve their economic stability.
“Our courses are designed to fit around the learners and their employers, making financial education accessible to everyone,” explains Elsmore. “This flexibility ensures that everyone, regardless of their schedule, can benefit from these valuable lessons.”
Innovation and Impact
The Future Ready Financial Micro-Credentials are innovative in their approach to delivering financial education. The courses are culturally relevant, designed specifically for Pacific people, and incorporate Pacific cultural contexts and practices. They are delivered face-to-face in small groups, following the Pacific practice of talanoa, ensuring a supportive and engaging learning environment.
Since the programme’s inception in January 2022, Project Ikuna has delivered over 1,500 micro-credentials. The impact has been profound, with significant improvements in financial literacy among participants. For instance, the proportion of respondents who strongly agreed they understood how loans and compound interest work increased dramatically after completing the courses.
“Our learners’ progress is a testament to the effectiveness of our approach,” says Elsmore. “The skills they gain help them achieve financial stability and set them on a path to economic prosperity.”
Testimonials: Voices of Change
The success of Project Ikuna is best illustrated through the testimonials of its participants. One learner shared, “I’ve saved $300, which is part of my goal.” Another commented, “I understand my money better and how I can get my money to grow.”
These testimonials highlight the programme’s effectiveness in fostering financial literacy and confidence. Participants have reported significant changes in their financial behaviours, such as cutting down on personal spending and saving for future goals.
“I have started to save for my family holiday,” shared one participant. “Learning about SMART goals was eye-opening; I didn’t even know that existed.”
Closing the Gender Gap
Project Ikuna also addresses gender-specific financial challenges, with over a third of the participants being women. The programme aims to close the gender pay gap and support Pacific women in achieving financial independence. By providing culturally relevant education and support, the courses help women overcome barriers to higher-paid careers and economic opportunities.
Expanding Financial Literacy Nationwide
Looking ahead, Tātaki Auckland Unlimited plans to expand the reach of the Future Ready Financial Micro-Credentials beyond Auckland. The organisation is exploring new funding models and partnerships to bring this transformative programme to other underserved groups, including Māori and recent immigrants.
“We are excited about the future and the potential to make an even greater impact,” says Michael Gilmore, co-founder of the MAIAs. “By empowering more people with financial knowledge, Projeck Ikuna is helping to build a more financially literate and resilient society.”