Today you’re going to hear from Kendall Flutey. Kendall is the co-founder of the EdTech start-up platform Banqer, a financial training business that works within the school system to deliver education in a gamified manner. We’re also hearing from Kris Ballantyne, the chief marketing officer at Partners Life a fast-growing, Kiwi-based life insurance company.
We’re talking about how private enterprises are working together to ensure the next generation has a deep, default, and durable attitude towards building wealth long term.
Let me ask you a question here though: In the absence of a default financial education program reaching your kids, would you be happy for them to receive guidance from sources in the business community?
Would you trust a bank in delivering some education to your kids, a financial adviser, and insurance company, a KiwiSaver provider or other fund manager? Of course, we’d potentially prefer a source where there was no other incentives at play – BUT, I think having the ‘right’ incentive structures alone, isn’t enough to create good outcomes. I’m a believer that even in situations where the incentive structures behind some initiatives are skewed towards growing a private enterprise, or even just virtue signalling, good outcomes will still be created. That has to be a good thing right?
The purest of motivation is not a replacement for a lack of action.
I can think of a few great examples recently where the government is reluctant, or even incapable, of allowing private initiatives to fill gaps they clearly have. This is evident at the moment in areas of housing, alternative forms of money, and mental health especially. Either they accept they need a strong [gum]boot up the rear-end, or they step aside with some degree of humility and the let the experts have a go. Yes we do need Government, but the community can indeed solve some problems thank you very much!
In the area of financial education, I’m super encouraged to see the likes of the FMA, and the Commission for Financial Capability, really starting to infuse themselves in the market place. Still, there’s a place for for more participants who work in the finance space to organise themselves in a way that solves the problem also.
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