A new ImpactLab GoodMeasure report has revealed an estimated Social Return on Investment- (SROI) of $7.70 for every $1 invested into online financial literacy program, MoneyTime, clearly demonstrating the significant social value– of learning to be good with money at an early age.
Funded and commissioned by MoneyTime’s principal partner, Milford Foundation, the report also found that the program can achieve key social outcomes of improved mental health, increased specialised skills and reduced risky behaviour.
MoneyTime Chief Executive, Neil Edmond, says he is proud to see the strong SROI result and social outcomes, and hopes the report will prompt the Government to make headway on its financial literacy education policy promises made during the election campaign.
“It’s very positive the government wants to make financial literacy compulsory in schools – this could be life-changing for students to be given the skills to make wise financial decisions at an early age.
We are committed to grow the use of MoneyTime in all New Zealand schools and continue to invest in the program to ensure it is comprehensive and current as we firmly believe all children in New Zealand should be financially literate.”
MoneyTime combines interactive financial literacy lessons with a money management game to make learning about money fun, teaching students how to budget and invest their money without fear of real-life consequences. The program is self-driven making it easy for teachers to roll out to their classes. Over 70,0000 students have already used MoneyTime across 750+ primary and intermediate schools throughout New Zealand.
Milford Foundation Chief Executive, Bryce Marsden, says the report reinforces the Foundation’s commitment to supporting MoneyTime.
“This is a fantastic result for MoneyTime,” says Marsden. “It just shows how important it is for Kiwi kids to learn about money in a risk-free environment, which will support them to make financially sound decisions in their future.”
“We are very proud to continue supporting MoneyTime with its goal of making financial literacy accessible to every Kiwi kid.”