Money & Banking in New Zealand

Money & Banking in New Zealand

Understanding Money, Banks, and the Financial System Year 9 Business Studies New Zealand Curriculum

What is Money?

Medium of exchange - we use it to buy goods and services Store of value - we can save it for future use Unit of account - helps us compare prices Types in NZ: Coins (5¢, 10¢, 20¢, 50¢, $1, $2) Banknotes ($5, $10, $20, $50, $100) Digital money - EFTPOS, online banking, contactless payments

History of New Zealand Money

The Banking System in New Zealand

What banks do: Accept deposits (savings accounts) Provide loans (home loans, personal loans) Offer payment services (EFTPOS, online banking) Provide financial advice and investment services Major NZ banks: ANZ, ASB, BNZ, Westpac (Big Four) Kiwibank, TSB, Co-operative Bank Credit unions and building societies

Reserve Bank of New Zealand (RBNZ)

New Zealand's central bank - established 1934 Key roles: Controls inflation (keeps prices stable) Issues and manages NZ currency Supervises and regulates other banks Manages monetary policy (interest rates) Protects the financial system Located in Wellington Governor appointed by government for 5-year terms

Banking Products & Research Activity

Research Task - Work in pairs: 1. Create a timeline of NZ money history (at least 4 key dates) 2. List how many banks operate in NZ today 3. Explain the Reserve Bank's main role in 2-3 sentences 4. Compare TWO NZ banks - find: • Savings account interest rates • Fees for transactions • Online/mobile banking features • Special offers for students Success Criteria: Present findings clearly with evidence Differentiation: Use provided research scaffolds and sentence starters