New Data Highlights Urgent Need To Address Financial Literacy Gap Among Kiwi Adults

Auckland, New Zealand

Partners Life has released new research that reveals the opportunity greater financial literacy would have on economic and mental well-being, prompting Partners Life and Banqer to empower Kiwi with a free financial literacy bootcamp.

The research found:

• Relationship strains: The majority of Kiwi (62%) believe that worrying about finances is impacting their relationships with friends and family.
• Money struggles: Just over two-fifths of Kiwi (41%) struggle to pay their monthly expenses and nearly a quarter (24%) rely on credit cards or loans to make ends meet. • Underutilised money: Only half of New Zealanders (52%) feel they are making the most out of their money; of those that aren’t, around half (46%) say it’s because of a lack of financial planning or knowledge.
• Health impacts: Close to half of Kiwi (48%) have lost sleep or experienced stress because of their finances.
• Education gap: Although three-quarters of Kiwi (75%) acknowledge the heightened importance of financial literacy amidst the current cost-of-living crisis, most New Zealanders (84%) have never received professional financial literacy training.

These statistics underscore the benefit of enhanced financial education among adults across the country. In response, Partners Life, in collaboration with Banqer, is introducing the Money Month Challenge, a free two-week financial literacy training course available online this August.

Michael Weston, CEO of Partners Life, says: "We want to help bridge the financial literacy gap and empower Kiwi with the knowledge and tools to navigate economic challenges. Our recent findings, coupled with increasing household financial pressures, have driven us to act by investing in everyday New Zealanders’ money management skills.”

“At Partners Life, we recognise that a significant portion of the population are grappling with financial challenges. We want to set Kiwi up for a brighter and more secure financial future. Through our two-week financial bootcamp, we will provide Kiwi with the vital skills needed not only to survive, but to thrive.”

The free Money Month Challenge is designed for all Kiwi adults and begins on August 12.

Banqer, renowned for its innovative financial literacy programmes for schools, is equally enthusiastic about extending its reach to adults with the Money Month Challenge.

"With financial literacy training set to become mandatory for all Kiwi kids, it's crucial that adult New Zealanders don't miss out. Financial literacy sets Kiwi up for success, enabling them to navigate a simulated economy to gain or lose money without real-world consequences. Unlike future generations who will benefit from our in-school programmes, nearly half of adults (46%) have learned what they know about money through potentially costly mistakes. We’re delighted to offer adult Kiwi the opportunity to develop essential financial skills, thanks to Partners Life,” adds Simon Brown, Co-CEO of Banqer.

Participants of the Money Month Challenge will gain hands-on experience with financial concepts, learn new money skills, and help close any knowledge gaps in managing finances.

From earning and budgeting to debt management, property investment and risk management; this course is designed to equip Kiwi with the tools needed for financial success.

Kiwi can sign up to the Money Month Challenge at banqer.co/nz/money-month

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