Partners Life and Banqer have launched a financial literacy bootcamp, saying its Money Month Challenge will help improve the economic and mental well-being of those who complete the free online course.
Michael Weston, CEO Partners Life, says: “We want to help bridge the financial literacy gap and empower Kiwis with the knowledge and tools to navigate economic challenges.”
Research carried out by the firm shows the majority of New Zealanders (62%) believe worrying about finances is impacting their relationships with friends and family, that well over a third (41%) struggle to pay their monthly bills, and nearly a quarter (24%) rely on credit cards or loans to make ends meet.
“Our recent findings, coupled with increasing household financial pressures, have driven us to act by investing in everyday New Zealanders’ money management skills,” says Weston.
“We recognise that a significant portion of the population are grappling with financial challenges.”
Weston says the two-week financial literacy course is designed for adults and begins on August 12.
Simon Brown, Co-CEO Banqer, says: “With financial literacy training set to become mandatory for all Kiwi kids, it’s crucial that adult New Zealanders don’t miss out.
“Nearly half of adults (46%) have learned what they know about money through potentially costly mistakes.”
Other findings of Partners Life’s research discovered that:
- 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
- Close to half (48%) have lost sleep or experienced stress because of their finances
- Although three-quarters of New Zealanders (75%) acknowledge the heightened importance of financial literacy, most (84%) have never received professional financial literacy training