As Partners Life and Banqer launch their annual Money Month Challenge to help boost New Zealanders financial literacy, the insurer has highlighted its latest research which finds most Kiwis see themselves as ‘average’ with money and more than half have lost sleep or experienced stress worrying about money.
Partners Life says its new national report card on financial literacy is shining a light on the opportunity for New Zealanders to boost their financial confidence, noting there’s potential for people to save hundreds of dollars each year by making simple and small changes to how they manage their money.
Key research findings were:
- Room To Grow: Only 23% of New Zealanders rate their financial knowledge as ‘excellent’
- Real Money On The Table: In just the last year, nearly one in three New Zealanders (30%) lost $200 or more to avoidable fees, accidental purchases or forgotten subscriptions. For most households these everyday slip ups are costing real money
- Monthly Expenses Adding Up: Over half of New Zealanders (59%) say keeping up with monthly expenses is tough, and 44% have used credit or Buy Now, Pay Later services at least some of the time to help make ends meet
- Health Impacts: Over half of New Zealanders (54%) have lost sleep or experienced stress worrying about money, and 39% say financial stress is affecting their relationships with friends and whānau
- Lessons Learned the Hard Way: For 58% of New Zealanders, the main source of financial education has come from making mistakes
- Education Gap: While close to 84% of New Zealanders recognise the importance of financial literacy and budgeting – especially in today’s continued cost-of-living crisis – most (76%) have never had the benefit of any professional financial literacy training
Partners Life says the research underscores the importance of improving financial education for New Zealand adults.
“Building on the success of the past three years’ Money Month Challenges, Partners Life and Banqer are excited to join forces again to offer a free, two-week online financial literacy experience this August.”
…Our latest research highlights just how much potential there is for everyday New Zealanders to grow their financial confidence…
The insurer is also encouraging advisers, in an Adviser Update, to share the registration link with their clients, friends, and family.
Kate Dron, Chief Customer Solutions Officer of Partners Life, says the company is passionate about seeing every New Zealander take charge of their financial journey.
“Our latest research highlights just how much potential there is for everyday New Zealanders to grow their financial confidence. That’s why we’re proud to be bringing back the Money Month Challenge for the third year – providing practical tools and support so people can confidently tackle financial decisions and set themselves up for long-term success.”
The free Money Month Challenge begins on August 18 and is open to all New Zealand adults. Banqer is known for its innovative financial literacy programmes in schools.