• Overall New Zealanders have a reasonable level of personal financial knowledge.
• Strong correlation between financial knowledge and socio-economic status, but some significant exceptions. Some people on high incomes achieved low scores and vice versa.
• Some confusion over New Zealand Superannuation; significant number think it is income and/or asset tested.
• Understanding of compound interest and debt consolidation relatively weak.
• Mortgage holders' knowledge of mortgages shows some low levels in key areas.
• Some basic financial terms are not well understood.
• Mixed understanding of investment strategies, particularly long term returns from stock market and relevance of compound interest.
• Some people think it is alright to divulge their internet banking password to bank staff.

Why financial knowledge is particularly important in New Zealand

• The more financial understanding people have, the more effectively they can manage their day-to-day and long term financial planning. In New Zealand this is particularly relevant.
• Young people need to be equipped to make financial decisions early as many use loans to finance further education.
• The financial market is relatively deregulated and encourages competition so consumers need to be able to compare and contrast products to make the best decisions.
• New Zealand has a voluntary approach to saving for retirement. Many people will want and need to save from their own resources to top up their state pensions and this requires an understanding of debt, savings, investments and basic money management.