In the past few decades the financial lives of people in developed countries have been transformed. The experience of New Zealanders is no exception.

The handling of money is no longer a physical matter. Long gone are the days when people were paid in cash and probably managed their money by putting it into jam jars; one for groceries, one for bills and another for a rainy day. Now, we have sophisticated banking systems and financial products and there are many competing offers to be evaluated.

Social, economic and political developments are also having an influence on our finances. Borrowing is part of modern life, to pay for homes, education and much more. We are living longer which means that more money will be needed to support us than for previous generations. This means that individuals are under pressure to save much larger sums than their parents and grandparents.

Funded by ANZ, the Retirement Commission, with the support of the Ministry of Economic Development, commissioned market research company Colmar Brunton to measure the level of financial knowledge within the adult population. In the past, research has been conducted among New Zealand school children, but this project considered knowledge among the adult population for the first time.