The 2009 ANZ-Retirement Commission Financial Knowledge Survey is the second nationwide survey of the financial knowledge of New Zealanders aged 18 and over.
Long-term trends are not yet clear but the results of this survey provide many useful pointers.
The results show that it is possible to improve financial knowledge, and this is an incentive for New Zealand to keep working on lifting financial literacy across the population.
It indicates that it may be more difficult – and take more time – to improve financial knowledge from a low base. Financial education and information alone may not be enough to improve the position of those with low financial knowledge; for example basic literacy and numeracy skills may also need attention.
There are indications that people forget some knowledge, particularly if it is not directly relevant to them. This signals that information needs to be continually available.
The results will continue to be analysed in detail to identify key areas for targeting information to improve financial knowledge. We will also look closely at the findings on attitudes and behaviours, and the links between knowledge and behaviour.
The Commission intends to repeat this survey in another three to four years (2012 - 2013), and is delighted that ANZ is committed to continuing its support.
