Georgia Grange, head of New Zealand at Revolut, said the data show parents see money as one of the most important skills their children can learn.
“It’s been a gap in New Zealand for a long time,” she said.
“There’s not the same level of education and also not the same tools available in New Zealand to help kids get underway with their own self-directed learning.”
Grange said early teaching of financial skills help to reduce anxiety when it comes to money.
According to the study, more than half (56%) of parents said school-based programmes were the most helpful way to build financial literacy.
Just under half (45%) said they would like more parent-guided materials.
Grange said this underscored how families share the responsibility for teaching money management at home.
The Government announced last year that financial literacy would become part of the core curriculum in New Zealand schools for Year 1-10 students from 2026.
Younger students will learn key financial skills such as identifying need versus want, having a bank account, earning, spending and saving.
Older students would learn topics such as budgeting, investment, interest, taxation and insurance.
Grange said financial independence continues to evolve in modern Kiwi households, because “28% still think that their kids should live at home until at least 21″.
“I definitely think that’s a sign of change … we’ve seen that shift older and older,” she said.
Grange said families are still wanting early independence but it’s not like moving out of the home at potentially 16 or 17 years old, “like some of the older generations might have”.
“I think that shows families are recognising how challenging the cost-of-living environment is and building those strong money skills early matters.”
With the cost of housing unaffordable for many young Kiwis, Grange said there is an increased reliance on the ability for people to be able to diversify how they manage their money.
“We can’t just look at Kiwis saving for a home as the only way to grow wealth. We actually need people to feel confident and have habits around diversifying how they manage their money and invest their money as well,” she said.
“Over time, we’re going to see more of that shift, and we’ve already started to see it when you look at younger Kiwis and what they’re talking about on social media.”
Financial literacy is becoming part of the core curriculum for New Zealand schools. Photo / 123rf
Ruth Henderson, founder of The Happy Saver, said financial independence doesn’t come at a specific birthday, it’s a gradual process.
“Most young people move from total dependence to partial independence to full independence over several years. The goal is capability, not a deadline,” she said.
“Teenagers earning their own spending money, paying for petrol, clothes or entertainment teaches responsibility without the full pressure of rent and groceries.
“Many families aim for increasing responsibility rather than an abrupt cut-off.”
Henderson said she repeatedly hears that, in New Zealand, many are financially illiterate.
“And I know it to be true from writing a blog about money, that people do not speak to each other about money,” she said.
“I’ve met so many adults who were just working this money stuff out now, like in their 30s, 40s, 50s, 60s.”
Henderson said often those people have kids too, but they weren’t teaching them about money.
“People keep saying there’s a taboo about money. I don’t see it anymore.
“The best thing we ever did [as a family] was spend time just talking about money at home, it’s no big deal. What did we earn, what did we spend, what were the groceries.”
Henderson introduced her daughter – now 18 and at university – to investing as early as 9 years old.
She and her partner would contribute $50 a month on her daughter’s behalf to a SmartShares NZ Top 50 Fund (FNZ).
At 10 years old, Henderson opened up a Sharesies account for her daughter, to which they contributed $5 a week.
Of any pocket money earned, at least 50% of it had to be invested, while the other half could be spent on anything her daughter wanted, she said.
The same applied to birthday and Christmas money.
“A child who spends their entire income often becomes an adult living paycheque to paycheque,” Henderson said.
Henderson said teaching her daughter to be good with money had been a slow burn.
“We do our kids a disservice pretending money isn’t this massively important thing in our lives. It really really is.”
She said all those little conversations around money add up and help when they are ready to go off on their own.
“Culture, cost of living, education pathways, career pathways and family values all influence timing.
“In New Zealand especially, with high housing costs and longer study periods, full financial independence may happen later than previous generations. And that’s okay,” Henderson said.
Cameron Smith is an Auckland-based business reporter. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.