The research, by the Commission for Financial Literacy and Retirement Income and Visa, shows that “only 47% of financial literacy tutors had received training or professional development, and what they had received was not exclusively linked to financial literacy.”

“Our research found there was a gap in professional development opportunities for tutors and trainers in the tertiary sector, meaning they often lack formal training to deliver financial education to young people,” Retirement Commissioner Diana Crossan says.

The commission and Visa have are now funding a trial programme at Porirua’s Whitireia Polytechnic to educate tutors.

The partnership will see Visa fund a pilot programme of up to 15 tutors from the polytechnic to attend an advanced course that will develop the content and skills they need to deliver financial education. The course aims to improve the financial planning and management advice delivered to New Zealand students.

Crossan says the pilot programme is the first of its kind in New Zealand and if successful she hopes it can be replicated by other tertiary education providers.

“We know that the earlier young people become financially literate the better it is for their financial well-being throughout life. For many young people tertiary study offers them their first taste of financial independence. They face decisions about student loans, flatting and part time jobs and it’s vital that they have the knowledge to make good financial decisions that will set them up for their adult life.

“We need to make sure that those who are teaching financial literacy have the level of skill and knowledge required to give their students the tools they need.”

Visa’s Country Manager New Zealand, Sean Preston says financial literacy gives people choice, financial protection and enables them to be informed when making financial decisions.