The research project, Developing Culturally Sustaining and Equitable Financial Education Resources for Young Diverse Learners, was led by a team from the Te Kunenga ki Pūrehuroa Massey University’s Financial Education and Research Centre (Fin-Ed Centre) and the Institute of Education. It focused on how families with children aged 10 to 15 engage with financial situations in their daily lives.
Through surveys and interviews with 87 families, the study sought to understand the values, practices and expectations surrounding financial learning in the home.
The study found that most parents talk openly about money with their children, sharing advice on saving, budgeting and spending. However, parents also expressed a strong desire for schools to provide consistent, culturally-aware financial education.
Director of the Fin-Ed Centre Dr Pushpa Wood ONZM says families are doing a great job laying the foundation, but financial education should not be left to chance.
“It must be part of the school curriculum to ensure consistency and equity. The recent announcement by the Minister of Education about making financial education compulsory in schools from 2027 is very welcome initiative indeed.”
More than 90 per cent of children involved in the study indicated that their parents want them to learn about money at school. The most desired topics included saving strategies, financial goal setting and understanding KiwiSaver and insurance.
In many Pacific households, cultural traditions shape financial behaviours. For instance, giving monetary gifts at events like weddings, funerals, birthdays or church gatherings is common and considered a reflection of generosity and community values.
Professor Jodie Hunter of the Institute of Education says the study shows the need to tailor both resources and financial education to student experiences. She adds that considering how cultural values impact ideas about money as a shared resource is important.
Dr Wood says when you ignore culture, you miss context.
“We can’t keep using one-size-fits-all materials and expect meaningful outcomes. Financial literacy is not just about numbers, it’s about values, identities and lived experiences.”
The study also echoes international concerns about the equity of financial education. Previous assessments such as the Programme for International Student Assessment have shown lower financial literacy outcomes for Māori and Pacific students compared to the national average, suggesting systemic gaps in how financial capability is taught.
“If we want to close the gap, we have to start with what students already know. Their everyday experiences are valid and valuable starting points for learning,” Dr Wood says.
Drawing from the findings, the research team is now developing and testing culturally-relevant resources to support financial education for diverse learners. These materials aim to bridge the gap between home and school and ensure students see their own realities reflected in what they are taught.
The team is also developing a series of short professional development courses to support teachers in their future journey of offering financial literacy in classrooms.
“This is about building confidence and capability. If we give young people tools that reflect their world, they’ll be better prepared to make sound financial decisions and to thrive,” Dr Wood says.
