The survey asked the students 30 multiple-choice questions covering subjects including banking, investments, insurance and financial terms.
Fifty-two per cent of the students failed to gain a pass grade of 60 per cent.
Students at schools in the wealthiest communities (decile 9 and 10 schools) and in the poorest (decile 1 and 2 schools ) had the lowest pass rates.
Mrs Morris believed that was because those with money did not need to worry about having the skills and those with little money did not think the know-how would make a difference to their circumstances.
"The ones in the middle probably have enough if they do it right [and manage their money]," she said.
There were no significant differences between the results of males and females or students from different parts of the country.
Mrs Morris said the pass rates were disappointing.
Too few students received any kind of financial education in the school system.
The results raised questions about how well prepared students were for life after they left school, and there were long-term implications for New Zealand society as a whole.
"If we don't do something about it now, what I call decisions made at the household level aggregate into national level and people are just going to be huge consumers. And if we're huge consumers, what does it say for our willingness to save?"
Schools and parents needed to work together to ensure students had some basic information before they left school and took on debt, Mrs Morris said.
US studies had found that school leavers were poorly prepared for financial independence.
Mrs Morris wanted to see a system in place similar to that in Britain where financial education is a compulsory part of the curriculum.
Students the Herald spoke to said they picked up information from home and school, but compulsory financial education could be helpful.
"I have my parents to help me out," said 17-year-old Mt Roskill student Rebecca Matson.
"But for students who don't have the parental backing, it would be good."
A recent ACNielsen survey for the Office of the Retirement Commissioner found that 93 per cent of those polled thought it was "important" or "very important" that children learned about personal finance.
Schools were the preferred source of that information, followed by home/parents.
Ministry of Education curriculum manager Alison Dow said aspects of finance were included in the maths and social studies curriculums.
The ministry would look at whether it needed to be strengthened as part of a curriculum review at present under way.
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