The Principals Federation says the number of schools in financial trouble is likely to rise.
A report by the Auditor General on the education sector issued on Wednesday, found 32 schools are facing serious financial difficulty, up from 19 the year before.
Federation president Peter Simpson says the increasing number of schools in financial trouble is a reflection of the economic climate.
Mr Simpson says schools are struggling to raise money from the community against a backdrop of rising costs like wages and power.
As the study is based on figures from 2010, he says more schools are likely to be in financial difficulty next year, given the impact of the Canterbury earthquakes.