Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Savings Message Getting Through … But Kiwis Still Struggling

4 December 2012
FOR IMMEDIATE RELEASE


Savings Message Getting Through … But Kiwis Still Struggling

More Kiwis have switched on to Christmas savings this year, but financial pressure means they’ll be tightening their belts and spending less, says the New Zealand Association of Credit Unions (NZACU).

Figures released today by NZACU, which represents 23 credit unions and mutual building societies throughout New Zealand, reveal that 7% more credit union members this year have been regularly contributing to a credit union Christmas Savings account compared with last year. However, the amount saved per person has declined by 3%, signalling that the average Kiwi is still struggling financially.

The figures are revealed as more than 26,000 credit union members are set to receive a pre-Christmas bonus when their Christmas savings accounts reach maturity this week.

“It’s a positive sign in terms of the increase in the number of people saving, but the amount of savings per member has seen a slight decrease on previous years – a reflection that finances are still tight in many households,’ says Henry Lynch, CEO of NZACU. “It’s great that the savings message is starting to get through. Our members know they need to put money aside a little each week so they’re not hit with a big debt at Christmas.”

The tough times are supported by recent research conducted by Horizon Research that show that one in four people will be seriously cutting back on Christmas spending this year. However, interestingly, this research also indicated that on average credit union members are expected to spend 10% more at Christmas time compared to New Zealanders overall. 14% of credit union members also anticipate personally spending between $500 - $750 on presents alone compared to only 8% of New Zealanders overall.

“These stats clearly reflect the value of saving regularly for Christmas during the year” says Lynch. “It’s also great news for the economy, with around $15 million set to be injected into retail and on-line enterprises over the next month.”

The 23 credit unions and mutual building societies represented by NZACU have combined assets of over $1.27b, over 95 branches and represent more than 210,000 New Zealanders.


Notes:

New Zealand Association of Credit Unions (NZACU):
Credit unions and mutual building societies are co-operatively owned financial service providers, providing their members with a similar range of services to a bank. Credit unions and building societies are all independently owned and operated by their members for their members, and any profits are returned to the members in a combination of ways i.e. fairer fees, interest rates and community involvement.

NZACU is the industry association for credit unions and building societies and exists to represent, promote and support its 23 Member credit unions and mutual building societies, providing cost-effective business services. NZACU's members employ over 550 staff, represent 210,000+ members, with more than 95 branches, assets of over $1.27 billion and collectively are the sixth largest financial transactor by volume in New Zealand.

The NZACU is a member of global trade association WOCCU, the World Council of Credit Unions, which represents over 188 million people in 100 countries across the globe. This international network operates under the vision: “Improving people's lives through credit unions” and promotes the sustainable development of credit unions and other financial cooperatives around the world.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news