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

 

Xero Approves: No More Need For Written Signatures On Tax Returns

The passing of legislation that will allow Inland Revenue to accept electronic signatures will free up accountants and others from an outdated system. More>>

ALSO:

Budget Building Battle: Bill English Blames Council On Housing

The Nation: Finance Minister blames Auckland Council for housing shortage, saying it is responsible for land, housing and infrastructure supply in the city, while government provides rental subsidies... More>>

ALSO:

Megiaglommeration: NZME And Fairfax Apply For Authorisation To Merge

The Commerce Commission has received an application from Wilson and Horton Limited (trading as NZME) and Fairfax NZ Limited seeking authorisation to merge their media operations in New Zealand. More>>

ALSO:

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news