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

 


NZ a Great Place To Live But…


MEDIA RELEASE, WESTPAC NEW ZEALAND
5 February 2013

NZ a Great Place To Live But…

Survey suggests Kiwis are letting their hearts rule their wallets

While an overwhelming number of Kiwis are proud to be living in New Zealand, many doubt it is the smart thing to do financially, according to a survey released today.

Of the 2,000 polled in Westpac’s Waitangi Day Kiwi Perspectives survey*, 93% said they were proud to be living in New Zealand and more than half felt the economy is improving. However, asked about their own financial position, 46% said they were feeling the financial pinch or were over-committed and respondents were split on whether the economy provided the opportunities to be financially independent and have the career they want.

That uncertainty was also reflected in an emphasis on saving. Two thirds of respondents nominate increasing their savings as one of their main financial goals, and 90% are not considering any personal borrowing (not including home loans) in the coming year.

Mark Fitz-Gerald, Westpac’s General Manager of Business Banking, said adopting and acting on the savings message was a good change in the Kiwi culture, but the country cannot afford to forget that investing for growth was needed to create a step change in the economy.

“It’s encouraging to see that Kiwis are increasingly determined to live within their means and that they are seeing some patches of sunlight in the economy. But if we want to see that optimism sustained, and justified, then in the not too distant future we need to move to the sort of environment where people believe they can create wealth and help the economy to grow,” he said.

The survey also reflected the significant part housing plays in New Zealand’s financial landscape, with respondents at odds with those who say it has a negative impact on the economy. Asked if they felt there was too much emphasis on owning your own home in New Zealand 54% said no; when asked their main financial goals for 2013, 1 in 10 said buying a house and 25% said paying down their mortgage.

Thirty percent of respondents felt supporting local businesses was the best thing they could do to help strengthen the New Zealand economy, while global market issues were regarded as the single biggest economic issue the country faced.

Fitz-Gerald said the global financial crisis had taught many lessons which had been taken onboard. Kiwis now needed to have faith in the country’s economic potential and start working towards a future based on sustainable financial growth.

Fast facts
• 53% think the economy is improving or strong
• 30% feel buying NZ made and from NZ businesses is the most important thing they can do to strengthen the economy
• 46% feel they are either financially tight with little flexibility or over committed
• 50% rate the opportunities to be financially independent in NZ as average to very poor; 50% rate them good or very good
• 52% rate the opportunity in NZ to have the career they want as average to very poor
• 90% say they do not plan to take out any personal borrowing from a bank this year (home loans excluded)
• 42% say saving more is one of their main financial goals for 2013; a further 22% nominate increasing their retirement savings

*online survey of 2000 NZers


Click here to view: Kiwi_Perspectives_Survey_graphic.pdf

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news