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

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news