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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news