Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Kiwis Turning Their Backs On Debt

Kiwis Turning Their Backs On Debt


Kiwis are turning their backs on non-mortgage debt and understand the benefits of paying it off as quickly as possible, the results of a new survey have found.

The Financial Behaviour Index released by the Commission for Financial Literacy and Retirement Income tracks changes in New Zealanders’ financial behaviours.

The latest Index found more Kiwis are paying off their retail purchase agreements in full during the interest-free period, and paying more off their personal loan than required, compared with 12 months ago. Kiwis are also increasingly spending less that they earn.

The findings were:
· 92% of Kiwis paid off their purchase agreements within interest-free period (up from 85% in November 2011)
· 39% of Kiwis paid more off their personal loan than required (up from 30% in November 2011)
· 54% of Kiwis say they earned more than they spent over the last three months (up from 50% in November 2011)

Retirement Commissioner Diana Crossan says the results of the survey are pleasing and is hopeful it is the start of what will become a permanent attitude towards paying down debt.

“Whether times are good or bad, paying off debt should be a priority – especially when it is dumb debt - that is, high interest debt that could have been avoided.

“It’s great that people see the benefit of paying off debt within interest-free periods because paying interest really is a waste of hard-earned money. If you can avoid paying interest you’re so much better off. And it’s a good rule of thumb to always pay more off your debts than required so you can pay your debts off faster.

“The fact that more Kiwis are spending less than they earn is fantastic. It’s fundamental to getting ahead financially. If you’re spending more than you earn you’re always going to be moving backwards rather than forward. I’d urge everyone to live in the black and spend less than they earn.”

Ms Crossan says the tough economic times of the past few years have had a silver lining.

“There seems to be a much healthier attitude among Kiwis towards dumb debt. More people understand that it’s not a good idea to buy things that decrease in value. It’s important that as our economy recovers we maintain the good habits we’re starting to adopt,” she says.

Colmar Brunton interviewed 1,001 New Zealanders aged 18 years or over online from 31 October to 19 November 2012.

View the full Financial Behaviour Index here:
http://www.cflri.org.nz/sites/default/files/docs/FL-Financial-Behaviour-Index-Nov-2012.pdf
ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On Winston Peters’ Latest Bout Of Immigrant Bashing

So in the latest 3News-Reid Research poll, New Zealand First and the Conservatives have been the big winners. It is only one poll, but rather than cannibalising each other’s vote, Colin Craig and Winston Peters do seem to be managing to find the room to co-exist...

Poll fixation though, is a symptom of horse race journalism. To date, the focus has been on the poll numbers for New Zealand First – at 6.3% in this latest poll – and the power that this puts in Peters’ hands. Few are questioning how he’s got to this happy place, and what it says about the mood of the electorate. Yet as sure as night follows day, Winston Peters is once again peddling bile at the immigrants in our midst. More>>

 

Parliament Today:

Collins 'Misinterprets Media Reports': "Too Compromised To Remain Justice Minister"

Bizarre claims by Judith Collins this morning that she had been cleared of inappropriate behaviour by the Privacy Commissioner demonstrates she is too compromised to remain Justice Minister, Labour MP Grant Robertson says. More>>

ALSO:

Labour On Climate Change: Focus On The Now For The Future

A Labour Government will put in place a comprehensive climate change strategy focusing on both mitigation and adaptation, establish an independent Climate Commission and implement carbon budgeting, says Labour Climate Change spokesperson Moana Mackey. More>>

ALSO:

Gordon Campbell: On National’s Housing Assistance Plan

So, as many as 90,000 people could derive some benefit from National’s housing assistance plans for low and middle-income earners... Yet in reality, the benefits seem likely to be insignificant, and they will be skewed towards those at the top end of the income group that’s supposedly the target. More>>

ALSO:

Election Data Consortium: National’s Worst Case Scenario At Stage One?

A month out from the general election and ipredict traders are still forecasting National’s vote to slip below current polling levels and there is potential for it to fall further. More>>

ALSO:

From The Scoop Video Archive: PM Says SIS "Told Me" About OIA Release

In a press conference immediately following an controversial OIA release of notes on an SIS briefing to then Labour leader Phil Goff, Key said "at that point [Tucker] told me he'd release it ...". Since the release of Nicky Hager's 'Dirty Politics' Key has denied being personally informed and said references by officials to 'the PM' being told briefed referred to his office. He now says the same about his own statement. More>>

ALSO:

  • Scoop Video in the news - New questions over Key claims | NZ Herald News - Stuff.co.nz
  • Earlier - Felix Marwick: Laying out facts over SIS documents - Newstalk ZB
  • Labour - Director’s letter contradicts Key’s claims
  • ACT - The Letter - 26 days to go
  • TV3 Video - Housing issue nudges Dirty Politics aside - David Cunliffe: Key's SIS explanation 'defies belief' - SIS leak came from Key's Office - Goff - Key 'categorically denies' Slater OIA discussion - Video: Key faces more Dirty Politics questions

  • TVNZ - Winston Peters: ‘Dirty Politics' is a new low
  • The Nation - Debate Between Grant Robertson And Russel Norman
  • NZ First - “The Words Mean What I Say They Mean”
  • Schools, PPTA Sign Up: Primary Teachers And Principals Vote Down Govt Plan

    Teachers and principals have voted overwhelmingly against the Government’s controversial “Investing in Educational Success” policy, including proposed highly-paid principal and teacher roles. More>>

    ALSO:

    Gordon Campbell: On The Usual Round Of Mud Slinging And Name-Calling

    This week gave an interesting example of how hard it is to untangle the reality from the slanging matches. The issue that emerged early this week could hardly be more important. Does the government intend to cut spending in health, education and on the environment if re-elected, or not? More>>

    Earlier:

    Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

    National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
    Politics
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news