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

 


Kiwis Buoyant About Economic and Employment Outlook

Kiwis Buoyant About Economic and Employment Outlook

Saving and reducing debt top of mind as New Zealand’s consumer confidence recovers

To tweet this news, copy and paste http://bit.ly/1lTc4Ra to your Twitter handle with the hashtag #MasterCardNZ


AUCKLAND, New Zealand – February 11, 2014 – Close to 90% of Kiwis are planning to save more in the next six months, even as optimism in the New Zealand economy and personal employment prospects continue to grow. This is according to the latest MasterCard Consumer Confidence Index, which highlighted that on average, Kiwis are planning to save around 16% of their income in the next six months.

The research surveyed Kiwis’ six-month outlook across the economy, employment prospects, the local stock market, regular income prospects and their quality of life; revealing that even as confidence in the economy (59.4 points, up from 45.8 in the first half of 2013), employment (55.8, up from 36.9) and quality of life (41.4, up from 34.2) improve, the savings habits and lessons learnt during the global financial crisis remain embedded in our ethos.
Interestingly, New Zealanders are more positive in their overall outlook (55.0) than our Australian counterparts (49.2), with the exception being our perspective on our quality of life (41.4) – an aspect in which the Aussies remain slightly more optimistic (44.4). Compared to the rest of Asia-Pacific, New Zealand ranked 8th most optimistic out of 16 markets surveyed in terms of its overall outlook, whilst Australia ranked 11th.
“The boost in consumer confidence is in line with other market insights. The jump to 55 points (up from 49.9 points in the first half of 2013) puts New Zealand at its highest since early 2010,” said MasterCard New Zealand Country Manager Peter Chisnall.

“Kiwi consumers are taking note of the positive signs pointing to stronger economic recovery in 2014, and this optimism is being carried across to consumer behaviour and outlook, and driving better savings.

“While we’re spending more, we are still saving in big numbers. In times of a windfall, paying off debt (34%) and saving (29%) remain a top priority – which highlights that Kiwis have taken on-board the lessons from the global financial crisis.”

Although Kiwi’s savings habits continue to improve however, more than a quarter (28%) admitted that they wouldn’t have the funds to survive even a month on what they had saved if their income stream was to dry up. On average, Kiwis could survive for 4-months on savings alone, with 26% stating they could survive more than 6-months on savings.

“Most Kiwis continue to be savvy financial managers, and for this reason they realise the value in savings. However, after meeting their day-to-day expenses, many Kiwis still do not have the discretionary income available to save. As the Consumer Price Index continues to rise, the financial pressure on many households is increasing, making the need for careful financial decision-making more critical than ever.

“The positive news is that most Kiwis have a good understanding of basic money management (89%) and most do not have problems with budgeting (77%) or keeping up with bills (79%). A third confess to often having problems setting money aside for big purchases (32%), but overall, New Zealand has an extremely high level of financial literacy” said Mr Chisnall.

When it comes to what we are planning to do with our savings, New Zealanders are putting their pennies away for retirement (47%, up from 44% in the first half of 2013), travel (33%, up from 31%) and investments (31%, up from 28%), although buying or renovating the home was still also high on people’s intentions (29% down from 33%).

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Two Years With New Methods: Crime Stats Show Increase Led By Burglary

The two years of data show an increase in the total victimisation rate of 3.1 per cent, with 12,060 more victimisations in the 2015/16 year when compared to 2014/15 year. From this increase, 72 per cent is attributable to burglaries. More>>

ALSO:

Auckland Relocation Grants: 12 Grants Paid So Far

Since the policy took effect one month ago, 12 applicants have received the non-recoverable grant, supporting 32 people. $54,508 has been paid out, covering things like moving costs, bond, rent in advance and letting fees. More>>

ALSO:

Vaccine Funding Change: HPV Vaccines For All Children

PHARMAC has today announced changes to funded vaccines, which will benefit an extra 100,000 people... The human papillomavirus (HPV) vaccine will be available for all children and adults up to the age of 26 years, and boys will now be included in the HPV school vaccination programme. More>>

ALSO:

Gordon Campbell: On Why The Opinion Polls For Key And Trump Defy Gravity

What is going on? Donald Trump got confirmed as the Republican presidential candidate at a bizarrely chaotic political convention… and promptly received an upwards bump in the polls to where he’s now rating ahead of Hillary Clinton, for only the second time this year. More>>

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news