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

Gordon Campbell:
On The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news