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

 

Parliament Today:

John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

ALSO:

Internet MANA: Georgina Beyer Rocks The Waka

“There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the vast majority of MANA members and supporters around the country” states MANA Candidate for Waiariki, Annette Sykes. More>>

ALSO:

IGIS Update: Inquiry Into Release Of NZSIS Information

The Inquiry would be conducted in private and individuals would appear before her separately over a period of more than a week. She does not intend to name those summoned to give evidence until her report is published. “I can confirm that all persons summoned will be required to appear under oath...” More>>

ALSO:

Gordon Campbell:
On John Key’s ‘Blame It On Judith’ Strategy

Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

ALSO:

Maori Council Lawyers' Statement: Supreme Court Decision On Maori Water Rights

“…the Supreme Court refused to give Pouakani people what they asked for, but may have given them something much, much better instead… the Supreme Court has questioned whether the Crown owns the River at all.” More>>

ALSO:

Gordon Campbell: On The Debate, And The Collins Accusation

Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

ALSO:

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

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... Few are questioning how Peters got to this happy place, and what it says about the mood of the electorate. More>>

ALSO:

More Immigration News: First People Trafficking Charges

The first people trafficking charges in New Zealand have been brought by Immigration New Zealand (INZ)... The defendants have been charged under the Crimes Act 1961 for arranging by deception the entry of 18 Indian nationals into New Zealand. More>>

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:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news