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

 


1 in 4 Want to Improve Financial Literacy But Don’t Know How


1 in 4 Want to Improve Financial Literacy But Don’t Know Where to Go


Auckland, 16 April 2014 - A nationwide survey by Canstar Blue reveals that nearly a quarter of New Zealanders would like to improve their understanding of banking and finance, but don’t know where to go for information.

The survey, looking at customer satisfaction with the country’s banks, shows that financial literacy rates improve as people get older, says Derek Bonnar, Canstar New Zealand General Manager.

“More than a third of Gen Ys want to improve their understanding of banking and finance, compared to just 16% of Baby Boomers. Every life stage has its financial challenges, whether paying off a student loan, choosing and managing a credit card or mortgage or saving for retirement.”

Nearly two thirds of Kiwis stick to a budget, with the budgeting habit equally common across the generations, the regions and sexes.

“Budgeting is a great life skill to have,” says Bonnar, “but financial literacy doesn’t stop there. Of particular concern is the apparent number of young people who need help understanding what is a very important aspect of their lives.

“Since ramping up our research and ratings activity in the NZ market in 2011, we have observed a real need for Kiwis to improve their financial literacy. There are a myriad of financial products and services in the market to get to grips with and knowing where to find help is a great first step in tackling the confusion.

“Help is never far away for those wanting to improve their financial know-how. Canstar, (Canstar Blue’s parent company) provides free detailed analysis and comparisons of everyday financial products and services and easy to understand tips and advice, which are available at www.canstar.co.nz ,” says Bonnar.

Other resources like sorted.org.nz and budgeting services are also free and available to all.

The Co-Operative bank takes first place as the overall satisfaction winner in our 2014 ratings, with strong performance across the eight criteria, says Bonnar.

“The Co-operative Bank is owned by its customers and shares its profits with them. That approach is unique in the market and one that the bank’s customers appear to appreciate.”

The survey asked respondents who had one or more accounts with a financial institution to rate their provider across eight different criteria:

1. Branch service
2. Call centre service
3. Internet banking
4. The way problems are dealt with and fixed
5. Efficiency in dealing with enquiries
6. Mobile banking/smartphone applications
7. Fees/charges
8. Overall satisfaction

Banking - 2014

About the survey
Canstar Blue commissions Colmar Brunton using the SSI Panel to regularly survey 2,500 New Zealand consumers to measure their satisfaction across a range of products and services. The outcomes reported here are from the 2,284 people within the survey group who have one or more accounts or products with a financial institution.

Age Groups:
Gen Y: 18-29
Gen X: 30-44
Baby Boomers: 45+
*To view the full results of the Canstar Blue survey go to: www.canstarblue.co.nz

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza?

As usual, Prime Minister John Key has busily tried to distance himself from the political fallout, even though he happens to be the main beneficiary of the Remuneration Authority’s generosity. Finance Minister Bill English says with a straight face that it would actually be very hard to give the money back...

Even if it were true, it would actually be very easy for English and any other guilty colleagues, to give the extra money away. There are any number of food banks or homeless shelters who would be able to put the money to good use. More>>

 

PARLIAMENT TODAY:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

143 Troops, Possible SAS Deployment, Legalities Unsorted: PM’s Statement On ISIL

Mr Speaker, today I am announcing to the House the Government’s decisions about our contribution to the fight against the Islamic State of Iraq and the Levant, or ISIL... More>>

ALSO:

Liu Saga: PM's Dinner With Controversial Donor

John Key must front up to New Zealand and say what he discussed with Donghua Liu when the disgraced businessman paid $25,000 for the Prime Minister to come to dinner at his Remuera home, the Green Party said today. More>>

ALSO:

Roads: National MP 'Concerned' At Overseas Driver Crashes

Waitaki MP and Parliamentary Private Secretary for Tourism Jacqui Dean said she was concerned at the number of fatal crashes involving overseas licence holders and she really felt that the time had come for more to be done. More>>

ALSO:

Parliament Today: Parole Bill Passes

A bill reducing parole hearings deemed to be unnecessary has passed. The third reading of the Parole Amendment Bill was completed by 104 to 16 with the Greens and Maori Party opposed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news