Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Women Lead the Way as Kiwis’ Credit Payments Become Easier

Wednesday, 3 April 2013

As more than 60 per cent of New Zealanders indicate they will find it easier to meet their upcoming credit obligations, it is women who have overtaken men as having a greater capacity to make their repayments.

In a reversal of its historical findings, Dun & Bradstreet’s latest D&B Consumer Credit Expectations Survey has revealed that 63 per cent of women do not anticipate difficulties in meeting their credit obligations in the June quarter 2013, compared to 57 per cent of men.

The survey, which measures expectations for savings, credit usage, spending and debt performance, shows a five per cent quarter-on-quarter improvement in the credit payments outlook for women, while the same measure has dropped nine per cent among Kiwi men.

While the national average for the ease of meeting credit obligations has risen marginally since the same period last year, it is the swing in the sexes that provides most interest.

According to D&B New Zealand’s General Manager, Lance Crooks, the D&B figures signal that women are becoming savvier with their personal finances.

“A significant proportion of women are improving their ability to manage their debt and credit obligations, indicating they are becoming more responsible than men when it comes to taking charge of their financial position.
“The marked increase in the number of women finding it easy to pay off their credit cards, loans and mortgages – surpassing the number of men for the first time in nearly two years – further highlights that women are making an effort to be on a firmer financial footing this quarter.”

In further evidence of an improved financial position, only 14 per cent of women expect their debt levels to rise, compared to 17 per cent of men. The number of females expecting higher debt levels is down marginally from the March quarter 2013 but down five per cent year-on-year, while this was true for 14 per cent of males in the previous quarter and unchanged year-on-year.

This data comes as a MasterCard consumer survey reveals half of New Zealand women are responsible for managing monthly household finances.

Findings also indicate that women are more likely to exercise conservative spending habits, with three-quarters of women likely to avoid spending on non-essential purchases, up nine per cent quarter-on-quarter. Sixty-four per cent of men will shy away from making non-essential purchases, unchanged from the last quarter.

When it comes to applying for credit, women also have a smaller appetite than men – only four per cent intend to apply for a new credit card in the June quarter, compared with 10 per cent of men. Furthermore, one in five women plan to raise their credit limit, while nearly 40 per cent of men are likely to do the same in the next three months.

These findings are released just after official Treasury data reveals robust real wage growth of 1.7 per cent over the past year.

According to Stephen Koukoulas, Economic Advisor to Dun & Bradstreet, it is difficult to pinpoint any particular issue that would have seen such a significant lift in the proportion of women in control of their finances, relative to men.

“The survey shows that women, relative to men, are slightly less likely to take on additional credit, which could mean that the slow but steady improvement in the general economy and low interest rate settings from the Reserve Bank are helping their finances more acutely than men, who according to the survey, have a slightly higher disposition towards debt.”

Overall national data is also positive, with nearly half of New Zealanders not planning to use their credit cards to pay for otherwise unaffordable purchases. This has steadily dropped from 66 per cent during the same quarter last year and from 50 per cent in the March quarter. Wellington residents, those aged 50+ years and those earning more than $70,000 per annum are most likely to steer clear of putting unaffordable expenses on credit, at 53 per cent each. Moreover, more than 40 per cent of New Zealanders are more likely to save money in consideration of current economic conditions. In particular, 53 per cent of consumers aged 18 to 34 years, 44 per cent of Christchurch residents and 45 per cent of those earning more than $70,000 per annum fall into this category.

This national survey was conducted online on behalf of D&B by TNS Global from 18-25 March, surveying 909 respondents aged 18-64 years.

© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>