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


Research Reveals Under-30s Feel Wealth Is Mostly About Family

More than 60% of New Zealanders believe Covid-19 has changed what’s important in their life, with family – rather than money – topping the list according to a study commissioned by ANZ Bank NZ.

The study1 found 52% of Kiwis considered family to be the most important thing to them, followed by health and wellbeing at 40%.

Family is central to most people’s definition of wealth with over 68% of New Zealanders thinking wealth is knowing they can pay for things to help their family thrive. This is particularly high among those aged under 30.

When it comes to financial know-how, most New Zealanders – particularly those under 30 - look to the future and want to know how to save or invest. Reducing debt or a mortgage is the second most desired area of financial know-how and of particular interest to 30 – 49 year-olds.

Overall, New Zealanders feel a strong need to improve their financial wellbeing with almost 60% wanting to save or invest more for their future and 77% thinking they could do better with their money. Nearly one in three New Zealanders feel they don’t have their finances under control.

To help Kiwis feel on top of their money ANZ has set up a six-step Financial Wellbeing Programme that is available to everyone. The programme starts with calculating a person’s financial wellbeing score. More than 22,000 Kiwis have already found out theirs.

“Financial wellbeing isn’t about being rich, owning a home or having lots of money saved - it’s about knowing where your money’s going and having some saved for a rainy day,” said Ben Kelleher, ANZ Managing Director, Personal Banking.

“Personal finances are different for everyone. Our Financial Wellbeing programme will help people figure out their situation, set goals and suggest practical steps on how to get there.”

The Financial Wellbeing Survey2 also revealed many people were able to increase their savings in the early part of the Covid-19 crisis, but as time passed savings levels declined and are now down 10%.

“These savings patterns are caused either by a lack of spending options over lockdown or a conscious decision to put a bit more money aside during uncertain times,” Mr Kelleher said.

“For most Kiwis developing good financial habits is not so much a matter of willpower or intent but more about people knowing how. We often just don’t know where to start or what to do.”

To find out more about ANZ’s Financial Wellbeing Programme search ANZ How

For media enquiries contact Kristy Martin, 021531402

© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>