Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Credit Card Christmas: More Kiwis Putting This Year On Plastic, Survey Reveals

 

Highlights

  • 34% will use a credit card as their main way of paying for Christmas — a 14% increase from last year.
  • The majority of women and young people feel stressed about the cost of Christmas.
  • A third of people expect to spend more on festivities this year.

Many more people will turn to their credit card to pay for Christmas this year, a new survey of 1,020 Kiwi adults reveals.

Banked’s Christmas Spending Survey 2023 found that over a third (34%) of New Zealanders will use a credit card as the main way they will pay for Christmas 2023 — up 14% from 20% last year.

The report also found that while stress related to the cost of Christmas has dropped overall this year, most women and Gen Z Kiwis are still feeling the strain.

Fifty-seven percent of women reported either a little or very stressed about the upcoming cost of Christmas, compared with 38% of men. With 55% of Gen Z feeling the same, they are the generation most likely to feel money-related stress this year.

“We’re seeing an overall drop in stress levels from last year, with 48% of Kiwis reporting some level of stress compared with 60% last year. But many people are still feeling anxious about extra expense involved with the festive period and will be turning to credit cards to cope,” says Kevin McHugh, Head of Publishing at Banked.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“A cost of living crisis has been putting people under financial pressure for a while now. Our survey shows that fewer people are now able to rely on the money they’ve saved to pay for Christmas and that credit cards are picking up that shortfall

“A credit card can be a useful financial tool, but it can also be a trap if not used wisely. Overspending on plastic at Christmas can result in debt that lasts well into the next year, resulting in even more financial pressure.

“There is an expectation to splash out over the Christmas period, but good advice is to spend within your means as much as possible and avoid the debt and interest payments that come with credit card overspending,” says McHugh.

Last year, 56% of Kiwis said that money saved would be the main way they would pay for Christmas. That figure drops to 41% this year.

Banked’s survey also found that a third (33%) of New Zealanders expect to spend more this Christmas. That figure increases to 41% for Gen Z and 40% for Millenials, while just 7% of Baby Boomers say they will spend more this year.

Learn more about Banked’s Christmas Spending Survey 2023.

About Banked

Banked is an award-winning financial information website that has the goal of helping New Zealanders make the best decisions on the products they need.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.