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Interest in electric vehicles has surged as new research shows New Zealanders are worried about the financial effects of conflict in the Middle East.
A nationally-representative survey of 414 people, conducted by research platform Ideally, found 42% of respondents were very concerned about the impact of the Iran conflict on their wallet, and another 38% were somewhat concerned.
41% said they had already driven less often to help combat rising fuel prices. 28% had reduced non-essential spending and 26% had changed how they shopped for groceries.
45% said they were considering using their car less often, with 39% considering cutting back on non-essential spending.
Westpac NZ Managing Director of Institutional and Business Banking, Reuben Tucker, said demand for electric vehicles (EVs) through the bank’s Greater Choices home loan top-up[i] and EV Loan offerings[ii] had soared as fuel prices have risen.
“In the last two weeks the number of applications for EVs through these products has roughly doubled,” Tucker said.
“We’re the only bank to offer interest-free lending on EVs and chargers, which is a key way we can help customers manage higher living costs not just now but in case of future events.”
Westpac home loan customers can borrow up to $50,000 interest-free to buy EVs and chargers, plus energy-efficient home improvements such as solar panels, heat pumps and insulation. Westpac also offers EV loans for non-home loan customers at a rate of 7.99% p.a.
Tucker said while it was too early to see signs of increased household stress in the bank’s data, Westpac was standing by to support families and businesses who may struggle due to rising costs.
"The current uncertainty should serve as a good reminder for people to regularly review their money situation and whether they’re on track to reach their goals.
"We encourage anyone who’s worried about making ends meet to talk to us – the sooner we’re aware of potential issues, the sooner we can help put a plan in place to get you back on track.”
Survey Results:
How concerned are you about the impact of the Middle East conflict on your finances?
|
Very concerned |
42% |
|
Somewhat concerned |
38% |
|
Neither concerned nor unconcerned |
8% |
|
Not at all concerned |
3% |
|
Don’t know |
2% |
|
I am not aware of the Middle East conflict |
1% |
Which, if any, of the following changes have you made as a result of the Middle East conflict?
|
Driven my car less often |
41% |
|
Reduced non-essential spending |
28% |
|
Changed how I shop for groceries (e.g. fewer items, cheaper brands) |
26% |
|
None of these, I haven’t made any changes |
25% |
|
Delayed large purchases |
21% |
|
Stocked up on fuel |
16% |
|
Used public transport more often |
12% |
|
Reviewed my KiwiSaver or investments |
11% |
|
Changed, delayed or cancelled international travel plans |
11% |
|
Changed, delayed or cancelled domestic travel plans |
10% |
|
Worked from home more often |
10% |
|
Purchased a smaller or more fuel-efficient vehicle |
5% |
|
Something else |
3% |
|
Don’t know |
0% |
Which, if any, of the following changes are you considering making in the next 6 months as a result of the conflict?
|
Drive my car less often |
45% |
|
Reduce non-essential spending |
39% |
|
Change how I shop for groceries (e.g. fewer items, cheaper brands) |
30% |
|
Delay large purchases |
28% |
|
Use public transport more often |
19% |
|
Change, delay or cancel international travel plans |
17% |
|
None of these, I’m not considering making any changes |
15% |
|
Stocking up on fuel |
15% |
|
Work from home more often |
14% |
|
Changed, delayed or cancelled international travel plans |
14% |
|
Review my KiwiSaver or investments |
13% |
|
Purchased a smaller or more fuel-efficient vehicle |
12% |
|
Don’t know |
4% |
|
Something else |
2% |
Editor’s note: Survey was conducted by Ideally on 19 March 2026. It was completed by 414 respondents aged between 18 and 80, with the margin of error of 4.82% at a 95% level of confidence.
[i] With a Westpac Greater Choices home loan, you could get up to $50,000 interest free for five years to help you buy a new electric vehicle.
Eligibility is limited to Westpac home loan customers with minimum lending of $150,000. Lending criteria and terms apply. Products may be amended or withdrawn at Westpac’s discretion. Westpac is not liable for product quality or the customer’s chosen supplier.
[ii] Electric and hybrid cars, e-mopeds and e-bikes are eligible.
[iii] Eligibility criteria, lending criteria, terms and conditions apply.
[iv] CashNav Terms and Conditions apply.