Kiwis are great at setting financial goals but then never make them happen, according to new research by Westpac into why people don’t achieve their short and long term goals.
So now Westpac has teamed up with their long-term ambassador Richie McCaw to help encourage New Zealanders to find time and take action.
Richie McCaw, a man known for setting goals and achieving them, will feature in a number of videos inviting Kiwis to take action to achieve their personal financial goals. He talks about what might have happened to his life if he had listened to all the excuses, fears and concerns that go through our heads every day.
The Westpac research shows that 97% of New Zealanders have a short-term personal finance goal and 95% a long-term personal finance goal, ranking the importance of these ahead of:
- home-ownership (short-term 96%, long-term 89%)
- family (93%, 78%)
- career (83%, 64%) and
- health goals (76% & 56%)
Should’ve, could’ve, or going to:
The main reason given by Kiwis for not achieving their goals is time – not having enough of it or simply just procrastinating.
“While it’s great that Kiwis are focused on both short and long term financial goals, we are concerned many are not achieving them,” says Andrew Kerr, Westpac NZ GM Marketing, Products and Transformation.
“The research reinforces our own experience which is why we have refocused the business on helping people cut the excuses and take action. We’re making it easier for everyone to achieve their personal financial goals through a number of initiatives we’ll be rolling out over the year.”
Meanwhile Richie McCaw says lots of Kiwis say ‘should’ve’, ‘could’ve’ or ‘going to’, but sometimes you just need to make it happen, a mantra that he lives by.
“I think retiring was like finishing one chapter and opening a new one. I’m now in a position where I can seize opportunities I haven’t been able to try in the past,” he says.
“It’s time to do the other things that I’ve always thought about doing or wanted to do. Now, I’m setting about making those happen. It’s exciting to set goals, go for them and achieve them. That is whether it’s a physical goal, visiting somewhere you’ve always wanted to or saving for something that means a lot to you personally.”
The Kiwi ‘to do’ list
Saving more, reducing debt or drafting a budget are the most common short-term goals on Kiwi ‘to do’ lists, while in the long-term people want to save more and become debt-free.
Perhaps not surprisingly, buying a house or renovating are close behind.
The decision to include Richie McCaw in the campaign was based on his ability to instil New Zealanders with a sense of confidence.
“With Richie, we want to inspire New Zealanders about what’s possible, whether that’s a big dream like buying a house, starting a business or travelling overseas, or simply completing a small goal like drafting a budget. At Westpac, we're ready to help you take the take action,” Kerr said.
To view Richie’s video for Westpac, click here.
To find out how Westpac can help with short- or long-term goals, go to www.westpac.co.nz/its-time
*Research carried out by Perceptive Research with 1,000 New Zealanders, on behalf of Westpac New Zealand.