Many New Zealanders are taking a ‘she’ll be right’ approach to their money and only one in three of us feel financially secure, according to a Westpac Money Week survey.
The survey shows homeowners, Aucklanders, and retired New Zealanders feel more secure while women, millennials, and people renting feel less secure.
While the proportion of New Zealanders who say they are struggling has dropped from 23% to 16% over the last year, money is still one of our biggest worries with 5 out of 6 experiencing financial stress.
“While many Kiwis are doing better than last year, the survey highlights some real areas of concern, with many people not doing the basics that will help them get ahead,” says Westpac Head of Sustainability and Community, Grant Fleming.
Only one in four New Zealanders have a documented budget, and only one in seven budget further than two months out. The survey showed that those who did use a documented budget (a tool or app of some sort) had an average of $5,000 more savings and a third more likely to feel financially secure.
“Having a budget, distinguishing needs and wants, and having a savings goal are critical to good money management. We encourage all New Zealanders, regardless of their level of income, to take steps to put these things in place.”
The Westpac Money Survey is of 1,500 New Zealanders aged 15+.
Highlights from the Money Week Survey