15 Oct 2020

NZers resilient over finances despite underlying worries - survey

9:09 am on 15 October 2020

New Zealanders continue to have confidence when it comes to financial matters even though more people regularly worry about money, a survey has found.

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The Financial Services Council said 72 percent of respondents surveyed in August feel reasonably, very or extremely confident when it came to their finances.

The survey, which compared August data to that gathered in March and April, found job security had improved for most people, although GenXers (age 38-52) remain more vulnerable.

"It's encouraging that most respondents also continue to feel secure in their jobs, with around 80 percent of respondents feeling some level of security in their current employment," council chief executive Richard Klipin said.

"This indicates that while some sectors have been hit hard, there is not a wholesale fear of job losses."

"Overall wellbeing is getting worse, with just over 54 percent of respondents saying they have been adversely affected in the period between March to August, while 60 percent now worry about money regularly - either monthly, weekly or daily," Klipin said.

"On the positive though, we've seen a slight increase of 6 percent in people who have household investments, suggesting that there has been a small but promising change in spending habits, and a shift to saving."

The survey found Gen Y were more worried about money than other age group.