In our recent survey of banking customers, we found that 42% of New Zealanders live pay day to pay day, and that women and young New Zealanders are the most likely demographics to be living on the edge (46% and 59% respectively).
So, what are New Zealanders living off every week? Well, the average New Zealander earns $844 a week from wages and salaries, according to Statistics New Zealand. While the cost of living has increased in the last few years, it has historically been matched by wage increases1.
These statistics may be less shocking when you consider that a third of our respondents become stressed and overwhelmed when dealing with money, and that two in five feel uncomfortable when forced to think about their long term financial future.
If you’re feeling the pinch of financial stress but don’t know how to solve your problems, you’re not alone. One quarter of New Zealanders would like to improve their understanding of banking and finance, but don’t know where to go for information.
The answer could be quite simple: compare banks with our customer satisfaction ratings to make sure you’re partnered up with a winning financial institution. Afterwards, go to canstar.co.nz, which has a range of helpful articles and product comparison tables to help you get things sorted.
1 Statistics New Zealand, 2013