Many kiwis uncomfortable thinking about long term finances

Media Release Embargoed until 1:00am 26 April 2013

Money Stress
New survey shows many kiwis uncomfortable thinking about long term financial future

Auckland, 26 April 2013 – A new survey from Canstar Blue shows that dealing with money “stresses out” many New Zealanders.

The nationwide survey, looking at customer satisfaction with the country’s banks found that younger people at the beginning of their careers, women and those from the Waikato and Otago were most likely to say that dealing with money was stressful and overwhelming.

Derek Bonnar, Canstar New Zealand General Manager says being able to manage money is a life skill that every kiwi can learn.

“Dealing with money in the here and now overwhelms a third of New Zealanders, but thinking about their long term financial future made our survey respondents feel even more uncomfortable.

“Help is at hand. Canstar Blue’s parent company, Canstar, specialises in providing detailed analysis of financial products and services, and easy to understand tips and advice for consumers. This information is available free of charge at www.canstar.co.nz. Resources like sorted.org.nz and budgeting services are also free and available to all,” says Bonnar

While Gen Ys were most likely to feel uncomfortable about their long term financial future, baby boomers, too, had concerns.

“When you’re young, clearing student loans or being able to afford a deposit on a house might be a priority. Older people are thinking about saving for retirement, and others could be managing on a fixed income. Every life stage has its financial challenges.”

It appears that many surveyed were not able to put money away for a rainy day, or had a nest egg in case of emergencies. Forty four per cent said they lived pay to pay. Gen Ys and women were over represented in the week-to-week existence stakes with 56% of youth and 48% of women falling into this category.
The budgeting ethic was strong across all age groups with nearly 2/3rds of people saying they stuck to a budget. Just over a third said they sought financial advice from their bank.

TSB Bank takes the award for overall satisfaction, says Bonnar.

“TSB has worked hard to carve out a unique place for itself in the market, and it has very loyal customers. Canstar Blue congratulates TSB on this result.”

The survey asked respondents who had one or more accounts with a financial institution to rate their provider across eight categories:

1. Branch service
2. Call centre service
3. Internet banking service
4. Product range
5. The way problems are dealt with and fixed
6. Efficiency in dealing with enquiries
7. Friendliness
8. Overall satisfaction.

About the survey
Canstar Blue commissions Your Source to regularly survey 2,500 New Zealand consumers to measure their satisfaction across a range of products and services.

The outcomes reported here are from the 2,240 people within the survey group who have one or more accounts or products with a financial institution.
Age Groups:
Gen Y: 18-29
Gen X: 30-44
Baby Boomers: 45+

*To view the full results of the Canstar Blue survey go to: www.canstarblue.co.nz

ENDS

About Canstar Blue:
Canstar Blue is a division of financial research and ratings company, CANSTAR, which has been operating in New Zealand for nearly a decade.

Canstar Blue uses market research to determine customer satisfaction ratings across a range of products and services in New Zealand to help consumers make the best purchasing decisions for their needs. Canstar Blue conducts similar research in Australia. New ratings are added regularly. Results are freely available to consumers who are encouraged to use the ratings as a guide to product excellence. The results can be seen at www.canstarblue.co.nz.

About CANSTAR:
Founded in 1992, CANSTAR Pty Limited is Australia and New Zealand's premier researcher of retail finance information for over 350 institutions such as banks, building societies, credit unions, finance companies, brokers, mortgage originators, life companies and finance related internet portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. This information is also distributed to print and electronic media for publication and to agents, accountants, brokers and internet portals for use in advising their clients.

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