Finances making you stressed? Join the crew

Finances making you stressed? Join the crew

A third of New Zealanders think dealing with money is stressful and overwhelming

Auckland, 12 May 2015 – A recent survey by consumer research company Canstar Blue has drawn back the curtains on how Kiwis are really feeling about the state of their finances.

A third of New Zealanders still get stressed and overwhelmed when dealing with money and 43% are uncomfortable just thinking about their long term financial future – both measures show no improvement from the same survey in 2014.

Feelings of financial worry are more common amongst women. Forty per cent of women are stressed about money compared to just 26% of men and more women (46%) live pay day to pay day compared to a third of men, says Canstar Blue Head, Megan Doyle.

“But counter to that, it’s encouraging to see that there is a large portion of Kiwis (79%) who are feeling good about managing their own finances.”

Bank in my pocket
Though people are still feeling uneasy about their money, more people than ever are now able to carry their bank in their pocket providing a quick and easy way to keep track of their money when they’re on the go.

Thirty six per cent of Kiwis do a lot of their banking via a smart phone or tablet, up from 28% in 2014, showing a marked increase in the uptake of mobile technologies.

Gen Ys (65%) are more than three times more likely to use mobile banking than Baby Boomers (20%) but the older generations are also getting on board with mobile, up from 15% in 2014.

Although, not all technology is being widely welcomed, 55% of Kiwis are concerned about the security of new pay pass technologies.

Too much month left at the end of your money?

Living pay day to pay day is a familiar issue for 40% of Kiwis and especially for Gen Ys, 50% of who anxiously wait for pay day to come around again.

Nine per cent of New Zealanders have considered a pay day loan and Gen Ys are the most interested in borrowing to make it through (17%).

Though 58% of Gen Ys are sticking to a budget, a small number (16%) find it difficult because they are paid monthly.

The best way to reduce your worry about money is to really understand how you’re spending, and when and why, says Canstar Blue Head, Megan Doyle.

“It was pleasing to see that 60% in the survey are using a budget as it’s an effective tool for managing your money. Budgeting doesn’t have to mean giving up the things you love, rather it shows you how you allocate your money and where you might be able to trim spending to help out when you need funds the most.”

I’ll pay for it later, thanks

Close to 70% of New Zealanders have a credit card and 58% of them are paying it off in full each month.

Gen Ys are the least likely to pay off the card in full and a quarter choose to only pay the minimum towards it each month while Baby Boomers are leading the credit card charge with 81% owning and using a credit card, 63% of who are paying it off in full, says Doyle.

“It is important to watch what you’re putting on your credit card and ensure that you are paying off as much as possible each month to minimise your interest payments. If you pay it off in full each month you’ll pay no interest whatsoever.”

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