Millennials in Tasman spend the least on entertainment

Millennials in Tasman spend the least on entertainment in the country

Millennials (18-35s) living in Tasman watch their pennies the most when it comes to spending on entertainment compared to millennials in other New Zealand regions, according to data gleaned from Westpac NZ.

Westpac drilled down into the data of more than 96,000 of its CashNav app users* and found that the 18-35s in Tasman spend only around $145 on average per month. Auckland millennials spend the most on $222.

Westpac’s CashNav app allows customers to track their daily spending habits by categorising what they spend their money on and identifying what is holding their saving aspirations back. It also notifies them if their spending is higher than usual.

The app does this by automatically categorising customers’ EFTPOS, debit and credit card transactions into one of 12 categories such as eating out, shopping, travel, entertainment, home, groceries, transportation, utilities, education and health. Retailers choose their category although CashNav users can re-categorise them if they want to.

Westpac NZ General Manager of Marketing, Products and Transformation Andrew Kerr says CashNav allows customers to monitor their spending and take control of their purchasing habits.

“They can see if their spending is going up or down over the month and identify exactly where to cut back in order to save more.”

People in Tasman spend the fifth highest on groceries at $654 per month on average, but the fourth lowest on eating out at cafés, restaurants and fast-food outlets at $320 per month.

It’s a similar story when it comes to spending on health such as gyms fees, pharmacies, make-up stores and beauty salons at around $187 on average per month.

“People in Tasman appear to be keeping a close eye on their spending which is good. CashNav app users are able to see when their spending is creeping up and how it’s affecting their saving for the bigger things they want. From there, they can make different spending choices,” says Mr Kerr.

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