Research Shows We’d Rather Talk About Politics Than Our Finances

Wednesday, 16 March 2022, 6:47 pm
Press Release: ANZ Bank

ANZ Bank New Zealand (ANZ NZ) today launched a campaign designed to get more people talking about their finances after research revealed many Kiwis either don’t like to discuss the topic, or don’t feel equipped to properly talk about their finances.

More than half of those surveyed said they would rather talk about politics than their finances or said they had lied about money because it is easier than talking about it.

However, one in three Kiwis believes they would be more comfortable talking about money if they were more financially savvy or had the tools to get the conversation started.

“For many people a discussion about politics is to be avoided at all costs, yet our survey shows more Kiwis would rather discuss politics than their finances,” said Ben Kelleher, ANZ Managing Director for Personal Banking.

“In recent years New Zealanders have got better at discussing issues that they used to find difficult like mental health and wellbeing. But when it comes to talking about our finances we still struggle. 

“For the long term wellbeing of individuals and the country we need to do much better because our research also shows that to feel truly independent financial wellbeing is critical for Kiwis.”

The survey found when it comes to financial knowledge most New Zealanders – particularly those under 30 (69 per cent) – want to know how to save or invest more for the future.

Reducing debt or a mortgage is the second most desired area of financial know-how, particularly in 30 – 49 year-olds (25 per cent).

“We see this reflected in our customers, with an increase in the number of saving accounts and people taking the opportunity to pay down home loan and credit card debt while interest rates have been historically low.” Mr Kelleher said.

“These are really great goals; open conversations about money goals like this can be a great way to get started on your financial wellbeing journey.”

Survey findings indicate when it comes to saving and investing 77 per cent felt they could be doing better with their money and 60 per cent wanted to save more or invest for their future.

“It is really important that everyone grows up with an understanding of money and the fundamentals of budgeting, saving and investing,” said Fiona Mackenzie, ANZ Managing Director for Funds Management. 

To support financial wellbeing ANZ is launching a new campaign, “LET’S TALK ABOUT F.......,” to help people have more meaningful conversations about money.

The campaign initially focusses on everyday moments when Kiwis are already chatting to family and friends – like pizza night with the family or over coffee with a friend – incorporating money ideas on pizza boxes, coffee cups and bar coasters to spark a conversation about finances. 

At the centre of the initiative is the ANZ Financial Wellbeing Hub, where people can find practical tools to help change their money habits and improve financial wellbeing.

Key findings from the OnePicture surveys:

• One in three say they rarely or never talk to other people (including friends or family) about their finances. 
• Of those who rarely or never talk about finances, one in five say they feel embarrassed and one in four say they feel it is impolite.
• 41 per cent of 18-29 year olds feel embarrassed talking about finances
• Two in five wish they could have better conversations about their finances – this tends to be higher in those aged 18– 49, those on higher incomes and households with children under 18.
• Over 50 per cent would rather talk to their friends about politics or mental health than finances.
• 51 per cent have lied about money because it is easier than talking about it.
• Two in five wish they could have better conversations about finances with their partner, friends or family.
• One in three Kiwis believes they would be more comfortable talking about their finances if they were more financially savvy, or had the tools to get the conversation started.
• New Zealanders feel a strong need to improve their financial wellbeing with 58 per cent wanting to save or invest more for their future.

To find out more about how ANZ is helping Kiwis have better financial wellbeing conversations, click here.

© Scoop Media

ANZ Bank New Zealand Limited

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