Today Canstar is proud to release its second Consumer Pulse report, which delves into the financial worries, hopes and dreams of more than 20,000 New Zealanders over the past two years. The report, released annually, tracks Kiwis’ finances and reveals our worries, hopes and dreams around:

• Our pain points – money worries and debt levels

• Our piggy banks – savings habits and goals

• Our property – a ‘state of the nation’ on housing

Jose George, Canstar NZ General Manager, said: “Our Consumer Pulse research now spans two years in the lives of New Zealanders, through a time in which our financial ‘norms’ – along with everything else – were totally upended. It is fascinating to see how we have emerged into this new, post-pandemic world, with its seemingly never-ending series of challenges. Our research shows that we’re very worried, but we’re finding ways to cope. We are pulling back on spending, quitting stocks, and giving up on dreams of property ownership. In doing so, we are feeling more confident about our ability to get through what’s shaping up to be a brutal year.”

The Canstar Consumer Pulse 2023 report reveals:

• A quarter of New Zealanders say the price of groceries is their biggest worry, and nearly a third of over 40s. That’s a huge jump from two years ago, when just 11% said the same.
• Two-thirds of mortgage-holders say they have or will cut back on spending across essential and non-essential items, due to the increased cost of meeting higher mortgage repayments.
• Kiwis say they’re coping with rising interest rates and inflation. Over 60% say they are living within their means, a notable improvement from two years ago, when only 44% said the same.
• A quarter of households aren’t saving a cent. However, those who are managing to save stash an average of nearly $500 a month, a figure that rises to $750 for higher earners.
• In 2021, over 40% of those in their 30s and 40s invested in the stock market – but that figure has now slumped to less than 30%.
• The average Kiwi expects $457,000 will be sufficient to fund their retirement. But only 41% feel confident they’re on track to raise the funds they need.
• Buying a first home was a dream for many two years ago, but significant numbers – particularly those aged in their 30s and 40s – have dropped out of the market.

The report’s deep dive into Kiwis’ budgets shows how our financial strategies have shifted over the past two years as we have faced massive increases in household costs, and tried to figure the best way to manage our way through the crunch.

The surveys are split out by gender, region, age and income, allowing analysis around specific demographic information. For example, the data reveals Auckland is an outlier in financial worries, with far more worried about the cost of rent than the rest of the country. It also shows how women are generally more worried about the cost of living, and more cautious with their finances.

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