Most Kiwis Not Financially Secure if Unable to Work 


Less than one in five New Zealander’s are financially secure if they find they are unable to work, Cigna’s 360 Well-being Survey 2018 has found.

However, the number of New Zealanders (22%) who are aware of the impact the current economic climate might have on their financial situation has risen, up 6% from 2017 figures.

“These findings have wide reaching ramifications – with New Zealanders feeling they have to stay focused on their current commitments to stay afloat, leaving little time to spend thinking about, or preparing for, their future,” said Gail Costa, Cigna New Zealand Chief Executive.

“We’ve themed our 2018 research as ‘Future Assured’, asking questions to get people thinking about the issues that will affect their lives ahead. As we go through the many stages in our lives, our perceptions of our well-being will change, and at these various stages we should always re-assess ourselves and see how we can work toward preparing for the next milestone.

“This ongoing research will provide a guide for Cigna in supporting our customers as they go through their life stages,” added Costa.

Speaking to RiskinfoNZ, Costa said income protection is an important product and Cigna’s recent acquisition of OnePath will give them access to a product range they don’t currently sell.

“Because we have been phone based and digital, you can’t really have long discussions with customers assessing their needs and connecting them to the income protection products,” explained Costa.

She said the OnePath acquisition will broaden their distribution so their advisers can have meaningful discussions with New Zealanders and make sure they have the financial protection that they need.

According to the survey, the perception of overall well-being has declined in 2018, with main causes of stress being finances (31%) and work (39%).

One in five respondents also claimed stress is unmanageable, while 68% of people said that workplace wellness programmes help them manage stress.

ANZ’s Financial Wellbeing Survey earlier this year also revealed a quarter of the population have no cash savings (see: One in Four…).

Now in its fourth year, the Cigna 360 Well-Being Survey explores people’s well-being perceptions and concerns across five key areas – physical, health, family, social, financial and work.

This year’s survey is Cigna’s furthest reaching yet, covering a total of 23 countries around the world.