Financial advisers are more likely to come across clients facing financial stress with 49% of parents responding to a nib survey saying financial uncertainty is their main source of household stress. The figure is up from 35% two years ago.
Just under 70% of parents surveyed in nib’s fifth annual State of the Nation Parenting Survey said the cost of living has impacted the way they raise their children.
As was the case last year, parents are making tough choices when it comes to paying for petrol, heating, and 19% are skipping meals. This is even worse for Māori parents, affecting 26% – up from 13% in 2022.
When it comes to food choices, 52% of parents say they are eating less or differently, but this was much higher for Māori at 64%.
Rob Hennin, nib New Zealand’s CEO, says the pressure on parents is coming from all angles.
“I would always encourage advisers to ask clients about what’s important to them, particularly as they approach each new life stage, such as starting a family,” he says.
“This will ensure they’re supported to choose the health cover that best suits their needs, finances and lifestyle.
“And, if the client requires financial assistance, most health funds, like nib, will usually provide financial support options.”
Are more of your clients reducing insurance cover, or delaying buying the cover they need, due to the increasing cost of living?
- Yes (92%)
- Not sure (5%)
- No (3%)
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