The FSC’s latest Money & You research reveals that many New Zealanders are facing the tough choice between relieving immediate financial pressures or saving for the future.
Of those who took part in the survey, just 13% have consulted with a financial adviser, states the report’s authors.
Haydee Stroud, Acting Chief Executive Officer of the FSC, says 94% of New Zealanders are concerned about their finances, “and many are being forced to adjust their spending habits out of necessity”.
“While some New Zealanders can cut back on non-essential purchases like takeaways and treats, others are confronting difficult decisions, such as whether to heat their homes (24%) or afford essential medications (16%),” says Stroud.
The report, Consumer Resilience and the Road to Prosperity, shows many New Zealanders are feeling the strain, particularly when it comes to planning for the future.
“Our research consistently shows that New Zealanders aren’t prepared for retirement,” says Stroud.
With the global headwinds, current economic cycle and widely discussed cost-of- living crisis, most respondents reported being somewhat or very unconfident in the overall economy, rising from 45% in 2022 to 49% today.