Three quarters of New Zealanders believe financial service providers treat them fairly, with banking and KiwiSaver firms perceived to be fairer than insurance providers. These are among the findings of an FMA survey released this week.
The regulator’s first annual Consumer Confidence Survey offers a nationally representative snapshot of consumer experiences and perceptions of financial services and markets.
Despite the generally positive sentiment among New Zealanders regarding their interactions with financial markets. Confidence in the sector has slipped from 68% last year to 57% today.
According to the survey’s results, confidence levels in New Zealand’s financial markets are lower among those who say they are always trying to make ends meet.
Key statistics
- 86% of New Zealanders have at least one insurance product
- 85% of New Zealanders have at least one investment product
- KiwiSaver membership is highest among Chinese and Pacific ethnicity at 87% and 86% respectively
The findings, states the FMA, highlights areas requiring further attention, particularly concerning potential disparities in confidence levels among women, Māori, Pacific Peoples, and those of low socio-economic status.
FMA CEO Samantha Barrass says: “The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA.
“It also helps us to see emerging trends that require our regulatory attention, so that we can focus our efforts on how we can better regulate for all New Zealanders.”
Barrass says the FMA will conduct further research next year to gain a “deeper understanding of the factors that contribute to financial well-being, and to explore the specific concerns of potentially underserved groups”.
“We are committed to becoming an intelligence-led regulator, and understanding the experiences of New Zealanders within our financial markets is crucial to achieving this goal,” she says.