By tapping into the positive attributes associated with being a New Zealander could help Kiwis become better at managing their finances, an American research analyst says.
Robyn Dupuis, a policy analyst for the Washington State House of Representatives, has been in New Zealand for the past six months researching the
effect of identity on the achievement of financial wellbeing in New Zealand.
She said the typical attributes Kiwis identify with, like being pioneering, practical and determined, as well as the "No 8 wire" mentality were characteristics commonly associated with good financial well-being.
But when it comes to how New Zealanders see themselves in terms of financial management, most think of negative stereotypes.
"Financial management is not considered by New Zealanders to 'fit' within the ideal Kiwi lifestyle.
"New Zealanders perceive that financial management is difficult, technical and sometimes impossible, given the low-wage economy."
Dupuis, who interviewed individuals and groups for the research, said money did not appear to be a priority for Kiwis and some believed there wasn't much point in worrying about their financial future given the lack of control they felt about their futures.
She believed there needed to be more connection between the positive attributes of the Kiwi identity and financial well-being. That could start by defining saving in a way that New Zealanders understood.
"To New Zealanders savings is more about the assets they own rather than money in the bank."
The country needed to address people's knowledge of products and services so they could make good choices.
Dupuis believes if that had been the case, many people would not have invested in finance companies.
The belief that financial management was costly and time-consuming also needed to be tackled.
"Financial management doesn't have to be about spreadsheets - it can be really quick and simple."
