Less money, less happiness: NZ in 2015

Kiwis have tightened their purse-strings since the Global Financial Crisis. Photo / iStock

Kiwis have tightened their purse-strings and become less satisfied with life since the Global Financial Crisis, new research from the University of Otago suggests.

The findings are part of a study of consumer lifestyles that also indicates a growing concern for the environment and sustainable consumption.

The national survey of 2036 New Zealanders was conducted in late 2013 by the Consumer Research Group in the university's department of marketing. The department produced similar reports in 1979, 1989, 1995, 2000 and 2005.

Lead author Dr Leah Watkins said the survey's aim was to provide insights into the lifestyles, consumption patterns and behavioural trends of New Zealanders.

"We looked at societal trends and attitudes, including changes in the ways people consume things, and changes in consumer segments identified in our previous reports."

The latest study, which is based on responses to 579 questions, identifies the largest changes since the 2005 survey as:

• A general downturn in consumer confidence and spending;

• Consumers becoming increasingly conscious of wastefulness and the environmental consequences of consumption; and

• More critical attitudes towards government spending and the roles and responsibilities of business.

Moderate changes since 2005 include decreasing satisfaction with business, increasing frugality and resourcefulness, and increasing alignment with more traditional values.

"The latter change includes greater agreement with propositions that 'by returning to the standards of our grandparents, New Zealand would be a better place to live' and 'obedience and respect for authority are the most important things children should learn'," Dr Watkins said.

The authors said their findings suggest that "while New Zealanders have arguably been sheltered from the most serious consequences of the Global Financial Crisis, the increased emphasis on frugality and resourcefulness, and the generally negative attitudes to business can be seen to be consequences of it".

Previous studies found that, in international comparison, New Zealanders' subjective quality of life is lower than expected, a trend that continues in the latest study. On average, New Zealanders report a 'Satisfaction with life as a whole' of 66 per cent (compared to 69 per cent in 2005). 'Personal wellbeing'-a concept taking account of aspects including 'Satisfaction with standard of living' and 'Personal relationships' - shows similarly low results (63 per cent, compared to 67 per cent in 2005).

The main researchers were Dr Watkins, Associate Professor Rob Aitken, Dr Sanna Ganglmair-Wooliscroft, Dr Damien Mather, Dr Kirsten Robertson, and Dr John Williams.