Survey reveals Kiwis' money stress

Multimedia journalist·NZ Herald·

13 May, 2015 05:00 PM3 mins to read

57 per cent of Gen Y felt uncomfortable when thinking about their long-term financial future. Photo / Thinkstock

Nationwide survey shows Gen Y not the only ones scraping by to the next payday.

A third of New Zealanders find dealing with money "stressful and overwhelming", while half of Generation Y are living pay cheque to pay cheque, a survey published this week shows.

The nationwide study, commissioned by consumer satisfaction company Canstar Blue and conducted by Colmar Brunton Australia, showed those aged 18-29 (Gen Y) were not the only ones struggling to make it to payday.

Forty-five per cent of 30-44 year olds and 33 per cent of baby boomers (45+) said they were also scraping through.

The online survey asked 2316 Kiwis who had one or more accounts or products with a bank about their banking habits and financial concerns.

The results showed 57 per cent of Gen Y felt uncomfortable when thinking about their long-term financial future; of all respondents, 43 per cent said they were also uneasy about it.

Auckland University student Kanupriya Diwan, 20, said she could relate to the results of the survey as student life in Auckland was increasingly hard and she worked several jobs to survive. She has worked at a grocery store every weekend since the end of 2013 and at a clothing store in LynnMall during university breaks.

"[Over Christmas] I'm mostly working full time and save up for the rest of the year to live in Auckland. As I live in the centre, which is very close to university, it's very hard to survive just with the student allowance each week."

Ms Diwan, a third-year bachelor of commerce student, said she had been saving since before she started university and since 2013, putting aside $20 each week.

Student-run organisation SavY runs around 350 money management workshops in more than 90 secondary schools as well as at the University of Auckland. Its chief executive, Anita Hu, said she was not surprised by the new statistics.

"We sometimes find that students do not even know the difference between a savings account and a cheque, everyday account.

The survey data showed 40 per cent of women stressed over money, compared to only 26 per cent of men.

Thirty-six per cent of those surveyed said they did a lot of their banking while on the go via a smart phone or tablet. This was up from 28 per cent in 2014. Meanwhile, 55 per cent were concerned about the security of new pay-pass technologies.