The ANZ Roy Morgan Financial Wellbeing Indicator research shows that having a savings buffer is associated with higher levels of financial wellbeing.(3)
“However, we know the current economic environment means saving is a challenge for many people right now.”
Mr Kelleher said for those who can continue to save, every little bit does help.
“Active saving and not having to borrow for everyday expenses can make a big difference to people’s sense of financial wellbeing.”
To help encourage people to save, ANZ customers who make at least three deposits into their savings account before 31 March 2023 will go into the draw to win a $1000 boost to their savings.(4)
The bank is also promoting small and achievable changes people can make to increase their savings and improve financial wellbeing.
· Aim to save a specific portion of your pay every time you are paid.
· Little and often – rather than the amount you are putting aside, it’s the regular saving that helps create good habits.
· Talk about it – ANZ’s research shows people who talk about their finances tend to have higher financial wellbeing.
· Do it together – team up with friends or family to create a support network to help each other save.
ANZ has a range of online resources, including a Financial Wellbeing Calculator, a Savings Personality quiz, budgeting and savings tips and advice on starting money conversations.
(1) Approximately 54.50% of ANZ customers have a savings buffer in place, meaning these customers have at least $1000 in their bank account. Of those customers who have a savings buffer in place, approximately 77% are under the age of 65.
(2) As at December 2022, approximately 21.02% of ANZ customers are active savers. Of those customers who are active savers, approximately 77% are under the age of 65.
(3) Financial wellbeing is defined as a person’s ability to comfortably meet their financial commitments now and into the future.
(4) Terms and conditions apply.
This material is for information purposes only. Please talk to us if you need financial advice about your situation and goals or about our products and services. See our financial advice provider disclosure at anz.co.nz/fapdisclosure