A person’s financial wellbeing is influenced by a complex range of factors including their socio-economic circumstances, behaviour traits, attitudes towards money and their stage of life.
Some of these factors are beyond a person’s control. But there are two behaviours that can have a particularly strong influence on improving a person’s sense of financial wellbeing – active saving and not borrowing to pay for everyday expenses.
“We know from our research that developing a regular savings habit and having at least $1000 put aside can materially improve a person’s feeling of financial wellbeing,” said Ben Kelleher, ANZ Managing Director for Personal.
“Having a savings buffer can help give you a sense of control, especially when something unexpected – and potentially expensive - happens, like your car breaks down or an appliance needs replacing.”
Almost 55 per cent of ANZ customers have a savings buffer in place, meaning they have at least $1000 in their bank account.
Approximately 21.5 per cent of ANZ customers are active savers, meaning they are regularly contributing into a savings account.
“We understand saving can be really hard to do when we have high inflation and rising interest rates.”
ANZ is urging anyone who has concerns, or who wants to talk about their finances, to contact the bank.
“People shouldn’t be nervous about talking to their bank. Whether you are looking to get ahead, or get through, we’re here to support customers with the various options available to them."
ANZ has a range of information to help people manage their finances on our financial wellbeing hub.
The ANZ Financial Wellbeing Indicator Score provides a time-series measure of New Zealanders' financial wellbeing.
ANZ has partnered with Roy Morgan to replicate key financial wellbeing questions from the 2021 ANZ Financial Wellbeing Survey. This robust, quarterly snapshot of the personal financial wellbeing of New Zealanders identifies key questions from that survey and applies them to proxies within the weekly Roy Morgan Single Source survey of 7,000 New Zealanders annually.
You can find the 2021 report here.