Kiwis would rather talk about politics than their finances, survey finds
ANZ New Zealand has launched a campaign to get more people to have meaningful conversations about money, after research found that many Kiwis either don’t like to discuss the topic, or don’t feel equipped to properly talk about their finances.
The ANZ survey showed that more than half of the respondents would rather talk about politics than their finances or that they had lied about money because it was easier than talking about it.
One in three Kiwis believes, however, that they would be more comfortable talking about money if they were more financially savvy or had the tools to get the conversation started, the survey found.
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“For many people, a discussion about politics is to be avoided at all costs, yet our survey shows more Kiwis would rather discuss politics than their finances,” said Ben Kelleher, ANZ managing director for personal banking. “In recent years, New Zealanders have got better at discussing issues that they used to find difficult like mental health and wellbeing. But when it comes to talking about our finances we still struggle. For the long-term wellbeing of individuals and the country, we need to do much better because our research also shows that, to feel truly independent, financial wellbeing is critical for Kiwis.”
When it comes to financial knowledge, the survey found that most Kiwis, particularly those under 30 (69%), want to know how to save or invest more for the future.
The next most desired area of financial know-how, particularly for 30- to 49-year-olds (25%), is reducing debt or a mortgage.
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“We see this reflected in our customers, with an increase in the number of saving accounts and people taking the opportunity to pay down home loan and credit card debt while interest rates have been historically low.” Kelleher said. “These are really great goals; open conversations about money goals like this can be a great way to get started on your financial wellbeing journey.”
Another key finding was that when it comes to saving and investing, 77% felt they could be doing better with their money and 60% wanted to save more or invest for their future.
“It is really important that everyone grows up with an understanding of money and the fundamentals of budgeting, saving and investing,” said Fiona Mackenzie, ANZ managing director for funds management.
The new ANZ campaign, called “Let’s Talk about F.......,” initially focusses on everyday moments when Kiwis are chatting to family and friends – like pizza night with the family or over coffee with a friend – incorporating money ideas on pizza boxes, coffee cups, and bar coasters to spark a conversation about finances.
At the centre of the initiative is the ANZ Financial Wellbeing Hub, where people can find practical tools to help change their money habits and improve financial wellbeing.
