Insights into fairness, scams, and market confidence from FMA's new survey
The Financial Markets Authority (FMA) has released its first Consumer Confidence Survey, providing a detailed view of how New Zealanders perceive financial service providers.
The annual consumer survey consolidates questions from earlier studies, including the Investor Confidence and KiwiSaver Statements surveys, alongside new areas of focus like fairness, scams, and market confidence.
The FMA survey found that 75% of New Zealanders believe financial service providers treat customers fairly.
Banking and KiwiSaver providers were seen as more equitable than insurance providers. The results highlight areas where the financial services sector is performing well and where further improvements are needed.
Key findings from the FMA survey
The report reveals several notable statistics about New Zealanders’ financial interactions:
- 98% of New Zealanders have at least one banking product, with savings accounts increasing across all demographics.
- Credit card ownership dropped by 3%, while buy-now-pay-later services rose by 5%.
- 86% have at least one insurance product, with car, contents, and house insurance coverage growing.
- 85% own at least one investment product, with KiwiSaver membership highest among Chinese (87%) and Pacific Peoples (86%).
While confidence in financial markets slipped to 57% in 2024 (down from 68% in 2023), satisfaction levels were higher among those financially stable. Conversely, confidence was lower among those struggling to save or meet financial obligations.
Using consumer survey insights to improve regulation
FMA chief executive Samantha Barrass (pictured above) stressed the importance of these findings in shaping regulatory strategies.
“The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA,” Barrass said. “It also helps us to see emerging trends that require our regulatory attention.”
The survey also pointed to disparities in confidence among women, Māori, Pacific Peoples, and lower socio-economic groups. Barrass noted the need for further research to better understand these groups’ financial challenges.
“We will be leveraging these insights to inform our regulatory approach and promote positive outcomes for all New Zealanders,” Barrass said.
Looking ahead
FMA plans to conduct the consumer survey annually, using its findings to engage with financial service providers and improve consumer outcomes. By sharing insights and collaborating with the industry, FMA aims to foster greater trust and financial well-being across all communities in New Zealand.
Read the FMA media release or download the Consumer Confidence Survey 2024.
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