Westpac campaign targets spending risks for young Kiwis
Westpac NZ has launched a new initiative to help younger New Zealanders avoid a “spending hangover” during the Black Friday and Cyber Monday sales.
Targeting Gen Z and Millennials, the campaign highlights the dangers of impulse buying and debt accumulation, especially through buy now, pay later (BNPL) schemes.
Research from Westpac showed that younger age groups are less engaged with managing their finances, leaving them more susceptible to overspending.
“Black Friday offers great deals, but it also tempts shoppers into spending more than they can afford,” said Sarah Hearn (pictured), Westpac NZ general manager of product, sustainability, and marketing.
Educating and empowering young consumers
Westpac’s campaign encourages young shoppers to plan their spending, set limits, and “shop with a friend” who can help curb impulsive purchases.
“We want young people to enjoy the sales without compromising their financial health,” Hearn said. “Our budgeting and spending tools are designed to empower customers to make informed decisions and stay on track with their goals.”
Westpac research revealed that nearly 25% of 18-24-year-olds lack motivation or discipline with savings, compared to just 11% of the general population. Additionally, trends like “doom spending,” where consumers shop as a way to cope with stress, are rising among younger generations.
“It’s understandable but harmful. We’re offering tips to help young people stay mindful of their spending and avoid financial stress over the holidays,” Hearn said.
Tips to avoid a spending hangover
Westpac suggests several strategies to help shoppers stay financially healthy:
- Avoid impulse buys: Pause and consider purchases before committing
- Budget wisely: Use a budget calculator to set limits and stick to them
- Track spending: Use tools like Westpac CashNav to monitor expenses
- Shop with support: Bring a trusted friend to help keep spending in check
Westpac: Help is available
For anyone struggling after overspending, Westpac encourages reaching out for assistance.
“If you’ve gone overboard during the sales, don’t wait to ask for help. We’re here to support you,” Hearn said.
By focusing on education and practical tools, Westpac aims to equip young shoppers with the knowledge to navigate the busiest shopping season while maintaining financial stability.
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