Kiwis continue to save their cash, despite the strengthening economy and low interest rates.
Dun & Bradstreet’s Consumer Credit Expectations Survey revealed that 39 percent of New Zealanders are more likely to save money in the next three months, while 28 percent are less likely. This is a continuation of results from the previous three quarters despite improvements in the economy.
These results suggest that following the global financial crisis, an attitude of credit caution remains embedded among consumers.
Another reason for this caution, adds Lance Crooks general manager of Dun & Bradstreet New Zealand, could be “the sluggish performance of close trading partner, Australia, and its recently falling currency may be reminding consumers that there is still fragility in the wider economic recovery.”
Economic adviser to Dun & Bradstreet Stephen Koukoulas says, “If New Zealanders can save while still enjoying a solid rate of economic growth, the long-awaited structural change in the economy will occur. The government and RBNZ will be happy with these results."