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More NZers Want To Increase Their Savings

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 7 NZPA - An increased number of New Zealanders plan to save more over the next six months, according to a survey on consumers' saving priorities issued today.

The MasterCard survey found that while New Zealand consumer confidence levels may have improved dramatically in recent times, the economic uncertainty of 2009 continued to linger with 87 percent of respondents keen to save more or the same amount as compared six months ago.

Stuart McKinlay, country manager New Zealand, MasterCard Worldwide, said this could be interpreted as a sign that people have not been quick to forget the uncertainty that underpinned last year and that New Zealanders had remained somewhat cautious in their saving plans.

Younger consumers between the ages of 18 to 29 years old were leading the savings trend (59 percent), planning to save more in the next six months, compared to their older counterparts -- 30 to 44 years (44 percent), 45 to 54 years (38 percent) and 55 years and above (32 percent). Respondents in the 30-44 age bracket (53 percent) were most concerned about saving for unforeseen emergency expenditures.

The young consumers were also leading the way in saving to spend on future consumption. Top of the list of items they were saving for in the coming months include: international air travel (52 percent), buying or renovating a house (41 percent) and consumer electronics (39 percent). This compared with the 30-44-year-olds whose top saving priorities include buying or renovating a house (47 percent), international air travel (40 percent) and consumer electronics (19 percent) and investments (19 percent).

The majority of new Zealand consumers saved between one and 10 percent of their income (42 percent), a minimal 6 percent did not intend to save any of their income and 61 percent of respondents did not believe they earned enough to save.

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