NZ families fret over financial situation, D&B survey shows 31 Jul 2012
- Love Springs, director Phillip Smart fined $555,000 Business
- Hallenstein may have to lower guidance if sales don’t lift Business
- NZ food prices fall 0.2% in November; lamb leads meat lower Business
- Trade Me buys MotorWeb site for $19.5M to expand auto offer Business
- UPDATED: Wheeler gives clear signal OCR is set to rise Business
- Vector loses key elements of Commerce Commission challenge Business
- Stronger terms of trade could drive interest rates up: RBNZ Business
- RBNZ sees strong house price inflation lasting longer Business
- Wheeler keeps OCR at 2.5%, ready to hike 'as needed' Business
- NZ dollar falls ahead of Reserve Bank interest rate decision Business
New Zealand families have become more concerned about their financial situation, with at least a third saying they’ll use credit to cover unaffordable expenses in the coming quarter, according to Dun & Bradstreet’s consumer credit expectations survey.
The survey found that 56 percent of kiwi families polled are concerned about their current finances, which is 13 percent higher than for couples with no children. More than a third of families anticipate difficulties meeting their credit commitments.
The survey polls expectations for the July-September quarter. It showed a majority of New Zealanders are shying away from discretionary spending and loan applications. Some 66 percent of kiwis say they’re less likely to spend on non-essential items such as entertainment or beauty treatments and for families the figures is almost 70 percent.
D&B said 70 percent of those polled are also less inclined to make a new home loan application and more than 80 percent don’t plan to apply for other forms of credit such as credit and debit cards, personal loans, mobile phones and pay-television subscriptions.
“Consumers are certainly feeling the pinch, with sentiment adversely impacted by economic and political uncertainties in the troubled euro zone, along with softer domestic conditions,” D&B New Zealand manager John Scott said in the statement.
“We see this reflected in a significant proportion of families expressing concern over the present financial state,” he said. “This is no doubt having a knock-on effect on how likely they are to pay their credit commitments down the track.”
Some 36 percent of families expect to use credit to cover unaffordable expenses in the coming quarter.
“We are seeing vulnerable consumer demographics rely on credit cards to meet basic expenses, which can result in an accumulation of bad debt many will struggle to pay down, or even worse, a black mark on their personal credit history,” Scott said.
11 Dec 2013 News
New Zealand Government 2.15 million people sign up as KiwiSaver continues to grow Revenue Minister Todd McClay today released the... more
11 Dec 2013 Business News
Article - BusinessDesk Fonterra units sink back to issue price as product squeeze hurts dividend, earnings outlook By Jonathan... more
11 Dec 2013 Entertainment
Sounds Like Waitangi - Greg Johnson, Andrew Fagan & Peter Urlich headline Waitangi Day at Mangawhai Tavern Sounds Like Waitangi... more
10 Dec 2013 Lifestyle
Dunedin City Council Here’s Your Chance to be a Rock Star! Dunedin (Tuesday, 10 December 2013) – If you’re a... more
11 Dec 2013 Property
New Zealand Government Hon Dr Nick SmithMinister of Housing 11 December 2013 Housing Accords work expanded to Christchurch, ... more
9 Dec 2013 Property
Auckland property values continue to surge ahead, up 15.2 per cent in the last year. QV has
10 Dec 2013 Migration
Doing Our Bit Costs, benefits, rugby and refugees Murdoch Stephens – Doing Our Bit (www.doingourbit.co.nz) Amongst all... more
10 Dec 2013 Travel & Tourism
Article - BusinessDesk Air New Zealand expects 1H pre-tax earnings of $166.8 mln, on target to exceed FY earnings By Tina... more
11 Dec 2013 Motor Sport
Cody's D1NZ National Drifting Championship Rnd 2 The Toll Concrete Jungle RacewayRewa Rewa RdWhangareiS... more
10 Dec 2013 Column
Column - Gordon Campbell Gordon Campbell on the latest TPP leaks, and our shabby treatment of asylum seekers by Gordon ... more
9 Dec 2013 People
In less than a year, Lorde has gone from a Year 12 student at Auckland's Takapuna Grammar to a global pop star. The Kiwi's... more
11 Dec 2013 Recruitment
CPIT For immediate release 11/12/2013 Partnership provides much needed skills for the rebuild As the demand for rebuild workers... more