More than half of Kiwis worry about money weekly as financial pressures remain
'These results show that while there's potential for optimism, many households are still feeling the pinch,' said FSC chief executive Kirk Hope.
'The data reflects that financial pressure hasn't disappeared.'
Financial issues also had an impact on the wellbeing of those surveyed, with 59% reporting their mental health had been affected.
Younger generations remain the groups that worry about money more regularly, with 35% of Gen Z worrying about it daily compared with Gen Y (30%), Gen X (31%), and Baby Boomers (16%).
Job security dropped, with 80% reportedly feeling either completely, very or reasonably secure in their current employment, down from 85% in 2024.
'Job security remains high but there is a small downward trend,' the report said.
Only 44% of New Zealanders said they feel financially prepared for retirement, down 6% from last year.
'At present, fewer than half of Kiwis feel financially prepared for retirement – a phase of life that should be defined by security and peace of mind,' Hope said.
KiwiSaver remains the top investment New Zealanders have, with 81% of Kiwis enrolled – more than double the 40% who hold cash investments like term deposits.
'With KiwiSaver being the primary investment vehicle for most New Zealanders, it's essential that we re-examine settings around contributions and enrolment,' Hope said.
'Ensuring people can maximise the benefits of KiwiSaver is critical not just for their retirement, but for the long-term financial wellbeing of the country.'
A recent BNZ Voice survey found squeezed households were resorting to high-interest credit fixes to juggle back-to-school and work costs.
More than a third (37%) said they were turning to high-interest lending such as buy now, pay later services and credit cards to cover costs.
The biggest start-of-year expenses were stationery (53%), transport (42%), school and work uniforms (42%) and technology-related costs (40%).
Meanwhile, financial hardships in February were 16% higher year on year compared with a year ago, according to Centrix data.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Otago Daily Times
an hour ago
- Otago Daily Times
Home detention for tax evasion
A tax-evading Southland school caterer has left a $2 million trail of debt after her company went bust. Debra Lee Monteith appeared in the Invercargill District Court on Tuesday and was sentenced to 11 months' home detention on a single representative charge of aiding and abetting her company in failing to account for PAYE between March 2021 and February 2024, Inland Revenue said in a release. That just added to her troubles after her company, Lee 19, was put into liquidation in March last year, with questions over third-party loans and operating a lawnmowing business under the company's name, which was running contracts while in liquidation. Her company stopped paying PAYE tax for nearly three years and defaulted on a debt repayment scheme. Inland Revenue had applied to put her in liquidation last year, which was granted. All up, the company had assets of $99,899 and liabilities of $2,048,785. Lee 19 was primarily involved in food catering, including the Ministry of Education's Ka Ora, Ka Ako Healthy School Lunches Programme and catering at the Alliance Lorneville meat processing plant. The latest liquidators' report said Inland Revenue was one of the preferential creditors, who were collectively owed $1,106,877, unsecured creditors were owed $843,336, while secured creditors were owed $181,482. In the latest liquidators report, published in April this year, the director of the company advised the company was operating two businesses: a catering business and a canteen. The director also advised the company had been used to operate her ex-partner's lawnmowing business. Initially, the director advised of an intention to purchase some of the company's assets. Due to the valuations the liquidators received, those purchases were declined by the liquidators. All remaining company assets were sold to one party. The liquidators were also considering a claim for an unrelated third party which had a contract with the lawnmowing business in the name of the company. The contract was still operating after the liquidation, with questions about who was receiving payments. A claim was also issued for an overdrawn current account against the previous director. No response was received. A claim was also made on a third-party loan but no-one could be located and it became uneconomic to pursue. Inland Revenue said in its statement that in 2019, Lee 19 registered as an employer and began paying its workers. The next year, several employees phoned Inland Revenue stating their KiwiSaver deductions were not being paid. No PAYE returns were filed until 2020, when returns for seven PAYE periods were made all at once with $82,894.86 (excluding penalties and interest) immediately due and payable. Monteith entered into an instalment arrangement in 2020 for the debt, but this was cancelled in 2022 because of missed payments. Then the company stopped paying PAYE entirely from March 2021 until February 2024. The PAYE not accounted for over the period totalled $801,928.79. Monteith told Inland Revenue the PAYE was used to keep the company afloat and pay for food costs. Her personal expenses were paid out of the company's finances and her groceries were taken from the company's pantry. Monteith benefited by just over $300,000 between 2020 and 2024, although she was not otherwise taking a salary from the company. Lee 19 also applied for and received more than $780,000 in Covid-19 support money from various schemes. The company, at Monteith's direction, was receiving significant taxpayer support while at the same time not meeting its own tax obligations. Monteith, who ran four other companies since the late 1980s, was made bankrupt in 2013.
Scoop
10 hours ago
- Scoop
Southland Woman Sentenced On Tax Charges
Press Release – Inland Revenue No PAYE returns were filed until 2020 when returns for seven PAYE periods were returned all at once with $82,894.86 (excluding penalties and interest) immediately due and payable. A Southland woman, whose company was involved in a programme providing school lunches, was sentenced to home detention on tax charges. Debra Lee Monteith was sentenced in the Invercargill District Court on June 3rd to 11 months home detention on a single representative charge of aiding and abetting her company in failing to account for PAYE between March 2021 and February 2024. Monteith's company, Lee 19, was primarily involved in food catering including the Ministry of Education's Ka Ora, Ka Ako Healthy School lunches and catering at the Alliance Lorneville meat processing plant. In 2019, Lee 19 registered as an employer and began paying its workers. The next year several employees phoned Inland Revenue stating their KiwiSaver deductions were not being paid. No PAYE returns were filed until 2020 when returns for seven PAYE periods were returned all at once with $82,894.86 (excluding penalties and interest) immediately due and payable. Monteith entered into an instalment arrangement in 2020 for the debt, but this was cancelled in 2022 because of missed payments. Then the company stopped paying PAYE entirely from March 2021 until February 2024. The PAYE not accounted for over this period totalled $801,928.79. Monteith told Inland Revenue the PAYE was used to keep the company afloat and pay for food costs. Her personal expenses were paid out of the company's finances and her groceries were taken from the company's pantry. Monteith benefitted by just over $300,000 between 2020 and 2024, although she wasn't otherwise taking a salary from the company. Lee 19 also applied for and received more than $780,000 in COVID-19 support money from various schemes. The company, at Monteith's direction, was receiving significant taxpayer support while at the same time not meeting its own tax obligations. In March 2024, Lee 19 was placed into liquidation. Monteith, who ran four other companies since the late 1980s, was made bankrupt in 2013.
Scoop
15 hours ago
- Scoop
Expert Commentary: NZ Privacy Commissioner Provides Clarity For Retailers On Facial Recognition Technology
Press Release – Optic Security Group Finding published yesterday by NZ Privacy Commissioner on supermarket facial recognition trial places retailers on notice, says FRT technology risk expert. Nicholas Dynon is Brand Strategy & Innovation Director at Optic Security Group. He is a certified security risk professional and counter terrorism practitioner. 'The inquiry report found that the live facial recognition technology (FRT) model trialed by Foodstuffs North Island Limited (FSNI) in 25 of its supermarkets complied with New Zealand's Privacy Act. While the Privacy Commissioner assessed the level of privacy intrusion as high due to every shopper's face data being collected, the privacy safeguards in the trial reduced it to an acceptable level. 'The outcome has been met with strong and immediate political support, with Justice Minister Paul Goldsmith lauding the result as 'great news' and stating that he now expects the Ministerial Advisory Group for Victims of Retail Crime to 'continue to look at this technology as an option to be used more widely'. 'The outcome also provides some much-needed clarity for retailers – and other organisations – who have held back on considering FRT as a potential solution to their security issues due to the fear of ending up on the wrong side of privacy legislation. But it's not a green light. 'The Privacy Commissioner has highlighted several changes that FSNI needs to make in order to make its trial permanent or to expand it to more stores. The Office of the Privacy Commissioner (OPC) has also set out nine key expectations for organisations that are considering using FRT. 'Compliant FRT deployment is about more than just the technology itself. Factors such as identifying and assessing the specific purpose for which you want to use FRT, maintaining watchlists, protecting the system from misuse and information breach, communications to customers, staffing and training, customer interventions, incident response, managing enquiries and complaints, and maintaining and monitoring the system, are all critical to compliance – and they involve significant research, planning, testing, and careful implementation. 'At the same time, retailers should be aware that the results of an OPC survey published just weeks ago demonstrate that many New Zealanders are not supportive of the use of FRT in retail stores. 'The survey of over 1,200 New Zealanders found that 41% of respondents are 'concerned' or 'very concerned' about the use of facial recognition technology (FRT) in retail stores to identify individuals. A total of 25% are neutral on the topic, 31% are either not so concerned or not concerned at all, and 3% are unsure. 49% of Maori respondents indicated concern over FRT in retail. 'For retailers considering FRT, this means not only ensuring all the privacy legislation boxes are ticked but also taking a step back and asking whether FRT is the most appropriate solution to your security problem. 'Inappropriate FRT deployment exposes an organisation not only to legal risk but also to significant reputational risk. Engaging with trusted experts to understand the privacy dimensions and factors influencing social licence to operate this emerging technology are critical.'
