Latest news with #IanWoolford
Otago Daily Times
05-08-2025
- Business
- Otago Daily Times
Reserve Bank keen to know how Kiwis use cash
Image: RNZ The Reserve Bank is asking people how they use and store cash, saying it needs more up-to-date information as it redesigns the system. The random postal survey asks people how they prefer to pay, how often they use cash, how easy it is to deposit and withdraw coins and notes, and whether they store cash and why. The central bank is asking new questions this year such as whether people are having challenges in using cash. It will now carry out its survey annually instead of every two years. "As the steward of money and cash for New Zealand, we need to ensure that New Zealanders can access, use, and bank cash," the central bank's director of money and cash Ian Woolford said. The survey will inform its work to redesign the cash system. Retail New Zealand chief executive Carolyn Young told Morning Report the use of cash was diminishing, to less than 10 percent of transactions. While some people never used cash, there were times and places where it was critically important, she said. "In rural areas versus urban areas there is more cash that goes through transactions. "And we know intrinsically that people that are on a really tight budget, that cash is a really great tool for managing budgets." Young said cash was indispensable in emergency situations when electricity or eftpos connections go down. Hospitality businesses were more likely than retailers to no longer take cash, she said. "The Reserve Bank perspective is you don't have to take cash but you have to have an alternative method if somebody can't pay by a card." New Zealand First has put forward a members' bill to protect cash as a key option in transactions, requiring stores to take it for purchases up to $500. Young said retailers recognised the importance of cash but didn't back it being compulsory. There was a risk of robbery for businesses holding cash, and counterfeit notes were common, she said. The survey runs to October 10. If people receive a letter to voluntarily participate they can check it is legitimate by visiting the Reserve Bank website, emailing cashusesurvey@ or phoning +64 4 472 2029.
RNZ News
04-08-2025
- Business
- RNZ News
Keen on cash? The Reserve Bank wants to know how you use it
Photo: RNZ The Reserve Bank is asking people how they use and store case saying it needs more up-to-date information as it redesigns the system. The random postal survey asks people how they prefer to pay, how often they use cash, how easy it is to deposit and withdraw coins and notes, and whether they store cash and why. The central bank is asking new questions this year such as whether people are having challenges in using cash. It will now carry out its survey annually instead of every two years. "As the steward of money and cash for New Zealand, we need to ensure that New Zealanders can access, use, and bank cash," the central bank's director of money and cash Ian Woolford said. The survey will inform its work to redesign the cash system.. Retail New Zealand chief executive Carolyn Young told Morning Report the use of cash is diminishing, to less than 10 percent of transaction.. Retail New Zealand chief executive Carolyn Young Photo: Supplied While some people never use cash, there were times and places where it was critically important, she said. "In rural areas versus urban areas there is more cash that goes through transactions. "And we know intrinsically that people that are on a really tight budget, that cash is a really great tool for managing budgets." Young said cash was indispensable in emergency situations when electricty or eftpos connections go down. Hospitality businesses were more likely than retailers to no longer take cash, she said. "The Reserve Bank perspective is you don't have to take cash but you have to have an alternative method if somebody can't pay by a card." New Zealand First has put forward a members' bill to [ protect cash as a key option] in transactions, requiring stores to take it for purchases up to $500. Young said retailers recognise the importance of cash but don't back it being compulsory. There was a risk of robbery for businesses holding cash, and counterfeit notes were common, she said. The survey runs to 10 October. If people receive a letter to voluntarily participate they can check it is legitimate by visiting the Reserve Bank our website , emailing cashusesurvey@ or phoning +64 4 472 2029.
Scoop
04-08-2025
- Business
- Scoop
RBNZ Launches 2025 Cash Use In New Zealand Survey
The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) is again surveying New Zealanders to understand how people are using and thinking about cash and payments. The RBNZ Cash Use in New Zealand survey is open from now until 10 October 2025 and is being undertaken by an independent research company, Rangahau Aotearoa Research New Zealand, through a postal survey. Director of Money and Cash, Ian Woolford says that cash is important to New Zealanders. 'As the steward of money and cash for New Zealand, we need to ensure that New Zealanders can access, use, and bank cash. This survey enables the RBNZ to effectively monitor the cash system,' Mr Woolford says. The survey asks: How people prefer to pay for things, how often people use cash and why, how often they withdraw cash, how easy or difficult it is to withdraw or deposit cash and if they keep or store cash and why. Things are changing in the cash system, so we are also asking new questions this year, such as whether people may be experiencing any challenges in using cash. The survey is based on a representative sample of New Zealanders randomly selected from the Electoral Rolls. People will be able to voluntarily respond by post (postage-paid return envelope) or online. If people receive a letter to voluntarily participate in this survey, they can check it is legitimate by visiting our website, emailing us cashusesurvey@ or phoning the RBNZ main phone number on +64 4 472 2029. The RBNZ has undertaken this survey every second year since 2017 and use the results to make sure New Zealand has a reliable and efficient cash system that supports inclusion. 'We are redesigning the cash system and need more up to date information about how people are using and accessing cash so from 2025 we will survey annually,' Mr Woolford says. The results from the Cash Use in New Zealand survey will inform our work to redesign the cash system and ensure we continue to meet New Zealanders needs for banknotes and coins. The RBNZ expects results from the survey to be available to the public in the first quarter of 2026. More information
RNZ News
29-05-2025
- Business
- RNZ News
When will we see King Charles on our currency?
Samples of the 10 cent coin with the new 'heads' image of King Charles III are quality checked before production. Photo: Supplied/RBNZ It will be several years before currency bearing the image of King Charles III comes into circulation. The new 10 cent coin featuring King Charles will be released in 2027, with the rest of the coins to follow around 2029. Reserve Bank director of money and cash Ian Woolford told Morning Report the wait was partly due to the King's antipathy to waste. Buckingham Palace made it "fairly clear to us that the King didn't want to see waste", he said. "We need to hold a decent inventory to met the currency needs of the public, so we hold quite a lot of ten cent coins with the Queen's face on it," Woolford said. "Rather than destroy those coins, they'll continue to be issued and continue to circulate, and when we do issue the King's coins we won't destroy the Queen's coins, they'll circulate side by side." He said the other reason is the complex process, which included liaising with the palace, testing and getting production scheduled at a mint. "There's actually more science than art to things like bank notes and coins." Woolford said, contrary to popular belief, there's more cash in circulation than ever. "It's a bit of a myth that no one uses cash anymore." he said. "There's more cash in circulation than there's ever been, it's sort of doubled over the past ten years." While there's less cash used as a proportion of all transactions, surveys and StatsNZ data, showed "a bit of a turn around - the high users of cash are using it more and more". New Zealand's coins of King Charles would use an image the Royal Mint created for Commonwealth countries. New Zealand could have chosen to have our own image created, but it would have required sign off from Buckingham Palace regardless, Woolford said. The coins, which will be minted in Canada, would have the same physical characteristics as those featuring Queen Elizabeth II, but he will face to the left, as convention dictates new sovereigns face the opposite way than their predecessors. Queen Elizabeth II has appeared on the "heads" side of New Zealand coins since 1953, but did not appear on banknotes until 1967, when the Reserve Bank printed its third series of banknotes, this time decimal currency. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
29-05-2025
- Business
- RNZ News
King Charles to be on NZ money from 2027
Big changes are coming to New Zealand's money as the Reserve Bank revealed photos of the new 10 cent coin that features the effigy of King Charles the third. The Reserve Bank's director of money and cash Ian Woolford spoke to Paddy Gower. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
