Tāmaki Makaurau – A quarter of Kiwis are struggling financially and the number is on the rise, according to the latest Ipsos New Zealand global advisor Inflation report.
The New Zealand research seeks to understand how people are managing financially and their expectations around interest, tax, and unemployment rates.
More than 1000 New Zealanders participated in the survey. Concern about inflation / cost of living is continuing to intensify, with nearly two in three New Zealanders identifying it as a key issue facing the country. Key findings:
• Fewer New Zealanders describe themselves as living comfortably or doing all right financially (43 percent, down from 46 percent last wave)
• Most New Zealanders (86 percent) are concerned about the cost of goods and services increasing over the next 6 months. Additionally, 63 percent are concerned about their ability to buy the things they are used to buying, and 52 percent are concerned about their ability to pay the bills
• Half of New Zealanders believe unemployment will rise over the next 12 months which is a significant increase compared to 42 percent in the last wave
• Despite a considerable drop from the previous survey, the majority of New Zealanders still believe that the rate of inflation and interest rates will rise in the next year.
• Compared to others around the world, significantly more New Zealanders are expecting to spend more on food shopping / groceries, other household shopping , utilities, fuel and socialising over the next six months.
• The vast majority of New Zealanders believe price increases are result of the state of the global economy, the interest rate level, the Russian invasion of Ukraine and the covid pandemic
• Kiwis are also significantly more likely than others around the world to attribute the rising cost of living to interest rate level, the state of the global economy), covid and businesses making excessive profits
• New Zealanders are more likely to expect a pay rise from their current employer (53 percent) than the global average (45 percent) and are less likely to look for a new job.