\u201cThe data definitely shows a challenging environment for Kiwis.\u201d<\/p>\n
But Grange said women and the younger generation were feeling the pressure more acutely.<\/p>\n
According to the survey of more than 1000 New Zealanders, 45% of women reported their financial situation had worsened compared with 39% of men.<\/p>\n
Among the age groups, 71% of respondents aged 25-34 and 63% of 18\u2013 to 24-year-olds reported facing significant financial management challenges.<\/p>\n
Grange said that was a \u201csignificant concern\u201d.<\/p>\n
\u201cWe believe it\u2019s up to providers to also help guide [financial] education with their products and services.<\/p>\n
\u201cKiwis have been left behind if we look at other countries and what their banks and financial services providers enable … there\u2019s many features available overseas that don\u2019t exist in New Zealand yet.\u201d<\/p>\n
Grange said this includes tools around card management such as spending limits and protections from scams, as well as data tracking across different investment platforms.<\/p>\n
Spending power squeezed<\/p>\n
Last week, the Westpac-McDermott Miller Consumer Confidence Index showed economic confidence remained soggy, edging down 0.3 points to 90.9 in the September quarter.<\/p>\n
Westpac senior economist Satish Ranchhod said factors such as increases in living costs and softness in the jobs market and house prices remain big concerns for many households.<\/p>\n
\u201cHouseholds are still seeing their spending power squeezed by increases in the cost of food and other essentials,\u201d Ranchhod said.<\/p>\n
\u201cThe number of households who expect to be better off financially this time next year has actually dropped back since our last survey.\u201d<\/p>\n
In the same week, New Zealand\u2019s Gross Domestic Product (GDP) was revealed to have slammed into reversed in the June quarter, contracting 0.9%<\/a> \u2013 deeper than economist forecasts.<\/p>\n