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More Kiwis believe they're financially better off than 10 years ago - Stats NZ

Kiwis feel better off financially now than they did 10 years ago, according the a Stats NZ survey.

The agency has today released the results from its General Social Survey which tracks the level of financial wellbeing of New Zealanders.

In 2008 when the global financial crisis hit 51 per cent of people surveyed felt they had enough or more than enough money to meet everyday needs.

In 2018 that number had increased to 63 per cent, according to Stats NZ.

“People who felt they had enough or more than enough money to meet everyday needs also felt more satisfied with life overall than those who felt they didn’t have enough money,” wellbeing and housing statistics manager Dr Claire Bretherton said.

“In 2008 and 2009, at around the time of the global financial crisis, unemployment in New Zealand was rising sharply and this may have had an impact on how New Zealanders felt about their own financial wellbeing,” Dr Bretherton said.

“The unemployment rate reached a peak in September 2012 and has been trending downwards ever since.”

The improvement in financial wellbeing was felt across a wide range of groups, including: homeowners, renters, single parents, and European, Māori, and Asian ethnic groups.

Despite these improvements, renters remained over twice as likely as homeowners to say they didn’t have enough money to meet everyday needs.

“Other Stats NZ data shows renters face higher housing costs as a proportion of their household income than homeowners. This may bewhy a greater share of renters felt worse off financially,” Dr Bretherton said.

Single parents are among those who report the greatest financial struggles, but their reported financial wellbeing has also improved in the past decade.

Young family having dinner. Source: istock.com