In a flap about money
One-in-five of us runs out of money before payday and at least two-thirds of us are probably worrying about money right now, new research has found.
Sunday, March 20th 2005, 5:30AM
by The Landlord
A Ministry of Consumer Affairs survey of 700 New Zealanders found almost three-quarters of us describe ourselves as knowing "little or nothing at all" about money matters.Two-thirds, or 66 per cent, of New Zealand said they worried about spending and/or borrowing beyond their means and one-in-five, or 22 per cent, said they had no money by the time payday came around.
The ministry carried out the survey late last year to help with targeting an advertising campaign for new credit laws coming into force on April 1.
The new Credit Contracts and Consumer Finance Act is aimed at clamping down on unfair credit practices such as loan-sharking and harsh credit contracts.
It will force lenders to disclose all aspects of a credit contract and allow a contract to be changed if someone is having trouble keeping up with payments.
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