Financial prudence varies across the country
People in Tasman and Nelson are more likely to save their money and pay their bills on time than New Zealanders generally, according to new research.
Wednesday, January 26th 2022, 7:48AM
by Eric Frykberg
But similar financial prudence is lacking in Gisborne and Southland.
This sort of geographic variation in people's economic good sense is revealed in new research from ASB.
It was undertaken in partnership with the University of Melbourne.
The researchers say their findings show that a regular savings habit is one of the best ways to secure personal or family economic wellbeing,
To get their results, they surveyed the financial fortunes of nearly 600,000 ASB customers, focusing on their spending habits, savings and ability to pay regular bills.
They found people living in the Tasman region have the strongest financial wellbeing in the country, with those living in the neighbouring Nelson region placed second.
Tasman residents had savings balances 31% above the national median. Nelson people were 25% ahead. These were set against ASB’s national median savings of $3032 per customer.
Auckland came in fourth in the national tables.
Gisborne and Southland came last. Customers in Southland had savings 40% lower than the national median. In Gisborne, the figure was 64% lower.
In addition to having lower cash balances, Gisborne and Southland customers were more likely to be in overdraft, or to experience frequent problems in paying their bills.
The full regional order is: Tasman, Nelson, Marlborough, Auckland, Canterbury, West Coast, Otago, Wellington, Bay of Plenty, Waikato, Northland, Hawke’s Bay, Manawatu-Wanganui, Taranaki, Southland and Gisborne.
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