Photo: 123RF
New research shows confidence in the country's financial markets has slipped significantly in the last year.
The Financial Markets Authority has conducted its first consumer confidence survey, combining key questions from its investor and KiwiSaver surveys.
The regulator found sentiment is generally positive regarding people's interactions with, and understanding, of financial markets.
A total of 98 percent reported owning at least one banking product. Saving accounts and insurance ownership are up, and at least 85 percent have at least one investment.
But confidence in the markets fell to 57 percent this year from 68 percent in 2023, particularly for those struggling to save and make ends meet.
The authority said the drop may reflect the weaker economy and uncertain outlook.
Chief executive Samantha Barrass said the survey showed concerning potential disparities for women, Māori, Pacific people and those of low socio economic status.
By contrast, confidence remained high amongst men, those aged 55 plus and those aware of the FMA.
"We will be leveraging these insights to inform our regulatory approach and promote positive outcomes for all New Zealanders. Over the next year the FMA will conduct further research to gain a deeper understanding of the factors that contribute to financial well-being and to explore the specific concerns of potentially under-served groups.
"We believe these findings will also be valuable to participants within the financial services industry, enabling them to better understand and serve their customers," Barrass said.
The survey looked at the fairness of the financial markets and confidence in different aspects of them, as well as investment scams.
It will be conducted annually.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
