03May

Almost half of New Zealanders live payday to payday

According to New Zealand Herald, almost half of the New Zealand’s population are living payday to payday without any savings to fall back on in case of an emergency: “Forty-four per cent of Kiwis hang out for pay day every week, with women the highest at 48 per cent.

Fifty-six per cent of those aged between 18 and 29 fell into this category, those aged between 30 and 44 were at 50 per cent. People of 45 and over too had concerns (36 per cent)”.

And it’s not just New Zealand: a recent survey done by an American website CreditDonkey.com found that more than a half of their 1,100 respondents don’t have a nest egg of even $1000, meaning that if something unexpected happens they will struggle to cover the expenses. According to the same survey, more than 55% could only manage to save less than $100 a month. Keeping in mind that some financial experts recommend having a minimum of $1000 set aside to cover the emergency cost, it would take longer than 10 months to save the needed amount!

In the current economic climate, it is a sad reality that many people struggle to put money aside for a rainy day, but in some cases, a few minor changes are all that is required to balance a budget and start saving. North Shore Budgeting Service’s Brian Pethybridge said: “It can be something like smokes, alcohol, Sky TV, or little things that add up. People realise that things are not going round, but they haven’t taken steps to see what changes need to be made. Invariably people just leave it.”

Comments on New Zealand Herald’s Facebook page reflect the different opinions the public have on this matter, and range from “If people stopped spending their money on lotto and beer and cigarettes they would have a lot more in their pockets” to “I believe figure is much higher. Everyone I know lives week to week”.

We understand that living payday to payday can be difficult, and if all you need is a few hundred dollars to cover an unexpected bill, remember that our cash loan NZ service may be of help. Please note that our service is for short-term purposes only.

Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.