Three quarters of New Zealanders believe financial service providers treat customers fairly, with banking and KiwiSaver providers perceived to be fairer than insurance providers, a new consumer survey from the Financial Markets Authority - Te Mana Tatai Hokohoko - shows.
The FMA has completed its first Consumer Confidence Survey, in what will become an annual survey of consumers' confidence in their financial service providers. The survey combines the key questions from the Investor Confidence Survey and KiwiSaver Statements Survey from previous years, as well as new questions covering key focus areas for the FMA such as fairness, investment scams, and confidence in various aspects of financial markets. The survey offers a nationally representative snapshot of consumer experiences and perceptions of financial services and markets.
"We are committed to becoming an intelligence-led regulator, and understanding the experiences of New Zealanders within our financial markets is crucial to achieving this goal," FMA Chief Executive Samantha Barrass said.
"The results of this survey provide us with valuable insights into how New Zealanders interact with financial markets and their level of confidence in those markets and in the FMA. It also helps us to see emerging trends that require our regulatory attention, so that we can focus our efforts on how we can better regulate for all New Zealanders."
The survey shows there is generally positive sentiment among New Zealanders regarding their interactions with, and understanding of, financial markets. Confidence in New Zealand's financial markets has slipped, however, to 57% in 2024, down from 68% in 2023. Confidence in New Zealand's financial markets is strongest amongst those more satisfied and engaged with their personal financial circumstance. In contrast, confidence levels in New Zealand's financial markets are lower amongst those New Zealanders reporting they never have enough to save and are always trying to make ends meet.
Key statistics
- 98% of New Zealanders have at least one banking product
- Savings account ownership is up across all demographics
- Credit card ownership has decreased 3% while buy-now-pay-later services are up 5% across all demographics
- 86% of New Zealanders have at least one insurance product
- Car, contents, and house insurance products ownership is up across all demographics
- 85% of New Zealanders have at least one investment product
- KiwiSaver membership is highest amongst Chinese and Pacific ethnicity at 87% and 86% respectively
The findings also highlight areas requiring further attention, particularly concerning potential disparities in confidence levels among women, Māori, Pacific Peoples, and those of low socio-economic status.
"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 underserved 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.
"By deepening our collective understanding of New Zealanders' experiences with financial services, we can work together to foster greater financial well-being for all," Barrass said.
"This survey is not a one-off. We'll be asking consumers annually about their experiences with their financial services provider and will be sharing with providers what their customers are telling us about them and working with them to promote outcomes for all New Zealanders."
Download the Consumer Confidence Survey 2024 [PDF 1.6MB]
