House prices, interest rates and inflation are keeping us up at night

The Financial Resilience Index is an annual tracking survey of Kiwis' financial wellbeing, and the latest one reveals what's keeping us up at night.

The Financial Services Council has been tracking Kiwis' financial confidence, financial literacy, financial preparedness, job security and wellbeing since early 2020 when the pandemic hit our shores.

The findings have shown just how much Covid-19 and global events impacted us, and how much of an effect our finances have upon our overall sense of health and happiness. 

So, how are we faring in 2022?

What is the Financial Resilience Index?

The Financial Resilience Index is a tracking survey that is carried out each year by the Financial Services Council. It surveys over 2,000 Kiwis representative of the broader New Zealand population, and asks them a range of questions to gather information about five key things: 

• Financial confidence
• Financial literacy
• Financial preparedness
• Job security
• Wellbeing

What did it find?

• 43% of respondents reported being somewhat or very unconfident in the NZ economy.
• 68% reported being concerned about house prices and 65% concerned about interest rates.
• 79% reported being concerned about inflation.
• 40% reported being negatively financially impacted by Covid-19.
• Most employed New Zealanders have less than 6 months’ worth of expenses saved, and 2 in 5 would be unable to access $5,000 if something unexpected were to happen.

On the upside, we're feeling more secure in our jobs, and our financial confidence is up 5% since 2021. 

This research was carried out prior to the Omicron outbreak and Russia's invasion of Ukraine, and the Financial Services Council CEO Richard Klipin chatted to the Sharesies team on their Recap podcast about the likely impact of these events on the results if the same survey was carried out in March 2022.

Find out more

• Read the full Financial Resilience Index research report here.