Latest / Best of Business / Warren Ngan Woo: Westpac's Financial Wellbeing programme manager on the reports revealing less Kiwis have emergency savings

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Warren Ngan Woo: Westpac's Financial Wellbeing programme manager on the reports revealing less Kiwis have emergency savings · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks'd be follow
• 0:12
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  Speaker 2: Now, it turns out that more than a third of
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  Speaker 2: us have less than five hundred dollars in our savings accounts.
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  Speaker 2: The data has come from Westpac and apparently Aucklanders are
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  Speaker 2: among the worst at saving. Westpac's financial Wellbeing program manager
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  Speaker 2: Nar Warren nan Wu is with.
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  Speaker 1: Us right now.
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  Speaker 3: Hi Warren, Hey here, how are you well?
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  Speaker 2: Thank you?
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  Speaker 1: So?
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  Speaker 2: Why are Auckland is so bad relative to Cantabrians.
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  Speaker 3: I mustive that Tabrians should be celebrating, but they shouldn't
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  Speaker 3: too far just this moment. Aucklanders pretty much when you
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  Speaker 3: look at it, a big city, so we've got higher
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  Speaker 3: costs of living. I think about transport, child support and
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  Speaker 3: child costs, and all those costs pretty much eat into
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  Speaker 3: a lot of that costs. And we've looked down another
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  Speaker 3: layer at the data. Actually Aucklanders save a lot higher
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  Speaker 3: averagely on their monthly automatic payments one hundred fifty dollars
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  Speaker 3: versus contamions which are at about one hundred and fifty
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  Speaker 3: one hundred and twenty.
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  Speaker 2: Sorry, yeah, now, I mean the stuff looks really dire
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  Speaker 2: when you look at it. But I wondered if part
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  Speaker 2: of what we're looking at is we're just looking at
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  Speaker 2: what's in your bank account, right, Is it not possible
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  Speaker 2: that a whole bunch of people now have lots of
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  Speaker 2: money in shares and managed funds and other places.
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  Speaker 3: Yeah, absolutely, great point to race. This is just a
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  Speaker 3: step shop in relation to savings. But certainly it doesn't
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  Speaker 3: take into account what other people have options of savings
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  Speaker 3: and investments outside of respect. But it just gives us
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  Speaker 3: a little bit like forul like around the regions and
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  Speaker 3: the country around sort of savings habits and behaviors, and
• 1:45
  Speaker 3: sometimes there's more around saving motivations. It's more around sort
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  Speaker 3: of saving capacity. Again, coming back to Auckland being a
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  Speaker 3: sort of the economic cover of New Zealand, expensive to
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  Speaker 3: live here in Auckland, right, communed to the country totally.
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  Speaker 2: Yeah, we've moan about it all the time, Warren, thanks
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  Speaker 2: very much. Appreciate it, Warren, And we're wastpect Financial Wellbeing
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  Speaker 2: program managing for.
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