The cost of living is hitting Kiwis hard, with new data showing Aucklanders are more likely to be worse off.

More than a third of New Zealanders have a savings balance of less than $500, according to new data from Westpac.

Westpac's Financial Wellbeing programme manager, Warren Ngan Woo, says Auckland is a big city where things cost more, which eats into people's ability to save money.

"This is just a snapshot in relation to savings, but it certainly doesn't take into account what other people have in options with their savings."

LISTEN ABOVE

The cost of living is hitting Kiwis hard, with new data showing Aucklanders are more likely to be worse off.
More than a third of New Zealanders have a savings balance of less than $500, according to new data from Westpac.
Westpac's Financial Wellbeing programme manager, Warren Ngan Woo, says Auckland is a big city where things cost more, which eats into people's ability to save money.
"This is just a snapshot in relation to savings, but it certainly doesn't take into account what other people have in options with their savings."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

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

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/abd125ee-6b66-48e6-ab2f-b3fb005b04f4/transcript