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."

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