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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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

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

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/516dbc6a-a0be-46d1-93fa-b3fb005b01a7/transcript