The survey found that 62% of Kiwi parents report that the rising cost of living affects their ability to raise children, with 43% of parents looking to cut back on costs, while 39% said they will reduce non-essential spending, such as on toys and gifts. Meanwhile, 13% of respondents said they go without essentials, like petrol and meals, due to lack of funds.
Data from Stats NZ showed that annual inflation rose sharply to 7.2%, up from 2.2% in September. Many Kiwi families are also feeling the shockwaves from steep rate hikes of up to 7.1%, according to Stats NZ.
Managing the family and household was the greatest source of stress for 61% of parents – this includes navigating family relationships, the health of the household, behaviour issues and finding childcare.
A majority of parents surveyed (57%) worry about juggling work and family life or managing job security, while two in five (40%) are stressed about financial uncertainty (up from 35% in 2021) and 33% are worried about managing debt.
“Parents were just beginning to adjust to a new normal in the wake of COVID-19, when cash rates began to rise and house prices plummeted,” said nib New Zealand CEO Rob Hennin. “It’s no wonder they are now feeling the pressure. In fact, a third of parents surveyed are worried about debt and mortgage repayments. This is on top of the existing home life pressures such as navigating relationships (29%), health (27%) and even separation from loved ones overseas (13%).”
The cost-of-living crisis also has a greater effect on ethnic minorities, with Asian (73%), Māori (72%) and Pasifika (72%) parents saying they feel the crunch to a greater degree.
According to nib, many ethnic minority families are having to make more sacrifices than their Pakeha counterparts. While around half of Māori and Pasifika families are reducing spending, parents from these groups are more often going without essentials like skipping meals and petrol (23% and 17% respectively) compared to Pakeha (11%). The survey said that more Pasifika (21%) and Asian (22%) parents reported needing a secondary income, compared to Pakeha (10%).
“Parents today are juggling a million things; the last thing they want is for their family’s health to be sacrificed,” Hennin said. “And with concerns about financial uncertainty and job security on the rise, this no doubt takes a toll on mental wellbeing. When you’re running on empty, you can’t be the best parent you can be.
“If COVID-19 has taught us anything, it’s that our health and wellbeing takes priority. So, it’s nice to see that two thirds of parents surveyed are still planning a holiday. However, as an employer, it’s also important to take note so that you can ensure the right supports are in place for your people.”
