The Financial Markets Authority (FMA) has released findings from its first “Consumer Confidence Survey,” offering insights into how New Zealanders perceive financial service providers.
The annual survey revealed that 75% of consumers believe financial service providers treat customers fairly, with banks and KiwiSaver providers rated more positively than insurance providers.
The survey integrated elements from previous FMA studies, including the Investor Confidence Survey and KiwiSaver Statements Survey, while introducing questions on fairness, investment scams, and market confidence.
According to the FMA, this initiative provides a nationwide perspective on public experiences and views regarding financial services.
FMA chief executive Samantha Barrass emphasised the importance of these insights in guiding regulatory strategies.
“We are committed to becoming an intelligence-led regulator, and understanding the experiences of New Zealanders within our financial markets is crucial to achieving this goal,” she said.
She added that the survey helps the regulator identify trends and areas requiring attention to ensure fair and effective regulation.
While general sentiment towards financial providers remains steady, the survey noted a decline in confidence in financial markets, dropping to 57% in 2024 from 68% in 2023.
Confidence was highest among those financially stable and most engaged with their finances, while individuals facing financial challenges expressed lower levels of trust in the markets.
The survey also highlighted significant trends in financial product ownership:
Lower confidence was observed among women, Māori, Pacific peoples, and individuals from lower socio-economic backgrounds.
Barrass indicated that the FMA would explore these findings further to address disparities.
“We will be leveraging these insights to inform our regulatory approach and promote positive outcomes for all New Zealanders,” she said.
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In parallel with the survey, the Retirement Commission has relaunched the “National Strategy for Financial Capability,” aiming to strengthen financial resilience across the country.
The strategy involves collaboration among government agencies, insurers, financial institutions, community groups, and advisers.
Retirement Commissioner Jane Wrightson outlined the benefits of a coordinated approach.
“Pooling resources and expertise ensures we maximise collective impact and avoid duplication. We can help New Zealanders make informed choices to reduce debt, save, invest, protect what’s important, and select the products and services that will assist them to create a better future,” she said.
