The impact of COVID-19 on financial wellbeing
COVID-19 gave Te Ara Ahunga Ora a unique opportunity to study the impact of a global crisis on New Zealanders’ financial wellbeing. We joined a multi-country study based on the internationally-accepted model of financial capability designed by Professor Elaine Kempson of Bristol University.
Our first survey of 3000 people was undertaken in April 2020, during the last two weeks of Level 4 lockdown. A follow-up survey of 4000 people was done six months later in October 2020. People were interviewed about how personal and household finances were affected by the COVID-19 pandemic, talking about their income, bill payment, borrowing, debt, savings, ability to pay for essentials such as food and whether they sought financial help.
Comparisons between results of the two surveys are enlightening, showing some areas of improvement, and others of continuing concern.
-
Impact of COVID-19 on Financial Wellbeing – April 2020
-
Impact of COVID-19 on Financial Wellbeing – April 2020. The questionnaire
-
Summary slides: Impact of COVID-19 on Financial Wellbeing – April 2020
-
Impact of COVID-19 on Financial Wellbeing – October 2020
-
Summary slides: Impact of COVID-19 on Financial Wellbeing - October 2020
Changes in financial attitudes during and after the first lockdown
In addition to the above surveys, data from our former Barometer survey was gathered between January 2020 and June 2020 and aggregated into three two-month blocks to detect whether New Zealanders' attitudes and behaviour around money changed during and just after the first lockdown.