Broadcast media coverage of the RaboDirect Financial Confidence Index survey findings.
Television New Zealand
"Confidence in financial sector slumps "
Nadine Chalmers-Ross interviews Mike Heath, General Manager of RaboDirect
Radio New Zealand
Morning Report, Business News
"Quake dents confidence in financial future"
Click on 'Morning Business for April 15 2011' (plays at 10:19)
Online news article
Quake dents confidence in financial future
Public confidence in the financial sector is at its lowest point since the height of the recession, a survey has found.
The RaboDirect Financial Confidence Index found public confidence stood at 22% last year, but slumped to just 10 percent.
RaboDirect general manager Mike Heath says the decline is mainly due to February's earthquake in Christchurch. He says 50% of those questioned felt less confident about the financial future specifically because of the earthquake, due to concerns about the unemployment impact, the country's ability to fund the rebuilding, carry out the rebuilding and repay the debt.
The index also shows 44% of people are concentrating on reducing their debt and that New Zealanders allocate 28% of their monthly income to debt repayment.
Mike Heath says it's not yet clear whether this represents the emergence of a financially prudent culture.
Copyright © 2011, Radio New Zealand
Mike Hosking Breakfast
"Confidence in financial sector falls"
Host Mike Hosking speaks to business correspondent Roger Kerr
Click on Business 'Confidence in financial sector falls'
Online news article
Confidence has dropped in the financial sector
The latest RaboBank survey shows public confidence in the sector is at its lowest level since the survey began in 2009.
Business correspondent Roger Kerr says confidence was at 22% last year, but that has fallen to just 10%.
He says the Christchurch earthquake and the negative news around Hanover and South Canterbury Finance have contributed to the drop.
Mr Kerr says there is often a loss of confidence and trust in difficult economic times, as there is more scrutiny on offers from financial institutions.