Māori and women less confident in NZ's financial system
New findings from the FMA’s 2024 Consumer Confidence Survey revealed that Māori and women in New Zealand are less likely to feel confident in the country’s financial markets and their regulation.
The nationwide research, commissioned by FMA in 2024 and conducted by research firm Fiftyfive5, was carried out online between July 22 and Aug. 12, with responses from 2,081 New Zealanders aged 18 and over.
Credit use: Buy now, pay later popular among Wāhine Māori
The data showed that wāhine Māori are more likely to use buy now, pay later services compared to other groups, and less likely to use traditional credit cards. These trends suggest varying access to and preferences for credit products across demographic lines.
Investment access uneven across demographics
Ownership of investment products beyond KiwiSaver — such as shares, managed funds, and term deposits — was lower among Māori and women. The survey also highlighted a gender gap in cryptocurrency investment, with men more likely to invest in digital assets across both Māori and non-Māori populations.
Insurance coverage lower among Māori and women
When it comes to insurance, Māori and women were less likely to hold life or health insurance. However, Māori were more likely to have funeral insurance, indicating different risk preferences and financial planning behaviours among groups.
FMA calls for broader understanding of market access
By analysing financial confidence and behaviour through the lens of ethnicity and gender, FMA said it aims to better understand whether financial markets are working fairly for all New Zealanders. The insights will help shape future policy, regulation, and outreach efforts.
FMA is also consulting on a planned review of financial advice access and is piloting a regulatory sandbox with six fintech firms.
The results were also discussed by Ben Ritchie (pictured), FMA manager, data, and intelligence, in the regulator’s 5mins with the FMA podcast.
