The Consumer Experience with the Financial Sector survey is our inaugural, nationally representative survey of New Zealand consumers.
The FMA commissioned the survey to gain a comprehensive understanding of consumer experiences with the financial sector. The research reveals insights into the mindset and motivations of consumers as they manage their money and deal with financial services firms.
The main research objectives were to:
- Understand consumer mindset and context: Understand and segment the demographic and psychographic profiles of a range of consumer and investor groups, including New Zealand adults with characteristics of vulnerability.
- Identify emerging risks to provide evidence on where the FMA needs to take action or shift focus and assist in informing future strategic decision making of the FMA
- Product and service usage: Understand consumers’ current product holdings
- Trust, confidence and fairness: Measure consumer trust and confidence in the NZ financial sector and whether they think they are getting a fair deal
- Consumer experience: Understand the consumer experience, behaviour and attitudes towards the financial sector, products, and services
- Impact of financial advice: Understand who does and doesn’t use financial advice, why they do or don’t, and how they use it.
- Trusted information sources: Understand which information sources consumers and investors use and trust
- Consumer knowledge of regulations and protections: Evaluate consumer knowledge of financial regulations and protections.
This research is part of a commitment by the FMA to build a better understanding of consumers to help shape our regulation of the financial sector and deliver on our objectives. The data also provides valuable insights for the financial services industry, other Government agencies and consumer bodies.
The survey was conducted between 15 March and 11 April 2022 among a nationally representative sample of 2,509 New Zealanders covering a range of topics on financial products and services. More detail on the research approach and methodology can be found within the Technical Report in the appendix of the research report.