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Nearly 40% of People Cannot Access Emergency Funds Without Going Into Debt, Survey Shows

Nearly 40% of People Cannot Access Emergency Funds Without Going Into Debt, Survey Shows

According to a new survey by the Financial Services Council, 39% of respondents in New Zealand cannot access $5000 to cover an emergency without goin

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According to a new survey by the Financial Services Council, 39% of respondents in New Zealand cannot access $5000 to cover an emergency without going into debt. This figure has increased by 5% over the past year, indicating that people are not financially prepared for a potential economic downturn. The council’s chief executive, Richard Klipin, believes that trade-offs between balancing shorter-term and longer-term needs need to be made, and urged people to try and put some savings away. He also advised anyone concerned about their finances to track their spending and speak with their family, friends, bank, KiwiSaver or investment provider.

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