AUCKLAND, New Zealand – Like the Americans, New Zealanders are not great savers according to the media. Not so fast, says Doug McLaren, CEO of the Association of New Zealand Credit Unions. He is frustrated with those newspaper and television stories decrying the spendthrift ways of citizens, because credit union members do not fall into the categories of either poor savers or nonsavers. The average savings balance for the 170,000 credit union members of this split island country is NZ$2,500 (US$1,589), McLaren reported. This is up over 40% in the last three years. Although he was quick to admit that the amount isn’t astronomical for many, he also pointed out that most credit union members were of moderate means, meaning a larger percentage of their incomes were going into savings, a thrift trend. NZACU, which has often been critical of educators not training youngsters on how to handle their budgets, is encouraging budgeting courses in schools. The credit union concept has been operating in New Zealand since the early 19th century, but it was only in 1961, when Father Marion Ganey encouraged the organization of the predecessor to NZACU, that it really took off. Currently 53 credit unions operate in New Zealand.
Security executives need to build business cases that truly reflect the value of their security stack.
As CFPB Acting Director Mick Mulvaney prepares to speak at CUNA’s Governmental Affairs Conference this week, the director’s battle with Senate…
Fiserv and Symitar continue to dominate, but CUs have many choices when it comes time to convert or commit.
Sponsored by Epic River
Learn how your credit union can onboard new sources of deposit revenue from hospital systems and healthcare providers in your community with the strategy outlined in this white paper.
Sponsored by Finastra
Taking the first step towards a complete digital mortgage experience can be the hardest. Learn six strategic steps to start your credit union’s journey today.
Credit Union Times
Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!
- Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
- Exclusive discounts on ALM and Credit Union Times events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.