INDEPENDENT NEWS

People in Bay of Plenty Enjoy Spending on Entertainment

Published: Wed 4 Oct 2017 12:48 PM
People in Bay of Plenty Enjoy Spending on Entertainment
Bay of Plentians are more likely to splash out on entertainment compared to many other New Zealand regions, according to data gleaned from Westpac NZ.
Westpac drilled down into the data of more than 96,000 of its CashNav app users* and found that those in the Bay of Plenty spend the third highest amount at around $223 on average per month at the movies, at concerts, or on gaming or gambling – beaten only by Auckland and Taranaki.
Westpac’s CashNav app allows customers to track their daily spending habits by categorising what they spend their money on and identifying what is holding their saving aspirations back. It also notifies them if their spending is higher than usual.
The app does this by automatically categorising customers’ EFTPOS, debit and credit card transactions into one of 12 categories such as eating out, shopping, travel, entertainment, home, groceries, transportation, utilities, education and health. Retailers choose their category although CashNav users can re-categorise them if they want to.
Westpac NZ General Manager of Marketing, Products and Transformation Andrew Kerr says CashNav allows customers to monitor their spending and take control of their purchasing habits.
“They can see if their spending is going up or down over the month and identify exactly where to cut back in order to save more.”
However, when it comes to eating out, buying groceries or spending on health, people in the Bay of Plenty are more careful. Their spending was more middle-of-the-road compared to some of the other regions.
“People in the Bay of Plenty like to enjoy themselves in terms of spending on entertainment but they are careful in other areas. CashNav app users are able to see when their spending is creeping up and how it’s affecting their saving for the bigger things they want. From there, they can make different spending choices,” says Mr Kerr.
ENDS

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