Kiwis have become more frugality in wake of GFC: survey

New Zealanders have become more frugal and less trusting of business in the wake of the Global Financial Crisis (GFC), according to a major survey out Wednesday.

The University of Otago national survey of 2,036 New Zealanders, conducted in late 2013, also found New Zealanders had a growing concern for the environment and sustainable consumption.

A report, based on responses to 579 questions covering people's activities, interests, opinions and demographic characteristics, identified a general downturn in consumer confidence and spending since the survey was last held in 2005.

Consumers were becoming increasingly conscious of wastefulness and the environmental consequences of consumption, and were more critical of government spending and the roles and responsibilities of business.

"In our study we suggest that these topics may be linked to the Global Financial Crisis and its impact on consumer spending power, and a perception of targets for government spending such as social welfare being relatively more deserving in the current economic climate," study lead author Dr. Leah Watkins said in a statement.

Moderate changes since 2005 included decreasing satisfaction with business, increasing frugality and resourcefulness, and increasing alignment with more traditional values.

"The latter change includes greater agreement with propositions that 'by returning to the standards of our grandparents, New Zealand would be a better place to live' and 'obedience and respect for authority are the most important things children should learn'," said Watkins.

The report said that "while New Zealanders have arguably been sheltered from the most serious consequences of the GFC, the increased emphasis on frugality and resourcefulness, and the generally negative attitudes to business can be seen to be consequences of it." Endi