Debtfix checks in on your wellbeing

It’s official – the Debtfix Navigators are making a difference to the well-being of New Zealanders.

Recently, we surveyed people Debtfix has had some contact with – either big or small – and asked how things are going.

Significantly, when respondents first contacted Debtfix more than 43 per cent indicated their overall well-being was bad and now, only 16.3 per cent of respondents feel the same way.

To put it another way, 56.9 per cent of people Debtfix surveyed now agree or strongly agree that their overall well-being is good.

That’s pretty good in a year when many people feel uncertain about their future.

Quite a few respondents now feel neutral about their overall well-being (26.8 per cent), which possibly reflects the impact of Covid-19 on our lifestyles and unclear outlook for the future.

Less pressured to borrow on unfavourable terms

When we delved into the details about debt and money matters the respondents showed some improvements following their contact with Debtfix.

Seemingly insurmountable debt can push people to borrow from high-interest lenders but working with Debtfix gave some respondents more resistance to borrowing on unfavourable terms.

At first contact with Debtfix, 41.2 per cent of respondents said they didn’t feel pressured to borrow on unfavourable terms and after working with Debtfix, this increased to 69.9 per cent of all respondents.

In contrast, 43.1 per cent of respondents indicated they initially felt pressured to borrow on unfavourable terms and this reduced to 16.3 per cent after they had been in contact with Debtfix.

More work needed for financial improvements

The results showed more work is needed to improve the financial position of our Debtfix respondents.

Only 34 per cent of respondents feel good about their current money situation and positively – 48.3 per cent feel in control of their debt.

When Debtfix asked respondents about being in control of their debt in 2019, only 39.7 per cent reported they had debt under control.

Also, 45 per cent of respondents now feel they can confidently manage their finances and 45.5 per cent consider they have enough money to meet their basic needs and obligations.

In 2019, 24 per cent of Debtfix respondents felt they could confidently manage their finances.

The disparity between confidently managing money and debt, and how people feel overall about their financial situation possibly indicates respondents’ aspirations for greater monetary wealth.

Life is good

More than half of respondents said they agree (42.1 per cent) or strongly agree (14.8 per cent) that their life is good now, which is an improvement from the Debtfix respondents surveyed in 2019. Then, only 27.4 per cent of them reported that their life was good.

The Debtfix crew celebrates the successes and is pleased to see they are making a positive impact.

It is recognised that in 2020, 30.1 per cent were neutral about their life being good and 12.9 per cent did not feel good about their lives.

The Debtfix crew is determined to work harder to ensure no-one feels like they are drowning in debt and we know we can always find a solution to turn around every financial situation.

Our work is by no means done.