This article is written by Westpac NZ's CEO, Catherine McGrath.
It's been another unusual year, where a combination of the ongoing impact from the pandemic, geopolitical risks and domestic headwinds have tested our resilience and challenged our ability to continually adapt to a changing world around us.
This year's inflation pressures aren't entirely down to the pandemic, but they've certainly put additional pressure on Kiwi businesses and households.
The combination of high cost of living and high interest rates is tough, but planning for the impact, and making adjustments to outgoings where you can, will help to make your household or business as resilient as possible.
We continue to have more uncertainty in the year ahead as we don't know how long inflation will last, precisely where interest rates will peak and how long they will remain elevated. However, we do expect things will be improving by the second half of next year.
An end of year stocktake
There are a couple of things which I think are worth considering to prepare for next year as well as you can. The first is to take time to review your financial situation. You might find ways you can reduce money worries by easing back on some spending or paying down debt faster.
And if you're really worried about how you'll make ends meet, make a plan to talk to your bank sooner rather than later, because the earlier you talk to us, the more options we have to help.
As part of our preparations for the year ahead, we are making sure even more of our team are trained and confident to support both individuals and businesses as they re-evaluate their outgoings to ensure their finances are as resilient to economic headwinds as possible.
Secondly, once you've wrapped up work for the year, if you can, switch completely off from the day job. A complete break with whanau in places you love, just gives each of us the time to really recharge and return in the New Year rested, and with fresh perspectives.
That complete break, and a fresh perspective, means you'll hopefully be energised and agile to tackle incredibly well whatever the year ahead brings.
Time to relax and unwind - but not let our guards down
Like many of us, I'm hoping to spend some time at our beautiful beaches, lakes and rivers. And I'm really determined to make sure all my memories of time in the water with whanau are happy ones.
Unfortunately increasing numbers of visits to our waters are ending in tragedy.
Ninety New Zealanders died in preventable drownings last year, the highest number in a decade. And we're on track to surpass that number in 2022. It reinforces we need to work even harder to make sure we stay safe and take better care of ourselves and our whānau around water this summer.
Our partnership with the Westpac Rescue Helicopters has been keeping communities safe for four decades, and we're also going a step further to help Kiwis avoid needing to be rescued in the first place.
A great reminder to stay safe around the water
Our CPR Rescue Rashies unzip to reveal CPR instructions where they're needed most. Designed to fit children aged two to eight, they're a reminder for the whole family not just to make sure you know what to do in an emergency situation, but to always stay safe around water.
We've already given away hundreds around the country, and thousands more are on sale now with 100 percent of proceeds going to the purchaser's local Rescue Helicopter Trust.
Why should a bank care about water safety? Because it's the responsibility of every New Zealander, including our Westpac whānau of 5000, to turn around our water safety record. We can all contribute by keeping ourselves and our communities safe, whether learning CPR, watching kids closely at the beach or round the pool, and knowing the risks and the conditions before we jump in.
Looking ahead with confidence
There's lots to be optimistic about as I look ahead to next year. While the pandemic and its impacts are still with us, it's great to see tourists back, hospitality starting to flourish and office workers returning to our cities. Overseas workers are also starting to return, which will ease labour shortages across many industries.
It gives me a sense of confidence that - even as we grapple with cost of living uncertainties - Kiwis are well equipped to deal with whatever challenges the new year throws at us.
In the meantime, let's all take the time to relax, unwind, stay safe and come back, raring to go in 2023.
Article created in partnership with Westpac NZ.
