We’re living beyond our means

As the economy boomed and the good times rolled, spending money was easy and credit was there for the taking.

But financial advisers are dismayed at the number of New Zealanders who have been living beyond their means, forgetting the basics of money management and now paying the price.

Even the well-off have proved to be vulnerable as finance companies – the latest Hanover Finance – hit the skids, potentially taking large chunks of investors’ cash with them.

And the younger you are, the more you’re likely to struggle with the new need for frugality.

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