New Zealanders Overwhelmingly Support Access to Cash Services

A recent consultation by the Reserve Bank of New Zealand found strong support for access to cash services. The consultation received 6106 submissions, with 6083 from individual members of the public and 23 from organisations. Around half of respondents (48.5%) were dissatisfied with current cash services in their district.

The majority of respondents agreed that a standard for cash access was necessary, with 90% agreeing (76% strongly) that New Zealand needs such a standard. The proposed standard suggested by the Reserve Bank received mixed feedback, with 50% of respondents saying it was 'about right' but 28% stating it was not enough for their district.

Organisations that submitted to the consultation included commercial banks, businesses, financial service providers, and policy advocacy groups. Some organisations supported a voluntary approach to achieving continued access to cash, while others advocated for a minimum accessibility standard. The consultation findings are consistent with research conducted over the past 5 years by the Reserve Bank.

Assistant Governor Money Karen Silk welcomed and thanked people for their views, stating that 'New Zealanders use and value cash alongside digital ways to pay.' The Reserve Bank is now engaging with a bank working group to improve cash services across New Zealand.