> ## Content Index
> Fetch the complete content index at: https://goodoil.news/llms.txt
> Use this file to discover other available public pages before exploring further.

# Face of the Day
- URL: https://goodoil.news/face-of-the-day-723/
- Published: 2023-04-10T18:30:00.000Z
- Updated: 2023-04-10T05:49:14.000Z
- Author: Good Oil Staff
- Tags: Economy, NZ, #wp, #wp-post, #Import 2024-07-16 22:34

> There’s a term in economics, the precautionary savings motive, which refers to the point where consumers see enough trouble on the horizon that they start holding onto their cash for a rainy day.  
>  
> ANZ chief economist Sharon Zollner said Kiwis still have not reached that point, despite repeated warnings from the Reserve Bank [about a looming recession,](https://www.stuff.co.nz/business/130691376/how-bad-could-a-reserve-bank-engineered-recession-get?ref=goodoil.news) and [stance that it would manufacture a slowdown if necessary to tackle inflation](https://www.stuff.co.nz/business/money/300758187/reserve-banks-engineered-recession-could-turn-into-economic-accident?ref=goodoil.news).  
>  
> “The Reserve Bank has been doing its best to freak people out and make them a bit nervous and make them save a bit more and spend a bit less, but so far they’ve got limited tractions,” she said.

[Read more here.](https://www.stuff.co.nz/business/131731273/kiwis-still-not-saving-for-rainy-day-despite-repeated-warnings-says-anz?cid=app-iPhone&ref=goodoil.news) Discuss it on *The BFD.*

[If you would like to access exclusive Member content or just remove the ads to make your reading experience more enjoyable click here to browse our Membership options.](https://thebfd.co.nz/subscription-plans/?ref=2)

[If you enjoyed this article please share it using the share buttons at the top or bottom of the article.](#)