S&P Global Ratings has classified the banking sector of New Zealand in group '4' under its Banking Industry Country Risk Assessment, alongside Estonia, Israel, Kuwait, Malaysia, Mexico, Saudi Arabia, and Taiwan. S&P explained that while New Zealand's economic growth is expected to be solid over the medium term, the risk of a sharp correction in property prices "remains elevated", amplified by the New Zealand economy's "persistent current account deficits" and high level of external debt. "We consider the key drivers in the slowdown in house prices and credit growth to be tighter macroprudential tools implemented by the Reserve Bank of New Zealand as well as higher lending rates due to an increase in funding costs," S&P said. A moment of personal insight into the rise of debit cards in recent years has been provided by the founder of a rising fintech. Speaking yesterday on a panel discussion at the Millennials 2020 Summit in Sydney, looking at "Where millennials are putting their money," Nick Molnar, co-founder and CEO of Afterpay outlined his firm's surprise at the degree to which millennials use debit cards, based on data from sales run through his firm's platform. Molnar speculated that one reason for this was that, speaking as a representative of that cohort who turned 18 as the GFC hit, the lesson learned was "only spend money that you have".