DIY skills an asset as income shrinks
In this part of our series we look at the value of a fix-it attitude.
Patrick Harris is a dab hand at home DIY.
If things need repairing around the house, Harris will have a go. He recently replaced some weatherboards and strengthened the foundations. It saved him a small fortune. For tasks such as replacing guttering or fixing a vacuum cleaner, he will have a go himself before paying someone or buying a new part.
Harris’ do it yourself attitude is typical of men his age. He said his generation grew up tinkering in dad’s shed, mucking around with tools, timber and machinery.
It’s this upbringing that helped people his age develop hands-on skills that will serve them well in retirement.
If the lawnmower breaks – they fix it. If the house needs painting – they pick up a paint brush.
AMP managing director Blair Vernon said that as the cost of labour increased, DIY skills would become increasingly valuable in retirement.
Those who did not have the skills and needed to pay for services would fare worse in retirement, he said.
Younger New Zealanders were falling behind when it came to learning practical skills.
Not only that, they were paying for services such as cleaning and lawnmowing, which did not require much skill.
‘‘If you don’t acquire those skills then you are exposed to purchasing those services and they’re quite expensive,’’ Vernon said.
There was nothing wrong with that when you were young and could afford it. But when those people hit retirement there was a good chance they would need to cut out luxury expenses.
Although that sounded easy in principle, changing was no easy feat, he said. ‘‘That feels like a radical altering of your lifestyle.’’
Acquiring DIY skills is easier said than done. Traditionally, skills were handed down from father to son, but younger people lacking that parental guidance can sign up for courses, attend workshops at their local hardware stores, tap into the wisdom of YouTube videos, or join a DIY club.
Harris is a trustee of the Auckland Central Community Shed – a non-profit community facility offering tools and instruction in return for an annual fee.
Many of the young people who joined lacked even the most basic skills, he said. ‘‘They pretty much need handson teaching.’’
Younger people maybe lacked the skills of older generations because they were more focused on technology and computers rather than ‘‘mucking around with bits of wood and making go-carts’’.