Half a million NZers have no savings: Consumer NZ research
AROUND half a million Kiwis have no savings and are just living off what they earn from one pay day to the next, according to research from Consumer New Zealand.
Consumer NZ head of communications and campaigns Gemma Rasmussen said stagnant wage growth and the rising cost of living meant many were struggling to get ahead.
‘‘Many people are struggling to put money away, with only one in four satisfied with their level of savings.
‘‘Many are doing it tough — over the past three months, half of New Zealanders had saved 5% or less of their income.’’
Consumer NZ’s sentiment tracker research found the cost of living was the secondmost concerning issue after the nation’s housing situation, Ms Rasmussen said.
Its research showed one in 10 respondents spent more than they saved, putting themselves into the red.
And older people were struggling to save the most — a situation weighing heavily on them given their approaching retirement.
The survey found one in five of those aged 5059 had no savings at all — a greater proportion than any other age group.
Three out of five noted retirement as being one of their saving priorities (along with 71% of those aged 6069 years old).
The standard of living for those in their 50s and 60s isn’t getting much better either.
For both groups, only one in 10 felt their standard of living had improved over the past year.
Earlier this year, the sentiment tracker found rising costs had rippled into the housing market, three out of five property owners saying they would be unable to afford to buy the homes in which they lived in at present. — The