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Home / Business / Economy

Saving now back in vogue, study finds

Tamsyn Parker
By Tamsyn Parker
Business Editor·NZ Herald·
1 Dec, 2009 03:00 PM2 mins to read

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The Government's retirement savings scheme KiwiSaver is back on the agenda after stalling this year.

In February 37 per cent of those in an AMP survey said they had signed up, similar to the 38 per cent in August last year, but now it has leapt to 43 per cent
of those questioned.

The biannual SuperWatch survey found saving is now back on the agenda for many people after an uncertain time during the recession and retirement savings are benefiting from the new-found optimism.

Back in February only 64 per cent of those questioned were saving for something - the lowest level since July 2005 - but that has now jumped back up to 68 per cent - the same level seen before the financial market's collapse in October last year.

Of those who are putting away money, retirement savings is the top priority followed by a holiday or travel, with 64 per cent of us saving for our golden years and 47 per cent for a getaway.

But views on the future of New Zealand Superannuation remain far from clear.

While 56 per cent agreed the Government needed to rethink the way it pays for New Zealand Superannuation, when asked if New Zealand should follow Australia in lifting the age of entitlement from 65 to 67, almost two-thirds or 63 per cent disapproved.

AMP spokesman Blair Vernon said people appeared to have heard the message about NZ Superannuation not being sustainable with an ageing population and fewer workers to pay for it.

"But people still see New Zealand Superannuation as a central part of their retirement savings."

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