“It does make me sad because I know the struggles our kuia and kaumātua had, and they were living and working with their families in an environment, 40 or 50 years ago that was not conducive to the well-being of our whānau.”
The Retirement Commission says women in retirement are worse affected. New research shows 55 per cent of New Zealanders are struggling with their financial situation, with 61 per cent of women saying they are in a difficult position financially compared with 48 per cent of men.
Many struggling
Women aren’t able to save as much as men, receive less pay or leave jobs to care for families in turn decreasing the rate of upskilling in their work over their career.
“If you’re renting, well there are very few discretionary dollars left over for savings and to do anything else to make life just a little bit easier, so you know they’re certainly doing it hard and many of them are struggling right now,” Raukawa-Tait says.
Figures show only 35 per cent of the elderly own their own homes, with the majority renters. Raukawa-Tait says elderly Māori need to think about their own future.
Even saving just $50 a week for 40 years would help towards a comfortable retirement.
“To people who are retired, look, if you’ve got money to leave to your children, kai te pai but, if not, spend it on yourself, my goodness you deserve it and, if you want to take that trip, take it; if you want to buy that car, buy it. We’re only here once.”
