Household Debt in New Zealand

  • One third of New Zealanders wrongly believe that Superannuation is asset tested
  • Since 1998, the number of NZ’ers with a Super Plan has dropped from 23% to 15%
  • If you start saving early, you can retire any time you like
  • Expect to live 15-20 years in retirement
  • Only 16% of Kiwis know what their retirement income will be
  • 40% of women aged 65-74 live alone
  • Two thirds of retired women are totally dependent on NZ Superannuation
  • 41% of NZ’ers plan to travel when they retire
  • Each year 1,800 NZ’ers suffer a stroke before they retire
  • 16 New Zealanders die every day (1 every 90 minutes) of Coronary Heart Disease
  • Over 80% of lung cancer incidence among females result in death
  • 1 in 10 men will lose a wife, sister or daughter to breast cancer

NZ Statistics: By mid-2006 the outstanding debt of households had increased around five times in dollar terms since 1990, more than doubling as a percentage of households' disposable income. Weighted average interest rates however had fallen from over 15% to about 8.5% per annum (over 90% of household debt is housing debt, at an average rate of around 8%). Interest servicing of the increased debt, as a percentage of incomes, was about a third higher than in 1990. At current levels, the ratio of household debt to income (excluding student loans) is similar to those found in Australia, the UK and USA.

 

 

Did you know...

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