NZers finally saving more

15/05/2012

It’s taken a while but we’ve finally got the savings message:

It’s good news for Bill English ahead of the May Budget announcement. As the Government seeks to make savings, RaboDirect’s latest survey shows New Zealanders are doing the same at home – with substantially more Kiwis saving now than 20 months ago. However, people are also missing out on better rates by not shopping around.

The poll shows 73 per cent of Kiwis now have cash savings, up from 47 per cent in a similar poll in August 2010.* Reflecting the change in people’s savings habits, the poll also confirms just 11 per cent of Kiwis are not currently saving – a figure that has more than halved since 2010.**

For far too many years we’ve been spending more than we earn.

That’s why we have to rely on foreign investment, and while I’m not opposed to using other people’s money per se, too heavy a reliance on it is not wise – for individuals, businesses or countries.

Increased savings by individuals might be one factor in National’s continuing popularity in the polls. People who are taking a more Presbyterian approach to their own finances expect the government to do likewise and aren’t impressed by an Opposition which still seems to be more keen on taxing and spending.


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