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Copeland: Savings Behaviour Must Change

Media Statement

For immediate release

Thursday, 12 June 2003

Copeland: Savings Behaviour Must Change

United Future finance spokesman, Gordon Copeland, today renewed his call for a dramatic change in the savings habits of New Zealanders.

Following an appearance today before the Periodic Reporting Group (which is charged by Government with undertaking a report on retirement income policies every six years) Mr Copeland said, "The time has been reached for endless reports and exhortations to cease and for real concrete steps to be taken.

"The reality is that Kiwis have become wedded to consumption and that household saving rates, negative for some years now, are steadily worsening . A way must be found to bring about behavioural change and the whole community needs to be involved in the process.

"Government can and should do two things immediately. Firstly introduce tax rebates for long term superannuation savings. United Future favours a 33 percent rebate on the first $2,000 saved each year.

"Secondly, there should be a well resourced media campaign to get the message across to all adult New Zealanders.

"I look at the effect which the media blitz over a number of years has had on our drink driving habits. We have succeeded in changing the culture. We now need a similar effort to change the saving culture of the nation," said Mr copeland.


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