Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


FSC welcomes new retirement expenditure survey

16 August 2012

FSC welcomes new retirement expenditure survey

The Workplace Savings/Westpac/NZ Retirement Expenditure Guidelines Survey on how much people are presently spending in retirement will be helpful information for measuring and monitoring our likely superannuation income gap, says the chief executive of the Financial services Council Peter Neilson.

The research released today shows how modestly many currently retired New Zealanders live.

In Australia they have a Retirement Income Savings Gap Report and the Workplace Savings Survey results will enable New Zealand retirement advisers to measure and monitor retirement income shortfalls now and into the future,” Mr Neilson said. “We will be able to clearly see whether the retirement income gap is widening, remaining static, or improving.”

Mr Neilson said the “real” income needs of retired people was often masked and not fully recognised, with children often helping out with irregular costs like Internet subscriptions, replacing appliances or repairs and maintenance of the house.

“Baby boomers, who are starting to retire now, will live longer and have an expectation of remaining in bigger homes, travelling and entertaining a lot more than their grandparents. This means their income “needs” will be higher than they have been in previous generations.

“With people predicted to live longer, New Zealand will increasingly have intergenerational retirement where 80 and 90 year old parents and their children are all retired and relying on their retirement savings to live,” Mr Neilson said.

“The Workplace Savings research provides some very useful insights into the current spending of retirees and future research will provide comparative information that will enable the industry to understand and react to the trends that emerge,” he said


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>