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University of Otago research investigating the impact housing plays on the financial situation of New Zealand retirees shows that non-homeowners are in a worse position financially, and action is recommended before the problem grows.
"We're staring down the barrel of future generations of non-homeowners being less able to achieve acceptable standards of living when they retire because of the critical factor of home ownership," says Dr. Helen Roberts of the University of Otago's Department of Accountancy and Finance.
Homeowners - Position - Retirement - People - Homes
"Essentially, homeowners are in a better financial position in retirement, and we've got less people owning homes," Dr. Roberts adds.
According to recent Housing Expenditure survey data, New Zealand has approximately 750,000 people aged 65 or over.
Research - Team - PhD - Student - Jelita
The research team of Ph.D. student Jelita Noviarini, and supervisors Dr. Andrew Coleman, Dr. Roberts and Associate Professor Ros Whiting believe the results highlight a need for the New Zealand government to address the lack of suitable public housing, rising housing and rental prices, and mandate compulsory contributory retirement savings plans.
"New Zealand Superannuation is based on the assumption that recipients are homeowners. It's clear through statistics and the current attention on housing affordability that this is becoming less of a reality for many New Zealanders. The longer policy makers...
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