Are Kiwis saving enough for retirement? Evidence from SOFIE
AbstractThe extent to which people are saving for retirement is a key element in formulating public policy toward saving and retirement incomes. This paper adopts a life cycle model of wealth accumulation to estimate the saving rates that people would need in order to have an adequate income in retirement. Based on data from the Survey of Family, Income and Employment, we found that most of the population aged 45-64 has made adequate provision, especially among the lower income groups where New Zealand Superannuation represents the majority of their retirement income.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.
Volume (Year): 43 (2009)
Issue (Month): 1 ()
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Web page: http://www.tandfonline.com/RNZP20
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- Grant M. Scobie & Katherine Henderson, 2009. "Saving Rates of New Zealanders: A Net Wealth Approach," Treasury Working Paper Series 09/04, New Zealand Treasury.
- Trinh Le, 2007. "Does New Zealand have a household saving crisis?," Macroeconomics Working Papers 23081, East Asian Bureau of Economic Research.
- Grant Scobie & Trinh Le & John Gibson, 2007. "Housing in the Household Portfolio and Implications for Retirement Saving: Some Initial Finding from SOFIE," Treasury Working Paper Series 07/04, New Zealand Treasury.
- Trinh Le & John Gibson & Steven Stillman, 2010. "Household Wealth and Saving in New Zealand: Evidence from the Longitudinal Survey of Family, Income and Employment," Working Papers 10_06, Motu Economic and Public Policy Research.
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