Β #KiwiFinance #PersonalFinance #Kiwisaver
Hey everyone! π Have you ever wondered what the average Kiwi’s financial situation looks like? π€ I often see stats about Americans, but not much about us Kiwis. So, let’s dive into it together!
Here are some questions to get the conversation going:
– How many Kiwis are living paycheck to paycheck?
– What is the average emergency savings amount for Kiwis?
– How are Kiwisavers faring in terms of retirement savings?
I’d love to hear your thoughts and insights on this topic! π‘ And if you have any tips or solutions on how we can improve our financial well-being as Kiwis, please share them too! Let’s help each other out. πͺπ³πΏ #CommunitySupport #FinancialWellness
https://www.rnz.co.nz/news/business/487885/survey-finds-39-percent-unable-to-access-emergency-funds-within-a-week-without-going-into-debt
Reports like this come out from time to time, and Stats NZ publishes some too
Some of our guides that will soon be updated:
[https://www.moneyhub.co.nz/average-kiwisaver-balance-by-age.html](https://www.moneyhub.co.nz/average-kiwisaver-balance-by-age.html)
[https://www.moneyhub.co.nz/average-nz-salary-by-age.html](https://www.moneyhub.co.nz/average-nz-salary-by-age.html)
The average kiwi doesnβt realise that the median kiwi is usually more representative of whateverβs being measured than the (arithmetic) average kiwi is.
Don’t look at averages. It is a pointless comparison.
You need to work out your burnrate vs income from assets / income.
Why are you so sure the average Kiwi is any different to the Average American? Youβd be very mistaken.
Doubt the average Kiwi is doing better than the average American. Donβt have the numbers on me but Iβd be very surprised if that was true. NZ is a low-waste economy with a lot of poverty.
35yr old single home owner here. I don’t exactly have an emergency fund as I put 100% of my available money into my mortgage however, each time I renew my mortgage, I get an orbit account of $25-30k on top of the loan and would use this if I’d paid enough off of it which can be dodgy when you start a new term as I have $0.00 available. If I lost my job and needed money, I’d imagine I’d try take a loan from my mortgage to cover expenses.
For reference I typically pay $4.5k a fortnight to mortgage and the orbit account. $300k left on $1m plus home. Home loan will be paid off in 3 years and then I’ll invest for retirement.
So in a way, I live pay check to pay check and have no emergency funds but am perfectly happy where I am.
You are not in the right place to talk to the average kiwi on hereβ¦