New Zealanders are spending almost everything they earn, with only about $700 million in household saving in the March 2020 year, slightly less than in 2019, Stats NZ said today.

“That’s the equivalent of each occupied household, numbering 1.79 million in New Zealand, earning about $412 more a year than they spend,” national accounts senior manager Paul Pascoe said.

“After the global financial crisis in 2008/2009 the household saving rate picked up sharply for a few years, but more recently household saving has been relatively low. Income is increasing but spending has been rising even faster for the past seven years.”

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• Household saving only just positive
• National accounts (income and expenditure): Year ended March 2020
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