Age Concern New Zealand media release 19 June 2007
2006 Census
 

Census shows low incomes for older people
 

Age Concern New Zealand is commenting on the latest Statistics New Zealand
People aged 65 and over were well under the national median income of $24,400.

“For people aged 70 to 74 the median income for the year was just $14,800 – this is even below the level of national super,” says Age Concern New Zealand spokesman Alistair Stewart. “Older women have even lower incomes, for example $1000 a year less for 70-74 year-olds.”

“How would you like to live on $14,000 per year? And these are median income figures, so half of people are on incomes above that, and half on incomes below.”

Worse, older people had the least increase in their incomes between 2001 and 2006.

New Zealanders’ median personal income went up 32 percent on average over the five years. Most older people’s income only increased around 15 percent through a time when power bills, rates, and health costs all increased by much more than that.

One bright spot is that 60-64 year-olds’ incomes have improved.

People aged 60-64 have had the fastest rise in income (up 59% to a median of $23,700). “This is simply because they’re working for it,” explains Alistair Stewart. “Statistics NZ figures show that far more people in this age group are keeping working, compared with previous censuses.”

The Census also showed that older people were the most likely to receive income from interest and investments. “However the income figures suggest income over and above national superannuation is very low for most older people.”

“New Zealand’s older people need further increases in income to make up the ground they’ve lost over the last five years,” Age Concern New Zealand says.

Ends

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