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Source: ONE News
A decline in New Zealanders' household assets has been driven by declines in house prices and lower growth in housing stock.
The Spicers' Household Savings Indicators report shows the net worth of the average New Zealand household fell by $14,500 in the September quarter, following a decline of $17,000 in the previous quarter.
This puts the average household net worth just under $356,000 - down around $40,000 from a year earlier.
Spicers' spokesperson Aaron Hing says people are taking the right steps to manage their way through the current economic volatility, by reigning in their spending and borrowing.
Hing says the increase in money in bank deposits compensated for a fall in managed investments in superannuation and private investment funds.
