Aucklanders are paying a high price for the high life, according to a study that shows they owe 40 per cent of the nation's personal debt.
Wednesday, November 24th 2004, 2:55PM
by The Landlord
Aucklanders, who make up 30 per cent of New Zealanders carrying debt, have taken on $29 billion, compared with $43 billion for the rest of the country, the joint Metro magazine-Statistics New Zealand study showed.
Higher house prices were partly to blame, but Aucklanders were also paying for trying to keep up with the Joneses.
A Nielsen Media Research survey in August of households with incomes over $80,000 found Aucklanders regarded success and being seen as successful as more important than other New Zealanders.
