No concerns over savings

The latest Sovereign ‘Saver Pulse’ survey showed that an increasing number of New Zealanders believe the taxpayer will provide an adequate pension. The proportion has doubled over the past three years. Surveys by AMP have shown a similar trend since the Labour-led government began the fund.

However, Finance Minister Michael Cullen, responding to questions by United Future’s finance spokesman Gordon Copeland yesterday, said this trend is not a problem, although he did have some concerns that there are no more New Zealanders saving for their retirement than there were three years ago.

"The purpose of New Zealand Superannuation is to provide an adequate basic level of income in retirement," Dr Cullen told Parliament.

"I regard that as the basic duty of a Government in a civilised society. Attempts to scare people into saving have simply not worked over the last 12 to 13 years."