Credit Union members good savers

New Zealanders may have a reputation as poor savers, but that’s not the case for people who are members of credit unions.

Thursday, 9 March 2006

He says that members have grown their average savings at a rate of 8.67% each year over the past five years.

"While statistics report that New Zealanders are not getting to grips with the need to save, our members are bucking the trend by not only saving, but also growing their level of savings every year."

McLaren says financial education has been neglected for too long. New Zealanders need to understand the implications of taking on debt, the impact of fees and the benefits of planning.

"Attitudes to debt have changed in the past 20 years and student loans have helped to make young New Zealanders comfortable with debt. Many people will spend their working lives living on credit while paying only the minimum payments. They will be working twice for their money and never know the control that comes with being financially independent," he says.

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