MEDIA RELEASE
17 Februry 2003
PERSONAL SAVINGS IS
ALSO AN IMPORTANT ISSUE
"The National Party announcement on Friday 14 February 2003
that "there would be four main issues it would put its name on this year, economic
growth, welfare dependency, one standard of citizenship and education", will be
received with dismay by New Zealanders," said Vance Arkinstall, CEO, Investment
Savings and Insurance Association (ISI).
"No one would argue with the importance of the 4 issues
identified, but the bulk of New Zealanders would also rank the need to improve long term
personal savings levels as a serious structural issue requiring urgent debate," said
Mr Arkinstall.
"New Zealand has an ageing population with an increasing
number and proportion of the total population heading towards retirement age. This trend
will be particularly marked after 2010 when post World War II baby boomers begin reaching
age 65. We are not alone. Many countries face a similar problem. The difference however,
is that other countries politicians are already engaged in developing policies to address
this problem."
"New Zealand has a window of opportunity to develop
appropriate policies. This window will shortly begin to close and the problem will become
that much more difficult. Finding a New Zealand solution requires all political parties to
enter the debate and seek constructive solutions that provide certainty and security for
New Zealanders. This is a serious problem, it is not something that can be addressed in
the short term. It requires long-term planning and this planning must proceed as a matter
of urgency," Mr Arkinstall said.
"The ISI would strongly urge the National Party to add the
importance of long-term savings policies to its list of priority issues. The country
cannot afford to delay."
Ends
Vance Arkinstall
Chief Executive
ISI
