Cheerful about life after work

Retirement holds few fears for either working or retired New Zealanders compared with people in other developed countries, says an international survey of attitudes to financial and personal futures.

But New Zealand retirees have the lowest pension among Anglo-Saxon countries.

Retired Canadians, at the top end of the scale, can expect a total net monthly amount of C$3020 ($3411) and Dutch pensioners can expect 1734 ($3171). New Zealanders have to be content with $1719.

The survey, by financial services company Axa, questioned a total of 9200 people in 15 countries, including 621 New Zealanders.

Axa New Zealand spokeswoman Liz Dawson said the survey suggested New Zealanders were "a pretty contented bunch".

Both working and retired New Zealanders said they were either "quite happy" or "very happy" - women and those aged 25 to 34 in particular.

Their positive attitude to retirement is linked to another finding of the survey - that New Zealanders stand out as the most active in sport, do-it-yourself projects, gardening and continuing study.

Although the surveyed countries had different standards of living, Ms Dawson said the research method aimed for results that were as directly comparable as possible.

The survey found that overall, more than two-thirds of working and retired New Zealanders were positive about retirement, saw it as a time of leisure and freedom and thought that between 56 to 60 was an ideal time to start. Only 1 per cent of workers thought retirement would be a time of boredom and feeling useless and fewer than one in 10 saw it as the end of their work.

Women, in particular, viewed it as a dynamic and exciting period, with time for enriched family life.

Working people considered "old" to mean, on average, 73 years old. Retired people gave an average of 75.

The most obvious signs of getting old, they said, were illness, loss of mobility and forgetfulness.

Few wanted to move into an assisted-living residence or live with their children. The ideal place for retirement was their own home.

More than 80 per cent said individuals should take charge of provision of their pension, with the state making a contribution.

Working New Zealanders said they had tried to secure their retirement income through: savings (69 per cent); life insurance policies (56); investing in real estate (53); specific pension saving scheme (42); other saving schemes (37); contributing to an insurance policy-pension fund with their employer (36); and investing in the stock market (6).

Most working and retired New Zealanders were confident of maintaining or improving their standard of living.

The ideal retirement

* Cash from savings, life policy, real estate, state and private pension.

* More time for sport, hobbies, study and family.

* Retain health, mobility, memory and independent living.