Younger Kiwis by far the best savers - survey

27-year-old Karena Moffat's saving priorities include housing and travel. Photo / Richard Robinson

New Zealanders under the age of 30 are more likely to save money over any other age group, a survey has revealed.

New data from the latest MasterCard survey on consumer purchasing priorities shows an international trend of people aged between 18 and 30 saving for "precautionary measures".

Budgeting experts say this is because younger people are more likely to save to buy homes - and because they have fewer financial and family commitments.

Out of 21 countries, New Zealand was fifth on the list of countries with consumers planning to save more over the six months to October this year.

Forty-six per cent of at least 400 people surveyed in New Zealand said they were planning to save more over the coming six months.

Almost three-quarters (73 per cent) of Kiwi consumers aged between 18 and 30 said they were planning to save more.

This is much higher than the older age groups. Just 42 per cent of people aged 31 to 45, 41 per cent of those aged 46 to 55 and 20 per cent of those aged 56 or older were planning to save more.

Asia-Pacific MasterCard Worldwide economic adviser Yuwa Hedrick-Wong said economic uncertainty had caused 49 per cent of New Zealand consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures.

This trend had emerged internationally, with 71 per cent of the 9211 people surveyed saying they were saving for unforeseen expenses because of uncertainty in the economy due to the recession.

Raewyn Fox, chief executive of the New Zealand Federation of Budgeting Services, said the survey's findings were nothing new.

The service mostly dealt with people who were struggling - and they were aged between 35 and 55.

"We see people who are at the stage of not being able to cope with money, which means they've got no savings to fall back on," Mrs Fox said. "In the under-30 age group, people are less likely to have major commitments ... like a mortgage or a family to support so they are more likely to save."

MasterCard's New Zealand manager, Stuart McKinlay, said mortgages and family commitments were the biggest setbacks for older people wanting to save.

"Their ability to change their savings behaviour isn't as great as the younger age group."

The Herald asks: Are you saving and if so, what for?

Alisdair Hungerford-Morgan, 23:
"No, but I own an investment property, so I guess that means I'm saving."

Karena Moffat, 27:
"I am saving for future purchases, I suppose. Anything from a house to being able to travel again."

Rob Hoar, 36:
"Yes. For a house - and not very much."

Harry Dittman, 63:
"A little. Probably at this stage just for day to day expenses, just for anything that comes up - possibly a holiday."

Donald Nicholson, 32, and wife Janelle Nicholson, 31:
"Yes, we're saving together," Mr Nicholson said. "We spend my wage and save her wage. For a house."

Roy Turner, 65:
"Yes, I'm retired. If I'm saving for anything it's travel."