'Don't rely on home to fund retirement'

New Zealanders need to stop thinking of their homes as a retirement savings plan and start engaging more with their superannuation savings, the head of Australia's superannuation industry body says.

Pauline Vamos, chief executive of ASFA, believes there are a number of lessons New Zealand could learn from Australia's $1 trillion industry.

"People think their house is their retirement. That is not the case. You have got to accumulate an asset outside of your home. That is the big lesson for New Zealanders to learn.

"Also the need to diversify - you can't have all your money in one asset. People need to have something that produces an income in retirement."

To read the full NZ Herald article click here

Posted: 13 Nov 2008

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