Personal savings rising
(N.Z. Press Association) WELLINGTON, April 18. Personal savings have been increasing more rapidly than a year ago, according to Mr K. R. Porter, general manager in New Zealand for the Australia and New Zealand Banking Group, Ltd. Mr Porter said that in 1975 small savings had grown 10.4 per cent, compared with 5.1 per cent the .previous year. "This may appear to conflict with the Prime Minister’s recent statement that ‘savings as a proportion of income has fallen,’ but this is not the case,” Mr Porter said. “The Prime Minister’s classification of savings is far more wide ranging, and includes such items as undistributed profits of companies and producer boards, life assurance and superannuation funds, net changes in mortgage and hire-purchase liabilities, and savings in nonbanking institutions like finance companies and building societies. “However, while the banks are not the home for all savings, they do represent the best known avenue of savings for the individual.”
The growth in the rate of small savings was despite a slowing in the rate of growth of wages, he said, and it would further increase private and trustee banks’ ability to supply mortgage finance to home buyers.
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Bibliographic details
Press, Volume CXVI, Issue 34131, 19 April 1976, Page 2
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197Personal savings rising Press, Volume CXVI, Issue 34131, 19 April 1976, Page 2
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