Household Savings in New Zealand Rises by NZ$2 Billion in March Quarter, Westpac Says

Household savings in New Zealand rose by NZ$2 billion in the March quarter, with a related increase in the value of New Zealanders' financial assets to 3.3% over the past year, offsetting softness in the value of housing and land assets, Westpac said in a report on Friday. While overall household income levels are continuing to rise, much of that is due to increases in entrepreneurial earnings, which are up 14% over the past year, in part due to increased earnings in the agricultural sector. In contrast, wage and salary growth remain limited. Over the past year, overall household disposable income levels rose 5%. The bank's estimate of the average household's disposable income rose 3.8% in the year to March, up from 3.1% at the end of December 2025. The household savings rate climbed to 3.3% of disposable income. Reductions in interest costs over the past year have helped to support household spending in the face of rising living costs.