Home Ownership All-Consuming

Thursday 8 July 2004

More people are focusing exclusively on paying off their house, at the expense of other types of saving.

By The Landlord

A regular survey by AMP shows the number of people paying off their house as a form of saving has increased 30 percent since November 2003, from 36 percent to 47 percent.

The survey also shows a drop in most forms of retirement savings in the past year.

Participation in superannuation plans have dropped 26 percent since May 2003 and is now at its lowest ever level since July 2000.

Bank or term deposits have dropped 48 percent and there has been a 55 percent drop in the numbers who claim to be saving through direct investments and shares. Investing for retirement through a residential property other than the home remained the same at 11 percent.

The AMP SuperWatch research also shows that more 18 to 24-year-olds are saving for a house deposit. In November, 19 percent of this group was saving for a house deposit and that figure has now jumped to 35 percent. The survey says younger people are now less focussed on travel, holidays or new cars.

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