Aucklanders pay high price to live the high life
Wednesday 24 November 2004
Aucklanders are paying a high price for the high life, according to a study that shows they owe 40 per cent of the nation's personal debt.
By The LandlordAucklanders, who make up 30 per cent of New Zealanders carrying debt, have taken on $29 billion, compared with $43 billion for the rest of the country, the joint Metro magazine-Statistics New Zealand study showed.
Higher house prices were partly to blame, but Aucklanders were also paying for trying to keep up with the Joneses.
A Nielsen Media Research survey in August of households with incomes over $80,000 found Aucklanders regarded success and being seen as successful as more important than other New Zealanders.
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