Household saving increased 31.1 percent to $2.2 billion in the September 2022 quarter, Stats NZ said today.
Household saving shows how much households are saving out of their current disposable income. That is, current disposable income less current spending.
“Increases in incomes have meant that household saving increased during the September quarter, despite price rises and higher interest rates contributing to higher household spending,” national accounts institutional sector insights senior manager Paul Pascoe said.
For more information about consumer prices, see Consumers price index: September 2022 quarter.
Household net disposable income is the amount of money a household has once all income such as wages, interest, and child support, and outgoings such as taxes have been accounted for. It represents the money available for a household to spend, save, or invest.
Household net disposable income increased by 2.5 percent to $55.9 billion. Salaries and wages (up 2.3 percent) and interest received (up 34.1 percent) were the main drivers of the increase in household disposable income. This increase was partly offset by a 6.1 percent decrease in the income of self-employed business owners and partnerships (entrepreneurial income).
Household spending was up $825 million (1.6 percent) in the September 2022 quarter. This followed a 2.1 percent fall in the June quarter. Spending was up across the board, with increased spending on durables (such as clothing and footwear), non-durables (such as food and drinks) and services (such as housing, power, and gas).
Quarter | Final consumption expenditure | Net disposable income |
Sep-17 | 40611000000 | 40184000000 |
Dec-17 | 41351000000 | 41577000000 |
Mar-18 | 41788000000 | 41874000000 |
Jun-18 | 42555000000 | 42710000000 |
Sep-18 | 43295000000 | 43800000000 |
Dec-18 | 43933000000 | 44010000000 |
Mar-19 | 44119000000 | 44132000000 |
Jun-19 | 44692000000 | 45629000000 |
Sep-19 | 45266000000 | 46255000000 |
Dec-19 | 45707000000 | 46964000000 |
Mar-20 | 45687000000 | 47624000000 |
Jun-20 | 40300000000 | 47882000000 |
Sep-20 | 46016000000 | 49545000000 |
Dec-20 | 47073000000 | 49778000000 |
Mar-21 | 50258000000 | 53104000000 |
Jun-21 | 50291000000 | 50379000000 |
Sep-21 | 47380000000 | 51554000000 |
Dec-21 | 50537000000 | 52460000000 |
Mar-22 | 53996000000 | 54093000000 |
Jun-22 | 52875000000 | 54543000000 |
Sep-22 | 53700000000 | 55886000000 |
The saving ratio, which compares household saving to net disposable income, is at 3.9 percent, up from 3.1 percent in the June quarter. An increase in the saving ratio means that households are saving relatively more of their disposable income.
Quarter | Household saving ($) |
Sep-17 | -427000000 |
Dec-17 | 226000000 |
Mar-18 | 86000000 |
Jun-18 | 155000000 |
Sep-18 | 505000000 |
Dec-18 | 77000000 |
Mar-19 | 13000000 |
Jun-19 | 937000000 |
Sep-19 | 989000000 |
Dec-19 | 1257000000 |
Mar-20 | 1937000000 |
Jun-20 | 7582000000 |
Sep-20 | 3529000000 |
Dec-20 | 2705000000 |
Mar-21 | 2846000000 |
Jun-21 | 88000000 |
Sep-21 | 4174000000 |
Dec-21 | 1923000000 |
Mar-22 | 97000000 |
Jun-22 | 1668000000 |
Sep-22 | 2186000000 |
Quarter | Saving ratio (%) |
Sep-17 | -1.1 |
Dec-17 | 0.5 |
Mar-18 | 0.2 |
Jun-18 | 0.4 |
Sep-18 | 1.2 |
Dec-18 | 0.2 |
Mar-19 | 0.0 |
Jun-19 | 2.1 |
Sep-19 | 2.1 |
Dec-19 | 2.7 |
Mar-20 | 4.1 |
Jun-20 | 15.8 |
Sep-20 | 7.1 |
Dec-20 | 5.4 |
Mar-21 | 5.4 |
Jun-21 | 0.2 |
Sep-21 | 8.1 |
Dec-21 | 3.7 |
Mar-22 | 0.2 |
Jun-22 | 3.1 |
Sep-22 | 3.9 |