According to Roy Morgan Research, there are 51 types of Kiwi.

Sound like a strangely specific number? That's nothing compared to the various groups the market research company used to rank New Zealanders.

From young professionals to older empty-nesters, it's clear there is a wide array of income and investment types scattered throughout the country. Unfortunately, many Kiwis fall under the banner of less-than-favourable economic groups.

One example is the Frugal Living group.

"In elderly rural communities and small towns, Frugal Living are subsisting on pensions and very low household incomes as either married empty nesters or separated, divorced or widowed older singles," Roy Morgan states.

"However, the persona is split between those who own their home – and so have minimal housing expenses – and those who have downsized into cheap rental accommodation."

Even those that belong to the Golden Years persona face difficulties. Said to make up 10.3 per cent of the population, this group is described as people who are "empty nesters, grandparents and retirees, either married or single, and now live on below-average incomes".

While there's no doubt a post-work life means economic transition, often including a reduced income, there's no rule that says retirees shouldn't be able to afford a comfortable lifestyle in their later years.

Financial planning is a major component of making this dream a reality, whether it be through focussing on retirement savings or putting money into residential investment property.

No matter your age, it's never too early or too late to start thinking about your future. Seeking out the help of a qualified financial planner is a great first step.

From annual retirement strategy reviews to property investment advice, if you want to find yourself belonging to a group of Kiwis who are enjoying their golden years, now is the time to be proactive.

Here's to your financial independence!

Daniel Carney
Authorised Financial Adviser / Investment Property Expert

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