Eighty per cent of renters aged 65 and over are financially uncomfortable, up from 66% in 2021-22.<\/p>\n
Among those relying entirely on NZ Super for income, 73% reported the same.<\/p>\n
\u201cHousing costs are one of the biggest drivers of financial well-being in retirement,\u201d Boyle said. <\/p>\n
Retirement Commissioner David Boyle says the increase is \u201ca signal worth paying attention to\u201d because Temporary Additional Support exists as a safety net. Photo \/ Te Ara Ahunga Ora Retirement Commission<\/p>\n
The commission said the proportion of low-income retirees spending more than 40% of their income on rent had climbed from 51% to 68% since 2009.<\/p>\n
Mortgage-free homeownership<\/a> among older people has fallen from 83% to 71%.<\/p>\n Many older New Zealanders have little income<\/a> beyond NZ Super.<\/p>\n \u201cSignificant numbers of older New Zealanders, particularly renters and those relying solely on New Zealand Super, are experiencing financial discomfort and may have limited capacity to absorb increases in living costs and housing costs,\u201d Boyle said.<\/p>\n \u201cI do worry in respect of those that are not homeowners in their retirement,\u201d Boyle said. \u201cIf they can, they\u2019re going to need to save more to cover those costs.\u201d<\/p>\n Grey Power\u2019s National President David Marshall said it was not a surprise. <\/p>\n He explained the New Zealand Super was based on the understanding that people would have a mortgage-free home when they retired, \u201cbut we\u2019re finding more and more people don\u2019t and life experiences mean that many end up in retirement without a mortgage-free home,\u201d Marshall said.<\/p>\n Marshall said the rising costs of rents, rates, energy and insurance were proving unsustainable for many.<\/p>\n \u201cThe accommodation supplement hasn\u2019t been increased since 2018 … there is a backlog because rents have continued to increase by over 150% during that time,\u201d Marshall said.<\/p>\n \u201cFor them, trying to rent is pretty impossible, and there\u2019s no real security,\u201d Marshall said.<\/p>\n Stats NZ reported in June 2025 that there were approximately 900,000 people aged 65 and older living in New Zealand, representing roughly one in six Kiwis.<\/p>\n The population is growing rapidly, with the 65+ group increasing by over 500 people a week and expected to cross the 1 million mark by 2029.<\/p>\n But Commissioner Boyle explained it was unlikely the rise in hardship <\/a>support applications was simply a result of more people reaching retirement age.<\/p>\nThe National President of Grey Power New Zealand, David Marshall, says New Zealand needs to think of new solutions, \u201cparticularly as the issue with homelessness and those having to rent in retirement is growing\u201d. Photo \/ Kelly O’Hara<\/p>\n