Overview
Asset ownership is increasingly important for meaningful participation in society and the economy. Ownership enhances the ability of people to access opportunities and to invest in the future - by buying a house, financing education, and so on - and allows people to cope with shocks. Assets provide greater security, control, and independence. A broad distribution of ownership also generates enhanced social cohesion at a national level, and ensures that more New Zealanders obtain the benefits of economic growth. So creating a nation of asset owners is of fundamental importance to New Zealand's economic and social future.In recognition of the increasing importance of asset ownership, many countries are introducing and expanding ‘asset based policies' that assist and encourage people to accumulate wealth. Creating an ownership society, in which ownership of assets is broadly distributed through the population and all people are able to accumulate wealth over their lifetimes, is a policy priority across many countries. And such policies are advocated by governments and political parties from across the political spectrum; it is not a policy solely of the left or of the right.
However, many New Zealanders do not have any real wealth holdings. And many New Zealanders - particularly young New Zealanders - are finding it increasingly difficult to advance financially and build an ownership stake; rising house prices and declining home ownership rates, student loan debt, and an emerging debt culture, all make wealth accumulation harder.
This project describes the pattern of asset ownership in New Zealand, describes the economic and social benefits that come from asset ownership, and makes recommendations for action.