With NZ's wealth concentrated in Kiwis over 65, the system is broken, researcher says

According to statistics, people over 55 are pretty well off - their personal wealth is almost four times that of those aged 25-44.

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People over 55 have four times more personal wealth than those aged 25 to 44. Source: Seven Sharp

Older New Zealanders aged 55 to 74 have a total personal net worth of $744 billion.

That's compared to younger Kiwis, 25-44 - they only have $197 billion.

Researcher Jess Berentson-Shaw from The Workshop says New Zealand has a system with tax, education and housing policies that favour older people and says the system isn't working.

"There's lots of research increasingly showing us that there are lots of people being locked out of housing and that is really mucking with our progress as a country," she says.

She says although there's a cyclical nature to gathering wealth, it's concentrating in the over 65s.

"The type of asset development you would expect to see in the next generation is not really happening," says Ms Berentson-Shaw.

The solution, she says, is to look at policies.

"Tax policies are really important but other policies around superannuation and other social welfare policies.

"We really need to focus on the system and not keep blaming individuals."