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Speaker 1: What is more important what you own or how hard

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Speaker 1: you work. New research from online investment platform Steak reveals

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Speaker 1: that twice as many kiwis think it's all about what

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Speaker 1: you own. Fewer qvs define financial success as having a

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Speaker 1: business or a good job title it's what you got,

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Speaker 1: it's your stuff. Four and five. I think we'll be

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Speaker 1: working past the retirement age of sixty five, and sixty

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Speaker 1: percent believe the intergenerational wealth gap is holding young people back.

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Speaker 1: So the CEO of Steak, John Howie, joins me.

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Speaker 2: Now, Hello, John, Hey, Andrew, good morning.

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Speaker 1: It's kind of proof that really we're in an asset

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Speaker 1: class economy, aren't we. It's why the art market booms,

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Speaker 1: that's why the property market booms. We buy stuff, and

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Speaker 1: if you buy stuff, you're safe.

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Speaker 2: Well, look, I think that's to some extent. What the

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Speaker 2: results of the surveys say is that what we've seen

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Speaker 2: over the last couple of years is there's been a

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Speaker 2: set price inflation, both in property but also in things

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Speaker 2: like listed shares, and if you were lucky enough to

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Speaker 2: own those coming into that period of growth in those

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Speaker 2: asset prices, you've done very well. But the survey that

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Speaker 2: we've conducted shows ultimately that particularly young investors realized that,

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Speaker 2: and they're starting to take action and ultimately look to

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Speaker 2: control the decisions they make about their financial future.

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Speaker 1: Yeah, and as evidence of the bleak times that pretty

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Speaker 1: much everybody in the world is at the moment and

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Speaker 1: that you know, getting the stuff is good. The actual

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Speaker 1: day to day economy, you know, working and earning a

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Speaker 1: wage is chump change.

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Speaker 2: Look, I think we've seen certainly after the COVID period

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Speaker 2: pride of COVID inflation and wages in general sort of

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Speaker 2: moved pretty closely tied to each other. But then during

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Speaker 2: the COVID period we saw particularly inflation, goods inflation, services

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Speaker 2: inflation accelerate very rapidly, and wages just simply didn't keep up. Now,

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Speaker 2: the good news is more recently, particularly in New Zealand,

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Speaker 2: that's turned around and actually wages inflation has stayed retionably

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Speaker 2: strong and goods inflation has come down. But what we've

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Speaker 2: certainly seen is people realize that for a while, our

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Speaker 2: wages really hasn't kept up, and they need to start

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Speaker 2: thinking about what they do about that.

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Speaker 1: We also have to start thinking about what we're going

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Speaker 1: to do about Pinsions four and five of us we'll

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Speaker 1: be working past the retirement age of sixty five. And

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Speaker 1: there is a general aged concern at the moment. I mean,

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Speaker 1: the number of ninety year olds is going to go

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Speaker 1: through the roof over the next couple of years according

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Speaker 1: to Age Concern research. So we're going to work longer

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Speaker 1: and harder, and we have to look after ourselves, do

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Speaker 1: we not?

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Speaker 2: Absolutely, We're going to look after ourselves physically, mentally and

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Speaker 2: also financially. And again, I think that's what we're starting

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Speaker 2: to see as particularly young people are realizing that. And look,

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Speaker 2: the good news is it's easier these days to take

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Speaker 2: control of that and make some decisions around being financially

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Speaker 2: healthy into the future, getting access to things like US equities,

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Speaker 2: for example, which have significantly outperformed key WE equities over

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Speaker 2: the last five years. And again, if for investors who

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Speaker 2: are thinking about how do they create a healthy financial future,

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Speaker 2: looking at some of those opportunities is really important and

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Speaker 2: certainly what we're seeing from the survey.

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Speaker 1: John Howey who did the survey, his company did. He

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Speaker 1: is a CEO of Stake and I thank you for

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Speaker 1: your time today.

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Speaker 2: For more from the Mic Asking Breakfast, listen live to

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