As this year is likely to be a big one for the savings industry it seems appropriate to start with a Blog the subject. The reasons I suggest savings will be a theme of the year is that KiwiSaver is likely to be properly born, as being more a twinkle in the eye as it is at the moment, tax issues will be centre stage as will regulation of the sector.

One of the arguments I'm often reluctant to be drawn too deeply into is household savings rates. The reason for my reticence is that it is one of those subjects you can argue with a raft of data and prove both sides of the argument.

While reluctant to bat for one side or another my inclination is that generally we, as individuals, are doing OK. On this basis I tend to side with the two protagonists of this moot - self-appointed superannuation guru Michael Littlewood and Treasury's Grant Scobie.

I understand the arguments from economists about household savings rates, but these often seem to be big picture economic arguments as opposed to something which is at an individual level.

One of the reasons I tend to think we are saving sufficient for our own personal needs is that I find it difficult to believe that people approach retirement - and the prospect of several decades of retirement - totally unprepared. Kiwis are a pragmatic bunch of people and the concept of not getting things sorted seems out of kilter with our culture.

In saying that I believe that many people will not be as well off as they expect and will fall into what I call the comfortably poor category. But with their state pension, a freehold house and a little bit of savings they will be ok.

The reason for penning this Blog is that a recent one of the Herald's Summer Surveys tends to support my argument. It showed that people's debt levels weren't as high as some suggest and that people are pretty relaxed about their financial situation.

The poll shows 40% of those surveyed have no borrowings and another 40% plus owe less than $200,000. Most of these two groups (72.5%) have no financial worry.

In terms of net wealth, more than one third (34 per cent) have total assets of more than $400,000 and around the same number say they are worth between $100-400,000.

While 80% of the population look to be in OK financial shape (probably not ideal physical shape after the holidays) it leaves the other 20% which I suspect are getting into deep trouble. More on this in an upcoming Blog on debt.