Why New Plymouth and Taranaki residents should work with a financial adviser from Policywise insurance brokers
The Taranaki Region sits on the western coast of New Zealand's North Island, defined by the iconic silhouette of Mount Taranaki. It is home to 130,300 people, with New Plymouth (population: 90,100) as its main urban centre.
Across New Plymouth, Stratford, Hāwera, Waitara, Inglewood, and surrounding communities, you will find a mix of tradespeople, energy sector workers, dairy farmers, healthcare workers, teachers, and families. Many work across industries where physical work, seasonal demand, or economic cycles play a significant role in household income.
How does the economy look in New Plymouth and the wider Taranaki Region?
Taranaki has often been recognised as one of New Zealand's most productive regional economies. It’s the historic centre of New Zealand's oil and gas industry and also leads in dairy farming, manufacturing, agriculture, and horticulture.
In 2025, Taranaki's total GDP was $11,629.8 million - New Zealand’s third-highest GDP per capita at $89,254, well above the national average of $81,071, and accounting for approximately 2.7% of the national GDP.
The top industries driving this output include:
Source: Infometrics
In New Plymouth City, the strongest sectors, sharing the highest percentage of the population, are health care and social assistance, at 11.6%.
Source: Stats NZ
In both New Plymouth and the wider Taranaki Region, there is ongoing demand for skilled and semi-skilled labour.
The employment rate in New Plymouth is 61.4%, while Taranaki sits at 63.1%, slightly lower than the national percentage of 66.8%.
Source: Regional Economic Activity Web Tool
Many jobs in the region involve:
- Physical or manual work
- Seasonal fluctuations
- Dependency on commodity prices and global economic conditions.
The highest percentage of female employees are professionals across all industries, while the male working population are either managers or technicians/trade workers.
Source: Stats NZ
How much Taranaki residents are earning and spending
Median incomes in Taranaki sit slightly below the national average. The median individual income in New Plymouth District is $39,200. Across Taranaki, the working population earns $38,400 vs the national figure of $41,500.
For most households, this income is stretched across:
- Rent or mortgage repayments
- Transport and fuel
- Food, utilities, and family expenses.
If illness or injury stops you from working, it’s difficult to keep paying bills, such as rent or mortgage.
Housing is one of the highest monthly costs for most households in the region. Demand has grown as Taranaki's population continues to increase.
According to the 2023 Census, there are 36,060 private dwellings in New Plymouth District. While 72.4% of residents live in a home they own or partly own, a significant portion rent their abode—and rental costs have risen substantially in recent years.
In New Plymouth, rental data shows a clear upward trend:
|
Year
|
Mean Weekly Rent
|
|
2023
|
$489
|
|
2024
|
$529
|
|
2025
|
$557
|
|
2026 (first quarter)
|
$564
|
Source: Regional Economic Activity Web Tool
Your income is one of your most valuable assets. It enables you to keep paying your bills.
How income and mortgage protection insurance can help
If you can’t work due to illness or injury, income protection and mortgage protection insurance help keep your finances stable, providing regular payments while you recover.
Key benefits:
- Replace a portion of your income
- Help cover rent, mortgage, and bills
- Reduce financial stress during recovery
→ You can combine income and mortgage protection for more flexibility
→ Some policies can include redundancy cover.
A Policywise adviser can compare options across insurers and help you choose a plan that best suits your situation.
Healthcare pressures in New Plymouth and the Taranaki Region
Like many regional centres across New Zealand, Taranaki's public health system faces real pressure. Population growth and an aging population are key factors.
The median age in Taranaki is 40.4 years; in New Plymouth, it’s 40.7—slightly older than the national median of 38.1 years.
In the 2023 Census, residents across Taranaki aged 65 and over had grown to 19.1%.
Source: Stats NZ
In the New Plymouth District, 19.6% of the population is aged 65 or older.
Source: Stats NZ
As the population ages, chronic illness and demand for specialist care rise. Taranaki faces some of the longest specialist waiting lists in the country.
A 2021 Ministry of Health report identified the region as having the highest number of people waiting beyond the four-month target for a first specialist assessment compared to similarly sized regions.
As of the April 2025 report for Taranaki:
- 3,126 patients were waiting longer than the recommended timeframe for a first specialist assessment
- 1,755 patients had been approved for treatment but were not treated within the required timeframe.
If you turn to private healthcare to avoid long wait times, expenses increase significantly. Surgeries may cost tens of thousands of dollars, while specialist appointments, diagnostic scans, cancer treatments, and medications add many extra costs.
|
Treatment or Test
|
Indicative Private Cost
|
|
Prostate cancer surgery
|
$24,800 – $31,100
|
|
Breast cancer surgery
|
$8,700 – $27,200
|
|
Chemotherapy (course or advanced drugs)
|
$15,000 – $170,000
|
|
Radiation therapy
|
$20,000 – $70,000
|
|
Colonoscopy (diagnostic)
|
$2,000 – $3,800
|
|
Prostate biopsy
|
$5,500 – $8,000
|
How health and trauma insurance help
Health insurance grants access to private care faster and reduces out-of-pocket costs. It can help you to:
- Get treatment sooner
- Avoid public system delays
- Cover surgery, tests, and specialist care
→ Options can include cover for cancer, mental health, and non-Pharmac drugs.
Trauma (critical illness) insurance provides a lump sum if you are diagnosed with a serious condition, so you can:
- Focus on recovery
- Cover treatment or time off work
- Support your family.
Total permanent disability (TPD) insurance provides additional financial support if you become permanently unable to work. It helps you:
- Manage ongoing living and medical costs
- Pay for necessary adjustments, such as home modifications
- Support your family if you can no longer earn an income.
A financial adviser from Policywise can compare policies from different insurers and help you find cover that fits your needs and budget.
Lifestyle, dependants, and financial risk in Taranaki
Taranaki has a diverse and growing population. There are 33,543 families across the region, and New Plymouth is home to 23,427 of these. Many families include children or other dependants—people who depend on the income of working adults to meet their daily needs.
The dependancy ratio (people who are under 15 years old or 65 and over) in Taranaki is 64.4%. This is higher than the national dependancy ratio, which is 54.2%.
In New Plymouth, 39.5% of families are couples with a child/children.
16.5% are single-parent families.
Source: Stats NZ
Many households are managing both young dependants and aging family members at the same time.
For working families in the region, financial stability is concerned with covering daily expenses, while making sure dependants are protected too.
Government assistance is available, but among 130,300 residents in the region, only 11,118 are under any beneficiary support.
Here’s a breakdown of the scope.
Source: Infometrics
The majority of people depend on their ability to earn an income. If something happens to prevent you from working, the financial impact can affect your dependants and your long-term plans.
How life insurance helps protect your family
Life insurance provides a lump sum payment if you pass away or are diagnosed with a terminal illness.
It can help:
- Pay off the mortgage
- Cover daily living costs
- Fund your children's education
→ You can combine life cover with trauma or disability insurance
→ Options include joint, family, and children's cover.
A Policywise financial adviser can help you find the right cover no matter what you’re able to afford, where you’re at in life, and who depends on you.
Why insurance and KiwiSaver work together
Insurance safeguards what you have now. This includes your income, your health, and your family's financial wellbeing. KiwiSaver helps you grow what you'll need later.
KiwiSaver works through:
- Your own contributions
- Contributions from your employer (if you're employed)
- Contributions from the government (if you qualify).
You can use KiwiSaver to:
- Set aside money for retirement
- Get onto the property ladder
- Grow your financial security over time.
When you have both:
- Insurance gives financial support if something goes wrong now
- KiwiSaver keeps your future goals on track.
Together, they create a strong, well-rounded financial foundation.
Speak with a Policywise adviser for KiwiSaver investment advice today.
Put the right cover in place to safeguard your income, health, and family—and build a solid path toward your financial future with KiwiSaver.
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