The Treasury says more work needs to be done to accurately gauge New Zealand's savings record.
Official figures have consistently shown that New Zealanders spend more than they earn.
However, a new study by Treasury researchers shows savings are positive.
The research shows that including housing wealth, New Zealanders saved as much as 28% of their income.
Without housing, average saving rates were between 2% - 5%.
However, the results could change when more recent figures become available.
The research covers the years 2004 - 2006 when the economy was booming.