The Reserve Bank is warning housing may no longer be a one-way bet for increasing wealth.

Its Chief Economist Paul Conway says changes to the tax system, zoning and slowing population growth mean the housing market isn't going to be as strong.

He told Mike Hosking it will mean people will need to increase their financial literacy and building wealth will become more complex.

Conway says New Zealanders have traditionally looked at houses as a pathway to a secure retirement and that will have to change.

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