Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Financial Awareness Week launched

Financial Awareness Week launched

New Zealand's Financial Awareness Week has launched in New Zealand today with a range of initiatives planned to bring greater awareness to New Zealanders of the value of good financial advice.

Institute of Financial Advisers (IFA) president Nigel Tate says the focus of this year's Financial Awareness Week is to bring awareness to Kiwi's that good advice is valuable." Good advice is worth paying for and the difference to the financial future of families that receive it is substantial."

Tate says Kiwis are great DIYers when it comes to their finances. "Unfortunately, is not uncommon for people to go right throughout their life without getting any form of good financial advice whatsoever. But good advice helps people avoid common pitfalls that could imperil their financial future and helps them to make better decisions about key areas of their finances so they're more likely to achieve their goals."

Tate is expecting financial awareness to change as the amount of Kiwisaver funds under management increases. "Studies in Australia have shown that once investment levels in superannuation funds reach $20,000 people start to notice what is in their retirement funds," Tate says. "Average KiwiSaver levels now sit at approximately $12,000 so we expect increasing levels of awareness in years to come."

Improved financial literacy will also help people recognise and identify good advice more readily, therefore making it even more valuable.

As well as bringing New Zealand's lack of financial awareness into the spotlight, Financial Awareness Week aims to bring key issues into the public spotlight, including the debate of whether Compulsory Superannuation is appropriate for New Zealanders.

On Tuesday 16 August key industry leaders will weigh up the pros and cons of Compulsory Superannuation in true debating format. Six panellists have been split into teams and will competitively raise the benefits and disadvantages of compulsory superannuation in true debating form. The panellists are:

* David Beattie (investment Head, Grosvenor)

* Ed Schuck (former NZ Head of Russell investments)

* Andrew Harmos (Chair, NZX)

* Peter Nielsen (CEO, ISI)

* Hon Lianne Dalziel (MP for Christchurch East, Labour Party Spokesperson for Small Business, Commerce, Electoral Reform and Regulatory Reform)

* Nigel Tate (President, Institute of Financial Advisers)

The Debate is chaired by David Ireland, Kensington Swan partner and Code Committee member.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>



Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>


Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>