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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.


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