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


Kiwis urged to sort their money this spring

Kiwis urged to sort their money this spring

MEDIA RELEASE 31 August 2012

We would all be better off if – along with our gardens and homes - we gave our finances a spring clean once a year, according to Retirement Commissioner Diana Crossan.

New Zealand’s inaugural Money Week, from 2 – 8 September, an initiative from the Commission for Financial Literacy and Retirement Income, is designed to encourage all New Zealanders to take steps to manage their everyday money better.

Ms Crossan says taking charge of your financial situation is empowering and can have positive effects on other aspects of life apart from your wallet.

“Worries about money can put major strain on relationships, within families and even affect the workplace. The key to getting on top of your finances is to take control and make sound decisions.

“Money Week is about encouraging all Kiwis to give their finances an annual check-up and make adjustments if necessary,” says Ms Crossan.

“A lot of Kiwis don’t like talking about money but this week we should all be thinking about it. We hope that spring-cleaning your finances in the first week of September will become as normal as making New Year’s resolutions in January.

“I urge all Kiwis to set some money goals this week and make a plan to reach them. Making plans to pay off your credit card each month can be a great place to start,” she says.

Reserve Bank figures from May this year showed Kiwis owed roughly $3.6 billion in interest-bearing credit card balances. At an average rate of 17.7%, that means we’re paying on average around $639 million each year in interest alone.

The Retirement Commissioner recommends that a Money Week spring clean should include:

· Setting short, medium and long-term goals
· Making a money plan so you can be sure you’re living within your income and can save towards your goals
· Putting any surplus towards paying off your debts faster – a top priority
· If you’re debt-free except for a mortgage, increasing your repayments
· Checking if your insurances suit your needs and are up-to-date
· Considering KiwiSaver or another form of retirement savings

Ms Crossan says the Sorted website provides free information, tools and calculators to help Kiwis sort their finances.

During Money Week free financial education activities are being undertaken by many different organisations around New Zealand, including money management, investment seminars and competitions for school children.

To find out more about Money Week events visit

© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... 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>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>

Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>