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

 

Simplicity produces first KiwiSaver document in Te Reo

In a first for the KiwiSaver industry, nonprofit Simplicity has published the country’s first bilingual Product Disclosure Statement (PDS), the key public document for all KiwiSaver funds.

The Te Reo and English language document, which outlines the core principles, structure and investment methods of a KiwiSaver fund, is intended to help more native speakers understand this important savings vehicle.

Managing director Sam Stubbs said producing a bilingual PDS was in line with Simplicity’s diversity and inclusion philosophy, and its goals of making all New Zealanders smarter and wealthier.

“KiwiSaver has been around for 13 years, and yet it hasn’t occurred to any manager to produce their most important document in Te Reo. So we’ve done something about it, as 16% of our population identifies as Maori.” he said.

While the Financial Markets Authority does not profile KiwiSaver accounts by ethnicity, financial outcomes for Maori and Pacific Islanders are poorer in New Zealand.

According to the Department of Statistics, the median net worth of European people in the 25 to 44-year age group was $62,000, while Asian and Māori people were two-thirds ($42,000) and one-third ($20,000) of this value, respectively. Pacific people in this age group had a median net worth of $16,000.

Stubbs said he hoped that the bilingual PDS would encourage greater interest in KiwiSaver and help improve retirement savings for Maori.

The translation was completed by Temete Lowman of YouthSaver and approved by Dr Vini Olsen-Reader from Victoria University of Wellington.


ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

$1.20 Boost: Minimum Wage Rise For Quarter Of A Million

The Government is making sure we share the prosperity of our strong economy fairly with those on the minimum wage by lifting it to $18.90 per hour on 1 April 2020 – the next step in the Government’s plan for a $20 minimum wage by 2021... More>>

ALSO:

Pristine, Popular... Imperilled? Environment Commissioner On Tourism Effects

The Parliamentary Commissioner for the Environment, Simon Upton, warns that increasing numbers of tourists – both domestic and international – are putting our environment under pressure and eroding the very attributes that make New Zealand such an attractive ... More>>

ALSO: