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

 

Reserve Bank: RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds

The Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee ... More>>

ALSO:

Elevate NZ: Venture Fund To Lift Productivity

The Government’s new $300 million venture capital fund - announced in last year’s Budget – is now open for business as the Elevate NZ Venture Fund. Finance Minister Grant Robertson says lifting New Zealand's productivity requires well-functioning ... More>>

ALSO:


COVID-19: Case Confirmed In NZ – Expert Reaction

After spreading across the globe for months, the first case of COVID-19 has been reported in New Zealand. The Ministry of Health says the risk of a community outbreak is low, due to their preparedness and the high awareness of the disease. The Science ... More>>

ALSO:

Agriculture: New Legislation To Boost Organics

New organics legislation will boost consumer confidence and help grow an innovative sector, says Food Safety Minister Damien O’Connor. “The Organics Product Bill, introduced to Parliament this week, aims to increase consumer confidence when purchasing ... More>>

ALSO:

Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>

ALSO: