Everyone should perform regular financial health checks, says Financial Advice New Zealand as it welcomes new resources by the FMA to help people do a health check on their KiwiSaver savings plan.

“This is a good time for a financial health check on KiwiSaver, with annual statements for the first time showing an estimate of each person’s balance at retirement,” says Chief Executive Katrina Shanks.

“Now, everyone can easily see what the projections are at their KiwiSaver account’s current settings and use these resources to consider any adjustments.

“It’s always good to periodically check KiwiSaver settings, and it’s perhaps also timely after the extreme volatility of the markets of the early days of COVID-19.

“The FMA’s resources cover everything people need to know about KiwiSaver, from videos of case studies showing projections on how much will be in their account when they retire, to tips on dealing with market volatility, cautions around withdrawing funds for hardship, and an excellent FAQ on the benefits of continuing to contribute.

“There’s also a simple but effective new tool to help people do a quick check on their KiwiSaver settings so they can determine if they are in the right fund, and also how to ‘lose the fees’ and to save more.

“Financial Advice NZ’s message on KiwiSaver is to always seek the best advice if in any doubt – whether it be via these excellent ‘KiwiSaver looksee’ resources or by consulting a professional financial adviser.

“KiwiSaver is just one of the vehicles used to save for retirement and this is a reminder for people to seek advice on other options.

“We know that for many New Zealanders, financial planning for the future can be daunting, and selecting a quality professional adviser can assist them to provide a comprehensive personalised plan to help them make the right decisions.

“Financial Advice NZ has also been advocating for the Government to provide assistance for people to obtain financial advice in the workplace. We believe that will improve financial literacy and increase people’s financial health, wealth and wellbeing.”


For more information:

Katrina Shanks – katrinas@financialadvice.nz – 021 474 010

3 June 2020