Money Month 2024 kicks off
As Sorted Money Month 2024 begins, a BNZ survey has underscored the crucial need for financial education.
Coordinated by the Retirement Commission, this annual campaign provides New Zealanders with essential resources and tools to enhance their financial journey.
The survey revealed significant concerns about retirement preparedness, with nearly 39% of respondents lacking confidence in their retirement savings.
A quarter of respondents, particularly younger people and non-homeowners, expressed uncertainty about making investment decisions.
Additionally, 74% felt they couldn't rely on NZ Super for their retirement.
“These findings highlight the importance of financial education and early planning,” said Anna Flower (pictured above), executive, personal, and business banking at BNZ.
“Money Month is an opportunity for people to take that crucial first step towards financial preparedness.”
Focus on financial growth and resilience
Building on last year’s theme “Pause. Get sorted,” Money Month 2024 stressed actions to help people grow their money and build financial resilience.
“Understanding concepts like compounding interest and starting your savings journey early – even with small, regular amounts – can significantly enhance financial outcomes,” Flower said.
The survey also highlighted the pivotal role of KiwiSaver in long-term financial health, with 89% of respondents enrolled. However, 16% reported not making regular contributions, underscoring the need for continuous education and engagement.
“People think investing is for the wealthy, but investing is for everyone, and KiwiSaver is the easiest and most accessible way to get started,” Flower said. “For those not contributing, it’s important to understand that you could be leaving money on the table.”
Supporting financial goals year-round
While Money Month brings attention to financial health, BNZ remains committed to supporting financial wellbeing throughout the year.
“Our free banking reviews are designed to align customers’ banking with their financial goals and enhance their overall financial health,” Flower said.
These reviews provide a comprehensive understanding of an individual’s financial goals and needs, allowing for tailored advice and personalized recommendations.
BNZ also offers a range of online tools and resources to help New Zealanders take control of their finances.
“Don’t let another year pass without taking charge of your financial future,” Flower said. “Small steps today, like ensuring you’re making the most of your KiwiSaver or booking a banking review, can lead to meaningful improvements in your financial wellbeing tomorrow.”
For more information on Money Month initiatives and to access financial resources, visit www.sorted.org.nz.
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