Money Week urges Kiwis to sort out their finances
New initiative encourages New Zealanders to spring clean their finances and manage money a little better.
BUSINESSDESK: New Zealand's first ever Money Week kicks off this Sunday, an initiative by the Commission for Financial Literacy and Retirement Income which encourages kiwis to spring clean their finances and manage money a little better.
"Money Week is about encouraging all kiwis to give their finances an annual check-up and make adjustments if necessary," Commissioner Diana Crossan says.
"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's spring clean should include, setting short-, medium- and long-term goals, putting surplus income towards paying off debts faster, checking your insurance is up to date and looking into KiwiSaver or other retirement saving schemes, Ms Crossan says.
Reserve Bank figures from May show New Zealanders owe about $3.6 billion in interest-bearing credit card balances. At an average rate of 17.7%, that means kiwis are paying about $639 million annually in interest alone.
"Most people think about their finances when faced with big life events such as studying, starting work, buying a house or retiring," Bankers' Association chief executive Kirk Hope says.
"Knowing how to best manage your money to meet your needs and aspirations helps you, your family and your community – it's also essential to our country's economic growth."
During Money Week free financial education activities will be undertaken by a range of organisations across the country, including money management, investment seminars and competitions for school children.
Money Week runs from September 2-8.
Hannah Lynch
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Money Week urges Kiwis to sort out their finances
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