Got money questions?
We're all searching for answers – especially when it comes to money.
Sorted’s Money Week is back for 2021 (9th – 15th August) and building on last year’s successful campaign ‘Just wondering’, they are again encouraging Kiwis to keep asking questions, talk openly, and ask for financial advice. Over a thousand questions were submitted last year, and the top 10 most common money questions are published here. Questions submitted during last year’s campaign cover KiwiSaver, investing, property, spending plans and retirement.
Organised by the Commission for Financial Capability, Money Week aims to raise New Zealander’s financial capability by helping them understand money better and improving their financial wellbeing.
Some of the top money questions from last year were:
- “How can I budget when I’m a shopaholic?”
- “Should I be putting more or less money into KiwiSaver now?”
- “How soon should I start saving for retirement, and do I really need a million dollars to retire on?”
Here are some helpful tips from these questions*
- Make a budget / spending plan that covers all categories of your spending, it makes it easier to stay on track.
- It’s never too early to start saving and planning for retirement – Depending on what your lifestyle goal for retirement is, it helps to have a look at what retirees are spending today in terms of a “no frills” or “choices” lifestyle. Massey University 2020 survey is a great start
- You can also use the Retirement calculator and other online tools to see what your future retirement savings may look like and make any changes to your savings plan if needed.
- Unsure if you’re in the right investment fund? To help you decide, ask yourself whether it aligns with your risk profile, your life stage and whether you’re likely to lose sleep if your investment loses some of its value. Use Sorted’s Investor kickstarter tool to see which fund suits your situation and risk tolerance.
- Not sure where to start or need some help with KiwiSaver or investments? Read more on the Financial Markets Authority website. You can also call the Helpline on 0508 4 TEACH (0508 4 83224) for all questions about the Scheme and your account.
3 August 2021