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Minister calls for consumers to take stock of finances

Paul Goldsmith
11 August 2016

Commerce and Consumer Affairs Minister Paul Goldsmith has today called for people to use the drop in the Official Cash Rate (OCR) as a chance to review finances and savings and consider debt reduction.

“With the fall in the OCR and possible flow on to mortgage and deposit rates, it is an opportune time to make sure you are making the choices that are right for you. This includes whether or not to consolidate debt, or move around investments.

“There are plenty of online resources and financial advice available to help people make sensible financial decisions.

“The Sorted website, relaunched earlier this year, provides a range of online tools such as budgeting and mortgage calculators that can help with a variety of everyday finance needs,” says Mr Goldsmith.

The Financial Markets Authority website also provides information about the risks and benefits of different types of investment products found here.

“It is important to remember all investments carry risk. Some investments are exposed to higher risk than others which is why people should ask questions or seek sound advice before investing, especially if that investment is promising a high return.

“The government has a goal to improve the financial capability of all New Zealanders to better shape their lives, avoid hardship and achieve their goals.

“We want to make sure New Zealanders are building their financial capability and getting ahead financially,” says Mr Goldsmith.