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Retirement planning survey reinforces the need for increased financial capability levels

Maggie Barry, Paul Goldsmith

12 August, 2015

Minister for Senior Citizens Maggie Barry and Minister of Commerce and Consumer Affairs Paul Goldsmith today welcomed a survey highlighting the importance of all New Zealanders planning for their retirement.

The joint survey by the Commission for Financial Capability (CFFC) and the Financial Markets Authority (FMA) shows many older New Zealanders don’t yet know how they will reach their retirement goals.

“Planning for a secure financial future is important for all New Zealanders, not only those heading towards retirement,” Mr Goldsmith says.

“I was interested to note that 39 per cent of retirees surveyed did not have a financial plan when they retired and 46 per cent of people close to retirement age don’t have a plan to enjoy the life they want when they finish working.

“It doesn’t matter whether you’re in school, saving for your first home or raising a family, having good money skills makes a big difference in achieving life goals.

“Better financial capability will help improve the wellbeing of our families and communities as well as reduce debt and hardship, increase investment and grow jobs and the economy.

“Recently I announced a Government Statement on Building Financial Capability which supports New Zealanders getting ahead financially.”

To further this outcome the Financial Markets Authority recently launched the Investor Capability Strategy which aims to help investors make more informed decisions. This supports the Commission for Financial Capability’s National Strategy which looks to improve New Zealanders’ financial capability.

“Building financial capability means having the skills, understanding and confidence to make good financial decisions at all stages of life and into retirement,” says Mr Goldsmith.

Senior Citizens Minister Maggie Barry says the Office for Senior Citizens is working closely with the Commission to provide better information for people nearing the age of 65 on savings and financial planning.

“A soon to be launched new website, which will include financial information, will act as a gateway for seniors looking for advice and details on how to plan for retirement.

“Around 20 per cent of people today stay in the workforce past the age of 65, and this is going to increase over the next two decades, but ensuring you are financially ready for retirement is essential.”

For more information on the Government Statement for Building Financial Capability, see: www.mbie.govt.nz/what-we-do/business-growth-agenda/capital-markets/government-statement-on-building-financial-capability.