Category Archives: Uncategorized

KIWI SAVER THOUGHTS

If you are 65 or over, from July 1 you can join or rejoin Kiwi Saver,  a lack of information currently on how the Kiwi Saver providers will market this change!

Susan Edmund’s provides some thoughts on Kiwi Saver generally.

KiwiSaver:  Should it be your retirement savings plan?

Susan Edmunds  April 02 2019

New rules introduced this week mean you have more Kiwi Saver options.

As of Monday, you are no longer limited to automatic contribution rates of 3 per cent, 4 per cent or 8 per cent of your pay. You now also have the option of 6 per cent or 10 per cent.

But just because you can save more – should you? And is Kiwi Saver the best way to save for retirement?

FOR

It is a truth universally acknowledged that putting money aside for retirement is a *good thing*.

The earlier you start, the more you will save by 65 – and the more compounding will do the work for you, reducing the proportion that actually has to come out of your pay.

KiwiSaver has some clear advantages over most other schemes.

Your employer has to give you a contribution of at least 3 per cent of your pay if you’re in the scheme and you’ll get the member tax credit of $521 if you put in at least $1042 a year.

Fees are generally lower than other managed funds. Economies of scale, and more competition, should push them lower still.

The contributions are managed out of your pay before you see them and then investment decisions are made by a fund manager whose job it is to get you the best return for your risk profile. You do nothing.

If you’re looking for a way to save, KiwiSaver is a pretty cheap and efficient way to do it.

Should you put aside more money in KiwiSaver each payday? Switching to a higher contribution rate will make a big difference.

Aidan Vince, head of KiwiSaver at ASB, said a 30-year-old earning $50,000 who shifted from 3 per cent to 4 per cent contributions would end up with more than 10 per cent extra saved at 65.

Someone who switched to 6 per cent would end up with $24,000 a year in income from KiwiSaver compared to $17,000 at 3 per cent.

Your money is locked away and is hard to access. Unless you’re buying a first home or in serious financial hardship, you can’t touch it until you are 65, so there’s no temptation to dip in.

AGAINST

But hold on, there’s been nothing to stop you putting extra, voluntary contributions in to your Kiwi Saver account already – and how many people actually do that?

Kiwi Saver money is locked away, so allocating too much of your pay to the scheme could be seen to be a bit risky.

Moving to 10 per cent contributions might be intimidating if you know the money is inaccessible for years to come. You could instead continue saving 3 per cent and put the remaining 7 per cent somewhere else.

Why put away more of your money into the scheme than your employer will match? If you have a mortgage, you might be better off diverting any available cash to paying that off. If you have high-interest consumer debt, that should definitely take priority.

The Government has rolled back lots of the original incentives to being in the scheme, anyway. And while employers say they offer 3 per cent contributions, increasingly that’s being negotiated as a “package” so if you aren’t in Kiwi Saver you end up with 3 per cent more money in our bank account.

It’s hard to get as much individual control over your money in Kiwi Saver as you’d have if you invested in something such as direct shares or a rental property. Craigs Investment Partners offers a “select your investments” option – but this isn’t common.

VERDICT?

Get some personalised advice on the right thing to do with your money to help you end up better off in the long-term.

Any money or time you can spend now on preparing for retirement should leave you better off post-65.

Posted by Alec Waugh 10 June 2019

Kiwi Saver changes 2019

Canstar has provided a timely article, on the recent changes.

Kiwi Saver changes in 2019: What are they?

Posted by Michelle Norton April 1, 2019

Kiwi Saver has come a long way since it launched almost 12 years ago. This year, some pretty significant changes have kicked in including an increase to the options of percentage contributions Kiwi Saver members can make.

Canstar takes a look at what changes have been made to Kiwi Saver, what they could mean for you as an investor and the reasons behind the changes.

 Kiwi Saver contribution options expand to 6% and 10%

As of 12 March, a new law came into effect which means, as of 1 April, Kiwi Saver members can choose to make personal contribution rates at a higher percentage of 6% and 10%.

Kiwi Saver members can now choose to make personal contributions from their base salary at the following percentage rates: 3%, 4%, 6%, 8% or 10%.

This change is a key part of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Bill coming into effect and follows recommendations from the Retirement Commissioner’s 2016 Review of Retirement Income Policy.

Acting retirement commissioner Peter Cordtz welcomes the change to Kiwi Saver contribution rates and says that it will give New Zealanders more autonomy with their savings.

“Adding more contribution rates gives members more flexibility and control over their saving,” Mr Cordtz says

“We’ve had many New Zealanders tell us that the gap between 4% and 8% is too large for those able to contribute more, so they feel stuck on the lower rates.

“Others want the ability to save even more for their retirement.”

Mr Cordtz references IRD figures that show 24% of KiwiSaver members contribute 4% of their base salary but that only 9% of members personally contribute 8% of their salary, “indicating that more might take up a 6% option if it were offered”.

New Zealanders over the age of 65 will be able to join KiwiSaver

Another key change with Kiwi Saver in 2019 is Kiwi Savers over the age of 65 are now able to join the retirement savings scheme and the “lock-in” period has been removed for Kiwi Saver members over the age of 65.

Currently, those who are 60 years of age or older when they join Kiwi Saver have to stay in the scheme for five years before they could withdraw their money.

Mr Cordtz says the “lock-in” period is “inappropriate” for this age group.

From 1 July, this “lock-in period” will be removed and people over the age of 65 will be able to join Kiwi Saver, as a result of the law change.

KiwiSaver contributions holiday gets a name change

As of 1 April, Kiwi Saver members will only be able to take a break from Kiwi Saver contributions for a maximum of one year, down from the previous term of up to five years.

Mr Cordtz says pausing contributions to Kiwi Saver for several years can have a detrimental and long-term impact on investors.

“Not only do members’ accounts not grow by their contributions, but they also miss out on their employers’ contributions, the Government contribution of up to $521 a year, and returns from that money being invested.

“For many people, five years is likely to be longer than necessary and a one-year renewal provides a prompt to reconsider their position and assess whether they can restart saving.”

In the year ending, 31 June 2018, 136,000 Kiwi Saver members were on a contributions holiday. And, under the previous rules, they would have been able to continue this “holiday” for a term of up to five years.

Canstar has written about what to consider before taking a break from contributing to KiwiSaver. You can read that guide, here.

KiwiSaver contributions holiday has been renamed “savings suspension”.

 What should you consider with KiwiSaver in light of these changes?

Now that there are more options are available, you might be thinking it’s time to up the ante with your KiwiSaver contributions.

For some investors, this will make sense and is a great way to do some more enforced savings before your salary even hits your bank account. For others, an increase in KiwiSaver contributions could mean some more serious lifestyle changes and may not be feasible.

Canstar can’t give personalised advice on whether you should increase (or decrease) your contribution rate. However, we do remind KiwiSaver members to do your research and do your own calculations based on your personal financial situation.

With KiwiSaver back in the spotlight, you might be thinking about joining KiwiSaver for the first time, or even considering a change in KiwiSaver provider or fund.

Again, we can’t tell you what the “right KiwiSaver” fund is – that will differ depending on stage of life, appetite for risk and when you plan to withdraw funds, among other factors. But we can present you with different options, to help you compare and contrast what’s available in the market.

As part of the KiwiSaver section of Canstar.co.nz, we offer free comparison tools, so you can weigh up fees and features, to help you make a shortlist.

 

Posted by Alec Waugh May 27, 2019. Kaspanz acknowledges Canstar.co.nz

for the article

 

SUMMIT RETIREMENT INCOME & THE TERMS OF REFERENCE

The New Zealand Superannuation and Retirement Income Act 2001 requires that the Commission for Financial Capability conduct three- yearly reviews of retirement incomes policies. The terms of reference for the review are set by the government.

To mark the beginning of the 2019 review the RPRC held a summit on 26 April at the University of Auckland.The Summit Proceedings : The 2019 Retirement Income Policy Review and You, are available here.

The purpose  of the Summit was to contribute to better understanding of the sector, the issues, and to the importance of the 2019 Review. Based on the terms of reference of the Review, a  wide range of issues were canvassed, including a contribution on international issues and financial institutions chaired by RPRC Research Associate David Harris of TOR Financial Consulting Ltd. We  look forward to the next few months’ debates on the policy issues that will be ​examined in the 2019 Review.We encourage your participation in the Review. You can register your interest by adding your name to the Commission for Financial Capability database.

Terms of reference for the 2019 retirement income policy review

Aspects of retirement income policies the review must address and the topics to be discussed in the Retirement Commissioner’s 2019 report:

  • An assessment of the effectiveness of current retirement policies for financially vulnerable and low-income groups, and recommendations for any policies that could improve their retirement outcomes.

 

  • An update and commentary on the developments and emerging trends in retirement income policy since the 2016 review, both within New Zealand and internationally.

 

  • An assessment of the impact that the following will have on government retirement income policies, including KiwiSaver and New Zealand superannuation:
  1. The changing nature of work, including the increasing number of people who are self-employed and/or working in temporary and flexible jobs;
  2. Declining rates of home ownership; and
  3. Changes in labour market participation of those 65 and older.
  • Information about, and relevant to, the public’s perception and understanding of KiwiSaver fees, including:
    1. The level and types of fees charged by KiwiSaver providers; and
    2. The impact that fees may have on KiwiSaver balances.
  • Information about the public’s perception and understanding of ethical investments in KiwiSaver, including:
    1. The kinds of investments that New Zealanders may want to see excluded by KiwiSaver providers; and
    2. The range of KiwiSaver funds with an ethical investment mandate.
  • An assessment of the impact of current retirement income policies on current and future generations, with due consideration given to the fiscal sustainability of current New Zealand superannuation settings.

 

  • Information about the public’s perception of the purpose and principles of New Zealand superannuation.

 

  • An assessment of decumulation of retirement savings and other assets, including how the Government can ensure New Zealanders make the most of their money in the decumulation phase.

Posted Alec Waugh May 20

 

Kiwi Saver Fee’s: MOVES IN THE RIGHT DIRECTION

BNZ is to be applauded. Can’t say the same for  some of the others e,g ANZ ,  and the timid comments from some , are typical of those  still trying to camouflage, the  Golden money mile that has existed in New Zealand for years with management fee’s.

BNZ move to trim KiwiSaver fees ‘may have other providers watching closely’

Susan Edmunds 11:51, May 06 2019

BNZ’s move to lower KiwiSaver fees has been described as a step in the right direction.

From May 1, BNZ will remove the $1.95 monthly KiwiSaver member fee and reduce management fees from up to 1.1 per cent a year to a maximum of 0.58 per cent.

“These changes remove important barriers to choosing the best fund for a customer’s needs, with the moderate, balanced, and growth funds now all on the same low fee. By this action, we’re removing fees as a consideration when deciding what fund to go into,”  chief customer officer Paul Carter said.

Under the new structure, a person with $20,000 invested in the BNZ Growth fund would have their fees more than halved, from $243 to $116.

AUT senior lecturer in finance Ayesha Scott said it was a good move.

“Any move to lower fees, enabling easier decision making and increasing accessibility of information is positive. While I cannot comment on whether the level of KiwiSaver fees is appropriate, BNZ’s move toward lower fees and easier-to-read disclosure is positive. ”

BNZ is also shifting from active management to a more passive approach for international investments, which Scott said was also positive.”I imagine other providers and the banks will be watching BNZ closely. “Her colleague, Aaron Gilbert, agreed.

“This is brilliant, exactly what has been needed for a long-time. So far we haven’t seen a lot of evidence on competition between KiwiSaver providers on fees but this suggests that it is starting to occur. ”

He said it was possibly driven by the introduction of low-cost options like Simplicity and the fixed fee model of Juno.

“It will be up to members to force providers to look at reducing fees by switching to lower cost providers. Academic evidence doesn’t show evidence that high-cost providers earn additional returns, nor that active managers out-perform passive managers. There is no reason not to look at the lower cost providers. And if enough people move, then other providers will have to match BNZ.”

The country’s biggest KiwiSaver provider, ANZ, said it had made changes to its fees, too.

“From April 1, ANZ has removed the membership fee for KiwiSaver members aged under 18 years of age, and has reduced the membership fee for all other members from $2 to $1.50 per month,” a spokesman said.

“We regularly review fees as we achieve greater economies of scale. As an active manager, ANZ believes it is important to focus on returns-after-fees, rather than just on fees. Active managers generally utilise a higher level of decision-making and analytics, and therefore the fees charged will typically be higher than those of a passive manager.”

Westpac said it also regularly reviewed its fees.

“Fees matter but they should be considered in the context of the service and return a scheme provides.

“The Westpac KiwiSaver Scheme has received the Platinum rating from independent research house SuperRatings for five consecutive years, and was described as a ‘best value for money’ KiwiSaver scheme. It also placed first-equal in a KiwiSaver customer satisfaction survey released by Consumer in April.

“When it comes to fees and returns, we believe the after-fee return is the most important thing for customers to consider. ”

Posted Alec Waugh

RETIREMENT INCOME PUBLIC SUMMIT: 26 APRIL 2019

HI to all. Having been off shore for  4 weeks, and then  a Kaspanz computer crash, its nice to be back online. I attended the above summit and the following perceptions ( valid or invalid) I noted on the flight home.

  1. NZ Superannuation model is  simple and sound,the cost pressures low in comparison to other OECD countries.
  2. Fiscal impact are always important, productivity improvements within the NZ economy would if achieved, overcome most future costing concerns.
  3. The Last Task Force on Retirement Income was 1991.
  4. The Retirement Commissioner will shortly be announced, it’s a cross-road appointment for this entity, who are also tasked with the 3 yearly review to Government due end of this year.
  5. Data capture on retirement income issues require improvement and comparative analysis Data within the OECD Is vital.
  6. Drawing down of funds from capital lump sums upon retirement needs both Government support and involvement.
  7. Financial Literacy is a great theory, nobody disagree;s but achieving it may be the impossible dream, so don’t waste resource trying?
  8. New Zealand Fee’s have been a golden mile for providers for a long time, NZ pays more in Fees than Aussie and most others. Government has to start talking this “outrage down”, someone has to cap  the excessive grab, and guidelines and monitoring is required.
  9. Women are often disadvantaged in schemes and pension etc.  Do something!
  10. Workforce participation by 65 yr old above  is  increasing rapidly. Probably due to necessity,  but only the educated have a real choice to  work or not. Recruitment agencies and work force HR groups, engage in active discrimination practice.
  11. How do we convince both the young, and the policy makers, the models of NZ Super/Kiwi Saver are sound and can be around for decades.
  12.  We are living longer, but are we healthier? Senior years its the quality of life issue, rather than living 2/3 years longer. Be wary of those who proclaim, the  senior years are so much more healthy.

Posted by Alec Waugh May 2

Alec has been away, Next newsletter out shortly ,remember this Friday

Hi all

Been in Asia, Singapore, Taiwan,  Australia China etc last few weeks. Lots of headlines on excessive  fee’s re managed  investment funds, poor performance of Actively managed, investment funds, and low wage growth over the last decade for  low and middle income groups.

Surprised not me, same issues as NZ, the problem is not much has been done to change the situation, entrenched patterns and expectations continue to hold sway!

Next newsletter out shortly!!!!

Event details
Date: Friday 26 April 2019
Time: 8.30am-5pm
Venue: The University of Auckland Business School, Level 0, Case Room 3, 12 Grafton Road, Auckland, 1010
Registration (includes lunch and refreshments) $65
All-day parking at the Business School $12

An overview of the RPRC and PPI Summit taking place on 26 April 2019.Outline: 

The Retirement Income Policy Review terms of reference have been released by the Government, and a project manager for the review is appointed at the Commission for Financial Capability. In line with this Government’s emphasis on wellbeing and sustainability, the terms of reference stress that the review must assess “the effectiveness of current retirement policies for financially vulnerable and low-income groups, and recommendations for any policies that could improve their retirement outcomes”.

The RPRC’s public Summit at the University of Auckland Business School will examine some of the issues, including: the fiscal impact of ageing, the future shape of the age pension in New Zealand, KiwiSaver, intergenerational equity, the changing nature of work, the capacity of the health sector, the health of the financial sector, and lessons for New Zealand from international developments in finance and pensions.

New Zealand experts on retirement income policy issues will share their thinking on the various issues set out in the Terms of Reference. Among these are Diana Crossan, former Retirement Commissioner; Matthew Bell, Treasury; Judith Davey, Institute for Governance and Policy Studies; Richard Klipin, EO Financial Services Council; Len Cook, former Chief Statistician for New Zealand and the UK.

International speakers, including David Harris, MD TOR Financial Consulting Ltd; and Calvert Duffy, an Australian Governance, Risk and Compliance consultant; will comment on likely implications and possible lessons from overseas events including the Australian Royal Commissions.

View the Retirement Policy and Research Centre webpage for more information.

For more information, contact:

Dr M Claire Dale
Email: m.dale@auckland.ac.nz
Ext: 86968

Posted Alec Waugh 19 April 2019

OECD Pensions at a glance& MSD: Money talks : 0800 345 123

Executive summary

Pensions at a Glance 2017

The 2017 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years…

This edition of Pensions at a Glance reviews and analyses the pension measures enacted or legislated in OECD countries between September 2015 and September 2017 and provides an in-depth review of flexible retirement policies. As in past editions, a comprehensive selection of pension policy indicators is included for all OECD and G20 countries.

Pension reforms have been fewer and less widespread than in previous years.  Since 2015, the pace of pension reforms in OECD countries has slowed and reforms have been less widespread. Improving public finances have eased the pressure to reform pension systems.

However, some countries have changed retirement ages, benefits, contributions or tax incentives. Canada, the Czech Republic, Finland, Greece and Poland took far-reaching measures, with some of them reversing previous reforms. Over the last two years, the statutory retirement age was changed in six countries. About one-third of OECD countries changed contributions and another third modified benefit levels for all or some retirees.

Based on legislation, the normal retirement age will increase in about half of OECD countries, with links to life expectancy in Denmark, Finland, Italy, the Netherlands, Portugal and the Slovak Republic. On average, the normal retirement age will increase by 1.5 years for men and 2.1 years for women, reaching just under 66 years around 2060.

This means that, on average, the retirement period will increase relative to people’s working lives. Three countries have future retirement ages over 68 years: Denmark, Italy and the Netherlands.  By contrast, the normal retirement age will remain below 65 only in France, Greece, Luxembourg, Slovenia and Turkey for full-career workers. Moreover, only Israel, Poland and Switzerland will maintain a gender gap in the retirement age.

Concerns about financial sustainability of pension systems and retirement income adequacy remain, given the projected acceleration of population ageing, higher inequality during the working age and the changing nature of work.

Past reforms addressing financial sustainability will lower pension benefits in many countries. The net replacement rate from mandatory pension schemes for full-career average wage earners entering the labour market today is equal to 63%, on average in OECD countries, ranging from 29% in the United Kingdom to 102% in Turkey.

Replacement rates for low-income earners are 10 points higher,on average, ranging from  under 40% inMexico and Poland, to more than 100% in Denmark, Israel and the Netherlands. In non-OECD  G20 countries, South Africa has a very low projected net replacement rate, of 17% for average earners from the mandatory component. By contrast, future net replacement rates are higher than 80% in Argentina, China and India. Of these countries only Indonesia implemented a major reform over the last two years by introducing a mandatory defined benefit pension scheme.

Flexible retirement: what it means, why it matters Flexible retirement is the ability to draw a pension – full or partial – while continuing in paid work, often with reduced working hours, or to choose when to retire. Longer lives, the increasing diversity of work trajectories and the growing desire for more autonomy in the retirement decision are motivating calls for rules that allow individuals to decide when and how to retire.

Many workers want greater retirement flexibility. However, take-up rates are relatively small. In Europe, about 10% of individuals aged 60-64 or 65-69 combine work and pensions. And about 50% of workers older than 65 work part-time on average in OECD countries; this share has been stable over the past 15 years.

Steps to improve flexible retirement opportunities.  Most OECD pension systems allow combining work and pensions after the normal retirement age, albeit with some disincentives. In Australia, Denmark, Greece, Israel, Japan, Korea and Spain earnings limits apply, beyond which pension benefits are reduced.

In France, working pensioners fully withdrawing their pension do not earn any additional pension entitlements despite paying contributions. The situation is more complex before the normal retirement age. Flexibility to retire fully before the normal retirement age is strongly restricted in more than half of OECD countries. In another fifteen countries, retiring a few years early is allowed and pension benefits are reduced in line what is justified by actuarial principles. While eleven countries allow combining work and early pension within some limits, few have early partial retirement.

Whether pensioners would benefit from enhanced partial retirement opportunities depends on their capacity to make well-informed choices to avoid jeopardizing their final retirement incomes. Financial literacy plays an important role in that respect.

Barriers to flexible retirement also exist outside the pension system, especially in the labour markets or in cultural acceptance of part-timework, limiting the freedom in retirement decision. Postponing retirement will lead to higher pension entitlements in the vast majority of countries. In Estonia, Iceland, Japan, Korea, and especially Portugal, the financial incentives to continue working after the retirement age are large and go beyond the increases that would be justified to compensate for the shorter retirement period. Chile, the Czech Republic, Estonia, Italy, Mexico, Norway, Portugal, the Slovak Republic and Sweden offer flexible retirement for the baseline OECD case. These countries allow: combining work and pensions flexibly after the retirement age, in particular without any earnings limitations; reward postponing retirement; and, do not heavily penalize retiring early.

In  Italy and  the Slovak Republic, however, people entering the labour market today will only be offered flexibility at ages higher than 67 and 66 years, respectively. Real choice in making the retirement decision means that postponing retirement should be sufficiently rewarding to compensate for lost pension years; on the other hand, retiring a few years before the normal retirement age should not be overly penalized.

However, flexibility should be conditional on ensuring the financial balance of the pension system, which implies that pension benefits should be actuarially adjusted in line with the flexible age of retirement. Moreover, some people might underestimate their future needs and retire too early with insufficient future pensions. Policies that de- facto restrict early flexible retirement might therefore be needed; the early retirement age should be set high

KEY FINDINGS

  • Most OECD countries have enacted pension reforms since the last publication of Pension at a Glance (OECD, 2015). However, the reforms have been fewer and less widespread than in previous years
  • Reforms will potentially have a large impact on the pension system in Canada, the Czech Republic, Finland, Greece and Poland.
  • The retirement age was changed in six countries. Three of them actually reduced the long-term planned retirement age, including the Czech Republic, and Poland where this change will directly lead to substantially lower replacement rates.
  • Based on legislated measures, the normal retirement age will increase by 1.5 and 2.1 years on average for men and women, respectively, in the OECD, reaching just under 66 years over the next four to five decades.
  • The future normal retirement age varies enormously from 59 years in Turkey (women only) and 60 years in Luxembourg and Slovenia to an estimated 74 years in Denmark.
  • The net replacement rate from mandatory pension schemes for full-career average-wage earners is equal to 63%, on average in OECD countries, ranging from 29% in the United Kingdom to 102% in Turkey. Low-income (half the average wage) earners generally have higher net replacement rates than average-income earners, by 10 points, on average across the OECD.
  • In non-OECD G20 countries, net replacement rates for full-career average-wage earners range from 17% in South Africa to 99% in India. Only Indonesia implemented a major reform over the last two years by introducing a mandatory defined benefit pension scheme.
  • Many countries have introduced automatic links between pension benefits and life expectancy. Funded defined contribution schemes have automatic links through more expensive annuities with increasing longevity, but links also exist in notional defined contribution systems, in point systems (Germany) and in defined benefit schemes (e.g. in Finland and Japan). Most pension reforms over the past two year were undertaken in the following areas:
  • Twelve countries modified contribution rates or limits contributions, by age or income (e.g. Australia, Canada, Hungary and Latvia).
  • Twelve OECD countries changed benefit levels for all or specific groups of retirees (e.g. Canada, Finland, France and Greece). This either involved an outright adjustment of rules used to compute benefits, benefit cuts for higher earners, changes of the guaranteed minimum rate of return, of the reference salary, of the pension point value or of wider options for Annunciation.
  • Seven countries changed the rules associated with minimum or basic pensions or conditions related to income and means testing (e.g. Germany, Greece and the Slovak Republic). Two countries introduced a minimum or basic pension, and three changed the earnings or asset rules.
  • Seven countries, for example Ireland and Israel, changed the tax incentives related to pensions. Among the measures taken are the abolition or implementation of tax exemptions for some categories of earners.
  • Five countries, e.g. Japan and Turkey, took measures to increase the coverage of pensions, by using auto-enrolment, lowering or increasing the age at which contributions can be made or removing restrictions on participating in a pension scheme.
  • Part of the reason for falling replacement rates and rising pension expenditure is the increase in longevity. Life expectancy at age 60 has increased from 18.0 to 23.4 years in the OECD since 1970, with gains ranging from 1.5 years in Latvia to 8.7 years in Korea.
  • By 2050, average life expectancy at age 60 is expected to rise to 27.9 years. If retirement ages remain at the same level, more time will be spent in retirement and, with unchanged benefits

Take control of your money

Find out how you can get free and confidential help from a helpline called Money-Talks.

What Money  Talks is all about

A free financial helpline called Money Talks is available to help people who are struggling with their money.

MoneyTalks provides a quick and easy way to get in touch with trained financial mentors who can provide free and confidential advice.

You can get advice by phone, online chat and by email – and a text service will be available soon.

What you can get help with

The financial mentors can help you with any money problems, it could be:

  • you’re struggling to pay your bills
  • your debts are getting out of control
  • you’re being pressured by a salesperson to make an instant decision (you can get advice straight away!).

You can also get advice on how to help a friend of family/whānau member in difficulty.

You can also be connected with free and confidential services in your own community to help you get things under control and to stay that way.

How to contact Money Talks

Money Talks helpline is available from Monday to Friday 8am to 8pm and on Saturday from 10am to 2pm by:

Posted Alec Waugh 11 March 2019