The Retirement Commission has pulled together more than 900 groups to create a strategy targeted at helping secure better financial futures for Kiwis.
The new National Strategy for Financial Capability aims to support Kiwis to manage their money better and enjoy a secure retirement. It builds on the first strategy released in 2021.
The group includes everyone from the Reserve Bank, Insurance Council, and NZ Bankers’ Association, to the NZ Defence Force, Christians Against Poverty, and social and financial well-being charity, Good Shepherd.
“We have more than 900 representatives from community organisations, government agencies, banks, fintechs and insurance companies joining with financial advisers, financial mentors, debt solution providers, and iwi to undertake practical initiatives within a common strategic framework to help New Zealanders grow their money and build resilience,” Retirement Commissioner Jane Wrightson says.
“Pooling resources and expertise ensures we maximise collective impact and avoid duplication. We can help New Zealanders make informed choices to reduce debt, save, invest, protect what’s important and select the products and services that will assist them to create a better future.”
The collaboration will be focused around four key goals, namely:
1. Supporting people to grow their money.
2. Helping build resilience for the unexpected.
3. Lifting financial capability through education and training.
4. Leveraging collective impact.
Planning for retirement and increasing KiwiSaver contributions and investment are key aims within the goal of supporting people to grow their money.
The three-year strategy highlights that growing Kiwis’ money is a key focus, no matter their financial starting point – whether it be by reducing debt, starting a savings habit, or choosing the optimal KiwiSaver fund.
It adds that financial growth is not necessarily in the sense of more income, it wants people to have more money for their future since needs tend to rise over time.
“We want financial progress. We want growth,” it says.
The previous National Strategy attracted international attention due to its success in getting people to work together. Wrightson says there is no other such mechanism that brings together such a breadth of organisations.
