The council also welcomes other sector-specific announcements
The current focus on financial wellbeing and financial literacy is “good news for Kiwis” as the October general election looms, according to the Financial Services Council.
“Financial wellbeing is top of mind for New Zealanders. With the cost of living tracking as the number-one issue for voters, the finance sector remains committed to helping New Zealanders with their financial confidence and wellbeing,” FSC CEO Richard Klipin (pictured above) said.
“The FSC has been watching election developments closely to see how they fit with our priorities set out in the Blueprint for Growth that we launched last month.”
Read more: Blueprint for Growth
The blueprint, which was developed by FSC with the intent to help all New Zealanders be better financially, is focused on ensuring Kiwis have a dignified retirement, have access to quality and affordable health care, can better manage and understand their risk, and better manage their finances and seek advice.
“First of all, we applaud the outbreak of a bipartisan commitment to financial literacy being taught at all levels in our schools,” Klipin said. “To have both National and Labour committing to this is a game-changer. The FSC is ready to work with whoever forms the next government to make this a reality.
“The understanding of all political parties of the cost-of-living pressures is also a positive for Kiwis. Financial wellbeing is vital for all New Zealanders. Research the FSC launched earlier this week revealed younger Kiwis are finding it harder to cope with the current cost of living, let alone have the ability to plan for a rainy day or retirement.”
FSC also welcomed other sector-specific announcements.
“We reconfirm our strong desire to see a full review of KiwiSaver to ensure New Zealanders are getting the best possible returns to get them ready for retirement,” Klipin said.
“The recent news of KiwiSaver funds reaching the $100 billion mark shows the time is right for a detailed review to ensure we get the settings right, and ultimately grow the financial confidence and wellbeing of New Zealanders.”
In the regulatory space, FSC has worked closely with the financial services sector over recent years to help craft and prepare for a range of legislation, including the Conduct of Financial Institutions, Financial Services Legislation Amendment Act 2019, and Climate Related Disclosures.
“Our focus is always to do the right thing by consumers and CoFI is the policy process around addressing that,” Klipin said. “It's also the law of the land at the moment and we will continue to work with regulators and agencies as the law currently stands. Clearly, there's an election campaign going on, however the FSC is apolitical.”
As campaigning continues in the next few days, Klipin said FSC wants to see policy that enhances financial wellbeing.
“And we look forward to working closely with all parties to help implement policies that shift the dial here,” he said in a media release.
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