How many Kiwis are struggling financially?

FSC, Public Trust working to boost the picture

How many Kiwis are struggling financially?

More than 80% of Kiwis rate their financial wellbeing from very low to moderate, according to a new Financial Services Council campaign.

The FSC began its three-month sector campaign in May to take meaningful action to improve women’s financial wellbeing.

The campaign was designed to enable women to take the necessary steps to protect their future legacies and what truly matters to them.

From June 13-26, the FSC’s It Starts with Action campaign shifts focus to hone-in on protecting what matters, spearheaded by a virtual event on 21 June, which includes an inspirational line-up of female speakers.

Self-funded entity Public Trust is supporting the FSC’s campaign and urges Kiwis to take action with their financial wellbeing.

Public Trust CEO Glenys Talivai (pictured), director of Māpuna Consultants Dr Acushla Sciascia, Canopy Group financial adviser Rosie O’Sullivan and AIA ambassador and cancer survivor Jess Quinn, make up the all-female panel which advocates for women to speak about what they do and don’t know about managing their finances.

Talivai said this campaign was an important step in helping many Kiwis, especially women, gain confidence and certainty regarding their financial position.

“With only half of adult New Zealanders with a current will in place, more Kiwis need to start having discussions with their whānau about protecting what matters,” Talivai said.

“The reality is that people hate talking about their money and finances yet alone death and the future, which we’ve found is the biggest hurdle in opening up these conversations amongst families.”

Talivai said while many Kiwis might not think they had valuable items worth handing down to future generations, there were often special mementos or heirlooms that sit within a family that hold extreme sentimental value.

“It doesn’t need to be a valuable material or financial object, it could be something sensitive and important as who will look after their children once they’ve passed away or as simple as a secret cooking recipe from a grandparent,” she said.

“As men have traditionally looked after the finances for a family, we need to shift that mindset and show our women that they’re loved, valued and should have the correct legal documents like wills or EPAs in place to protect their family’s future.”

As one of several supporters of the campaign, the Public Trust challenged Kiwi women to consider what matters to them, empowering them with the tools and resources to protect them against the unexpected; their health, careers, money and people they love and hold dear.

The Protect what Matters webinar will be held online on Tuesday, June 21, from 11am-noon. You can register your attendance through the Financial Services Council website.