An initiative launched by the FSC at its annual conference hopes to grow the financial confidence and wellbeing of all New Zealanders.
Blueprint for Growth will explore the key issues faced by Kiwis across the country when it comes to insurance, money, health, and retirement.
The organisation’s CEO Richard Klipin says the lack of a coherent vision for the sector, and for all New Zealanders, is “…costing us dearly and leading to poorer outcomes for all Kiwis”.
He says New Zealanders aren’t financially literate, leading to a financial literacy and capability issue. According to this year’s Financial Resilience Index, 53% of Kiwis are unable to access $5,000 in an emergency.
“New Zealanders take too much risk without managing the downside, 70% of Kiwis are underinsured according to Money and You: Taking Cover,” says Klipin.
Today’s announcement is just the beginning…
He also says many New Zealanders aren’t prepared for retirement, “…leading to stress and anxiety in later years”.
He cites a 2021 report (Money and You: KiwiSaver at a Crossroads) that states 56% of Kiwis don’t feel they are financially prepared for retirement.
Klipin also says New Zealanders worry about healthcare accessibility and affordability, referencing the 2022 Money and You report that concludes 39% of Kiwis worry about the financial consequences of a significant health event.
“Today’s announcement is just the beginning, as we know that good, evidence-based, bipartisan policy leads to better outcomes for all New Zealanders,” he says.
“This is part of the key to unlocking the future prosperity and productivity in New Zealand.”
Klipin says he is looking forward to engaging with all political parties in the lead-up to the Election and with the incoming Government.