PLANNING DUE TO STRESS AND ANXIETY – knowledge, behaviour and mindset influence financial wellbeing –
Sorted Money Week, 9th August, 2021: There’s no such thing as a silly question. That’s what we tell our children, but when it comes to money matters one in three adult Kiwis shy away from finding out more and improving their financial wellbeing.
“Our latest research clearly shows that knowledge, behaviour and an individual’s mindset influence their financial wellbeing. So during this year’s Sorted Money Week (9-15 August) we’re again encouraging New Zealanders to put any embarrassment aside and ask those money questions they’ve been ‘just wondering’ about,” says Retirement Commissioner, Jane Wrightson.
The path to improving the financial capability of New Zealanders forms part of Te Ara Ahunga Ora’s National Strategy for Financial Capability. The Strategy provides a framework for collaboration, communication, and knowledge sharing and will unite the financial capability community to work around three goals, focused on three priority audiences. The objective is to make measurable change toward helping New Zealanders to understand money.
One in Four Kiwis Not Confident With Money
The Financial Capability Survey 2021 shows that one in four Kiwis lacks the confidence to manage their money day to day, plan their financial future or make decisions about financial products and services. 32 percent of 18-64 year olds said “stress and anxiety” about money matters were the largest barrier to them focusing on their finances.
“People feel they should know more, but in many cases are too afraid to ask. Encouraging kōrero around money increases understanding and how ‘in control’ people feel,” says Wrightson.
This is important as the latest Financial Capability Survey found that, with the exception of people on very low incomes, higher financial confidence positively influences financial wellbeing.
Knowledge Is Power
This Sorted Money Week, Sorted is encouraging Kiwis to ask questions about any and every part of their finances — from big decisions like buying a first home, managing debt and saving for retirement through to everyday budgeting and understanding how to read the terms and conditions in financial products like Buy Now/Pay Later schemes.
“We understand that many people feel uncomfortable talking about money or don’t know where to start. Providing the source is reputable, it doesn’t matter who or how people ask. If someone feels anxious about revealing ‘what they don’t know’ then they can take advantage of theanonymity of the internet and head to trusted places like Sorted and to learn the basics and progress from there,” says Wrightson.
She says Money Week is about encouraging discussion and exploration plus increasing understanding by providing information that cuts through the jargon.
Investing is on the up
One particular focus this Money Week is providing answers to questions around investing. In the past 12 months 17 percent of 18-34 year olds have made a new financial investment, and it’s one of the areas Sorted gets the most questions about.
“There are a lot of new, accessible investment platforms out there and we want to make sure New Zealanders can find good information about the opportunities and risks so they can make the best decisions for their circumstances,” says Wrightson.
The recent report from the Financial Markets Authority [FMA] shows that a third of investors are taking to platforms due to fear of missing out. It also found they were more likely to base decisions on tips and gossip seen online, than on a company's reports, raising concerns about the financial literacy of new investors.
Buy Now, Pay Later?
Another trend on the rise are Buy Now, Pay Later schemes. Between Q1 and Q2 of 2021their popularity grew 26 percent amongst under-35 year-olds, 30 percent amongst women and 32 percent amongst Maori.
“The products aren’t inherently bad and can be used well when people thoroughly understand the fine print. We just need to remember we’re spending future money and income. Our recommendation is understand what you’re signing up to and mitigate risk by minimising the number of schemes you have at any one time.’.
The recent Financial Capability Study 2021 found that by increasing our knowledge of and confidence in financial matters and tackling bad habits such as procrastination or impulsivity, New Zealander’s could improve their financial wellbeing. Sorted Money Week aims to provide a range of resources to empower New Zealanders and shine a light on the many financial tools available.
What: Sorted Money Week
When: 9th – 15th August 2021
Why: To help Kiwis feel empowered and confident in their finances
Topics: KiwiSaver, Buying a First Home, Saving, Investing, Budgeting, Money Management and Financial Empowerment.
Resources: Impartial information, guides and tools could be found at sorted.org.nz
Sorted Money Week 9-15 August
Sorted Money Week is an annual campaign run by Te Ara Ahunga Ora Retirement Commission to help demystify key money topics, bring them to the forefront and provide an inclusive platform for engagement on a subject matter that is often seen as taboo.
Building upon the success of last year’s campaign ‘Just wondering’, we’re supporting Kiwis to keep the kōrero going and talk more openly about money and ask for help – because any money question is a good question!
We’re encouraging Kiwis to reach out to our safe place, Sorted.org.nz, knowing they’ll be provided with useful, non-judgemental, trusted information across a range of topics including KiwiSaver, budgeting, saving, investing, loans and retirement planning.
Consumer campaign page www.sorted.org.nz/justwondering
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The New Zealand Society of Authors Te Puni Kaituhi o Aotearoa is delighted to announce that Tessa Duder CNZM OBE is the NZSA 2021-2022 President of Honour. This prestigious honour is bestowed on a senior writer and long-serving NZSA member in recognition of their contribution to writing and writers and the literary arts sector in Aotearoa.
Of the award, Tessa says: ” To be selected as President of Honour of such an invaluable and successful collective as the New Zealand Society of Authors is a huge privilege. Thank you for this special honour, which carries with it whatever support I can offer to advance the interests of writers at all levels of commitment.”
Tessa Duder CNZM OBE has been a champion of the children's and young adult writing community in Aotearoa for 40 years. Her work for the Storylines Children's Literature Trust Te Whare Waituhi Tamariki o Aotearoa, IBBY and as an NZSA past president is gratefully acknowledged, as well as her encouragement of all writers. Tessa has won the Prime Minister's Award for Literary Achievement, the Katherine Mansfield Menton Fellowship, The Storylines Margaret Mahy Medal for services to children's literature, and numerous awards for her books, in particular the ALEX quartet, which was made into a film, and is currently being scripted for television. This series was prescient in its feminist message for young women and has been an inspiration for thousands. It won her three New Zealand Children's Book of the Year awards and three Esther Glen medals and was published in America, Britain, Australia, Spain, Denmark, The Netherlands, South Africa and Canada. Tessa was one of the Artists in Antarctica and received an honorary doctorate from the University of Waikato in 2008.
NZSA President Mandy Hager says “We’re enormously honoured that Tessa Duder has agreed to take on the role of President of Honour for 2021-2. Not only is she one of Aotearoa’s most beloved and skilled writers for children and adults, but she has also been untiring in her support of other writers, from her excellent work as President of NZSA to her roles in Storylines, IBBY, Writers in Schools, teaching creative writing, and judging (and sponsoring) book and short story awards. She has enriched the whole country with her presence.’
NZSA CEO Jenny Nagle says, “The NZSA is delighted to recognise Tessa Duder's immense contribution to the writing world. We look forward to hearing her 'state of the nation' address about the literary sector in Aotearoa.”
Each year, The NZSA President of Honour delivers the prestigious annual NZSA Janet Frame Memorial Lecture – an event that comments on the literary sector. This year's event will be held at Old Government House, Auckland University, October 5.
Tessa Duder will be introduced by NZSA President Mandy Hager.
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Source: Horticulture New Zealand
National Party MP Dr Shane Reti’s Member’s Bill has been pulled from the ballot today and would see unfunded chemotherapy drugs administered in public hospitals.
The Member’s Bill proposes a law change that would allow DHBs to administer, and cover the cost of administering, day-stay cancer medicines where PHARMAC does not fund them. Families would still need to find money to fund the medicines but would be saved the private hospital costs of administering the medicines.
Cancer Society of New Zealand Chief Executive Lucy Elwood says “We are very aware that financial strain goes hand in hand with a cancer diagnosis even before factoring in unfunded drugs. Many people struggle with affordability around the basics like taking time off work during treatment and transportation to appointments.”
“The Bill will ease the burden for those New Zealanders who pay, sometimes through Go Fund Me pages and mortgage deferment, for unfunded drugs. The hospital cost to administer these drugs can be up to one third of the total expense. We certainly acknowledge the difference this could make.”
“However, we are optimistic that this will be the beginning of a conversation and we will provide a submission if the Bill reaches Select Committee. This Bill will make a difference to some, but it is one component in a very complex puzzle. To expect one Bill to confront the issues of cancer care in Aotearoa is like expecting one financial policy to solve housing affordability – but it can be a starting place.”
“We are committed to ensuring the voices of cancer patients are heard and currently we are working with the Government on changes to the Health and Disability System and have provided a submission to the PHARMAC review.”
“There is much progress to be made and we look forward to continuing the conversation and using this as an opportunity to explore the complications that need to be addressed in order to achieve an equitable, less-stressed health system that meets the needs of all New Zealanders.”
- Te Aho o te Kahu / Cancer Control Agency “The State of Cancer in New Zealand 2020”