Money Week 2015 launched on Sunday at Britomart's Takutai Square in Auckland. Powered by Sorted and the Commission for Financial Capability (CFFC), Money Week is where the focus is on Kiwis' finances and how to help their financial situation.
In a new survey released by the CFFC and Financial Markets Authority, 39 per cent of surveyed retirees went into retirement without a plan and 46 per cent of people nearing retirement aren't prepared for when they leave the workforce.
These numbers are worrying, so if you're one of these people who have no idea what you'll do for retirement, a bunch of free events are being held for Money Week all over New Zealand to help educate Kiwis on their finances. There is a quick quiz online where New Zealanders can check if they're "fighting fit" and financially up to scratch.
Being ready for retirement is important, especially with the government continually jacking up the retirement age. So it pays to be thinking about how you're going to grow your finances in time for when you decide to ditch the workforce.
"Planning for a secure financial future is important for all New Zealanders, not only those heading towards retirement," said Minister of Commerce and Consumer Affairs Paul Goldsmith.
One way to grow your assets is to invest in property in New Zealand. The latest data from the Real Estate Institute of New Zealand has shown an increase in Auckland's median house price of 21 per cent from July 2014 to July 2015. This has seen the highest number of sales for the month since 2003 for the Auckland and Waikato regions.
The earlier you start investing, the more wealth you can build.
With returns like these, it is possible to retire with ease. And the earlier you start investing, the more wealth you can build. After all, it's never too early to start thinking about your future. This includes becoming financially literate and knowing how you're spending.
"It doesn't matter whether you're in school, saving for your first home or raising a family, having good money skills makes a big difference in achieving life goals," commented Mr Goldsmith.
"Building financial capability means having the skills, understanding and confidence to make good financial decisions at all stages of life and into retirement," he concluded.
Here's to your financial independence!
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