Far too few Kiwis are seeking financial advice, according Financial Advice New Zealand (FANZ) CEO Katrina Shanks.
According to FANZ, financial resilience is fairly a new term to New Zealanders and is yet to make its way into their money-mindset.
“Ask Google if New Zealanders are searching ‘financial resilience’ and the answer is no,” Shanks said. “But conversely, type in payday loans or payday advance, and Google paints a different picture, with 2,400 and 1,900 searches each month respectively. And that’s just for starters.”
Debt levels and cost of living are high, and savings and the number of Kiwis covered by insurance are low. These are just a few reasons why the Money Week 2018 message on financial resilience is spot-on, according to Shanks.
“Money Week’s message is crucial to the financial life, and lives, of Kiwis,” she stated.
“We want to see ‘financial resilience’ become a Kiwi household term; a term that will support awareness of the big and small things that people can do to build their financial well-being and to protect against life’s unpredictable turns.”