PocketWise launches financial health check tool

by Ksenia Stepanova03 Sep 2018

Comparison site PocketWise has rolled out a new online tool to help Kiwis do a check on their financial health, and to see how their financial products compare with others available on the market.

The tool has been unveiled in time for MoneyWeek, a public awareness campaign aiming to help New Zealanders manage their personal finances. The campaign is currently in its seventh year, with the 2018 theme being financial resilience and the importance of being able to weather financial shocks.

The PocketWise tool provides customers with a dashboard displaying all their financial products while listing others in the same category for comparison. Users can check details of personal loans, KiwiSaver funds and international money transfer rates, among other products.

“We’re simply responding to our users’ feedback,” said PocketWise co-founder Binu Paul. “Since our launch earlier this year, we have had numerous ideas being put forth and it was a question of picking out the most requested. This week is MoneyWeek, and we thought it would be a neat idea to help Kiwis on their journey to financial freedom and savvy.”

PocketWise says there is often a sizeable difference in the cost and value of financial products, with cost differences sometimes adding up to thousands of dollars. This is particularly true for big-ticket products such as mortgages and KiwiSaver funds.

“We have been blessed with rich user data and feedback,” Paul said. “While we have started with a minimum set of features for this new tool, we are continuing to redefine the edges. My observation is that customers tend to want to compare prices when buying TV’s, fridges, flight tickets and accommodation, but don’t apply the same savvy when shopping for financial products. Unfortunately, that’s a lot of real money left on the table.”

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