Non-profit KiwiSaver and fund manager Simplicity has launched free financial
education for all New Zealanders, written in plain English, delivered 100% onlineand direct into workplaces.
Even though KiwiSaver has been running 10 years now, and has more than 2.8
million members, there is still widespread ignorance and confusion about basic
money matters.
The latest research from Mercer shows that the average person spends 250 hours each year worrying about money. These
high levels of stress are a contributing factor to workplace absences, illness and relationship breakdowns.
Sam Stubbs, Managing Director of Simplicity, said while the Financial Markets
Authority has warned default KiwiSaver providers to do more in the education
space, not enough was being done. “The simple truths are what ordinary KiwiSavers deserve, so we’re doing it,” hesaid.
“Today we’re beginning what will be a lifelong mission for Simplicity, which is to get the simple truths about money
into the mindset of every New Zealander,” he said.
Amanda Morrall, Simplicity’s Head of Communications and Education and
published personal finance author, has spearheaded the initiative.
She said the digital classrooms, launched just over a month ago via Facebook,
already have close to 600 participants.
“It demonstrates just how much demand there is for financial education,” said
Morrall. Simplicity’s education drive also includes free workplace seminars on financial wellness. The talks have been
well received by companies that have nominated Simplicity as a preferred Kiwisaver provider including Spark, Meridian,
Genesis and Z Energy.
Stubbs said Simplicity was offering its services and resources to anyone who
wanted them, to help lift financial literacy in New Zealand. “Education is the key here. The more people understand, the
less they need to worry.”
The core classrooms (accessible via Simplicity’s website and social media) are:
personal finance 101, KiwiSaver, a first-time home buyer’s guide and retirement
planning. These classrooms expand on subjects that matter to ordinary Kiwis investors.