INDEPENDENT NEWS

Simplicity produces first KiwiSaver document in Te Reo

Published: Tue 3 Dec 2019 09:26 AM
In a first for the KiwiSaver industry, nonprofit Simplicity has published the country’s first bilingual Product Disclosure Statement (PDS), the key public document for all KiwiSaver funds.
The Te Reo and English language document, which outlines the core principles, structure and investment methods of a KiwiSaver fund, is intended to help more native speakers understand this important savings vehicle.
Managing director Sam Stubbs said producing a bilingual PDS was in line with Simplicity’s diversity and inclusion philosophy, and its goals of making all New Zealanders smarter and wealthier.
“KiwiSaver has been around for 13 years, and yet it hasn’t occurred to any manager to produce their most important document in Te Reo. So we’ve done something about it, as 16% of our population identifies as Maori.” he said.
While the Financial Markets Authority does not profile KiwiSaver accounts by ethnicity, financial outcomes for Maori and Pacific Islanders are poorer in New Zealand.
According to the Department of Statistics, the median net worth of European people in the 25 to 44-year age group was $62,000, while Asian and Māori people were two-thirds ($42,000) and one-third ($20,000) of this value, respectively. Pacific people in this age group had a median net worth of $16,000.
Stubbs said he hoped that the bilingual PDS would encourage greater interest in KiwiSaver and help improve retirement savings for Maori.
The translation was completed by Temete Lowman of YouthSaver and approved by Dr Vini Olsen-Reader from Victoria University of Wellington.
ends

Next in Business, Science, and Tech

COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy
By: Statistics New Zealand
Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate
By: Joint Press Release
Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea
By: Ministry For Primary Industries
New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand
By: IDC New Zealand Ltd
Mediaworks Reaches Agreement To Sell TV Operations To Discovery, Inc.
By: Mediaworks
Public Transport Distancing Requirements Relaxed
By: Ministry of Health
New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs
By: New Zealand Hemp Industries Association Inc
One In 14 Employed People Report High Risk Of Losing Jobs
By: Statistics New Zealand
ASB Quarterly Economic Forecast Shows NZ Economy Doing Better Than Expected, But Challenges Remain
By: ASB
Live Export Ship Carrying 5,800 New Zealand Cows Goes Missing In East China Sea
By: SAFE
FMA Releases Report Into Active And Passive Fund Management
By: Financial Markets Authority
New Zealand In Deepest Recession In Living Memory
By: New Zealand National Party
Record Transport Investment To Help Economic Recovery And Save Lives
By: New Zealand Government
Trucks And Roads The Key To Economic Survival
By: Road Transport Forum
Building Confidence Crucial Amid An Uncertain Economic Recovery, Says OECD
By: OECD
View as: DESKTOP | MOBILE © Scoop Media