Why asking, makes good sense 

03 August 2022

Why asking, makes good sense

Does thinking about your financial future (or present…) leave you with more questions than answers? This month, we’re celebrating the many benefits of talking openly about money in support of Sorted Money Week (8-14 August 2022).

Ever since we launched kōura, our goal has been to empower Kiwis to take charge of their financial future. We believe in knowledge-sharing – and that no question is too big or small.

So, if you’re ‘just wondering’, here’s why ‘just asking’ makes sense.

 

The more you ask, the more you learn

Do you tend to shy away from finding out more about all-things finance? You’re not alone. According to Te Ara Ahunga Ora Retirement Commission’s Sorted Money Week 2021 report, one in three adult Kiwis tend to keep their money questions to themselves.

But here’s the thing: asking questions is an important ingredient in financial wellbeing. The more we ask, the more we learn. And the more we learn about finances and how to manage money, the more confident we are with financial information and decisions.

 

Be the driver of your money-mindset

Open money conversations can be one of best ways to build financial savvy. But unconscious biases can be a barrier to being proactive. The 2021 New Zealand Capability Survey found that more than one in five Kiwis surveyed believed their financial situation was largely outside of their control. And as a result, procrastination and short-term thinking become a coping mechanism:

The reality is that no one is born a financial management master: good money management is a learning process. In fact, research shows that most of us understand the underlying principles (like the value of saving for the future), but from theory to practice, there’s a gap that needs to be bridged. And that’s when asking questions and learning from reputable sources can be a major part of the solution - helping you shift your mindset from ‘reactive’ to ‘proactive’.

 

There might be questions you didn’t know you had…

When you’re asking questions, you’re instantly broadening your perspective. One question often leads to another, and then another. This makes money conversations a bit like mapping out uncharted territories, when each turn unveils something new, re-shaping your attitude to money. You may find that planning your financial future is so much more than cold numbers: your finances are connected to every aspect of your life.

 

And questions that many Kiwis have…

Here are some common KiwiSaver and retirement saving questions that Kiwis ask, according to last year’s Money Week report:

●     Do I really need $1 million to retire?

●     How do I know if I have enough money to retire?

●     When should I start planning for my retirement?

●     Should I aim to clear my debt (e.g., my mortgage or other debts) before I retire?

●     How does KiwiSaver work?

●     Which KiwiSaver fund is best?

●     Can I use my KiwiSaver to buy a house?

 

Any sound familiar? This month we’ll be talking about these and more KiwiSaver topics – our part in answering some of the key questions on Kiwis’ minds when it comes to retirement savings. And of course, you’re more than welcome to ‘just ask’ the team at kōura – we’re here to help.

 

To sum it all up…

Knowledge – it’s the seed to most change and transformation. And when it comes to building your financial future, there are no right or wrong questions. Even the smallest one can lead to that ‘aha moment’.

So, reach out for information. Have conversations about money with friends, family, experts. And whenever you need to, just ask. Looking for nuggets of inspiration? Keep an eye on our Education Centre for the latest news and insights: it may answer some of your questions and encourage many more.

 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

 

Sources:
Te Ara Ahunga Ora Retirement Commission - Sorted Money Week 2021 - What Kiwis were wondering (https://documents.pub/document/sorted-money-week-2021-what-kiwis-were-wondering.html

Te Ara Ahunga Ora Retirement Commission - 2021 New Zealand Capability Survey (https://assets.retirement.govt.nz/public/Uploads/Research-2020/TAAO-RC-NZ-FinCap-Survey-Report.pdf)
 

Build your personalised KiwiSaver plan

My name is .
I am years old.
My KiwiSaver balance is and my annual pre tax income is
I contribute of my income to KiwiSaver.
I make an annual voluntary contribution. of .

Personal Digital Advisor

To design your advice, we need to know a few of your details.
My name is .
I am years old.
My KiwiSaver balance is and my annual pre tax income is
I contribute of my income to KiwiSaver.
I make an annual voluntary contribution. of .
Kia Ora ,
Before we take you back to your kōura portfolio,
for security purposes please confirm some of your details:
Your age:
Your annual income:
Your current KiwiSaver balance:

Oops sorry ,
the details you’ve entered are different to the first time you filled out the kōura calculator.
For security reasons that means you’ll either have to re-enter all of your details in the advice calculator again...
OR simply click the big button in your latest email from us which will return to your portfolio.

Cheers! Kōura

Build your personalised KiwiSaver plan ➔

We all know how expensive the little things have become over the past few months.

So to make things a little easier, anyone that uses the kōura digital advice tool during the month of August will go into the draw to win one of two $250 Countdown vouchers.

Start Here
Offer only available to people that are using the Digital Advice Tool for the first time. Click here to view Competition Ts & Cs.