To celebrate International Women's Day this year, we're encouraging Kiwi women to take a moment to get KiwiSaver advice.
Research shows Kiwi women often struggle to talk about their finances, and many enrolled in KiwiSaver are not familiar with their fund options and which one is best for them.
Because of this, women tend to select lower-risk, lower-growth fund options, which are not always to their advantage. In fact, the average KiwiSaver balance for women is 20% lower than the average balance for men; $27,061 for females and $32,553 for males.^
A woman's KiwiSaver savings are often her biggest single investment (outside of owning a home), so it’s important that they're invested in the right fund. Leaving your KiwiSaver investment in a default fund or being too cautious with your long-term savings, could mean missing out on higher investment returns at retirement.
The good news is, that talking to an expert and getting the right advice, can help improve the confidence and financial literacy of women and can have life-long benefits for their financial freedom, self-empowerment, and overall well-being.
“Talking to a KiwiSaver adviser is a great idea and can really pay-off over the long term.” says Generate KiwiSaver Adviser, Kirstien Taylor.
According to the Money and You^^ report from the Financial Services Council (FSC), over 80% of Kiwi women rate their level of financial wellbeing as moderate, low or very low, and over 70% feel that financial wellbeing influences their overall wellbeing.
“Your adviser is there to help you understand all your options when it comes to KiwiSaver, so you can weigh up the potential risks and rewards and select the right fund that’s right for your age and investment timeframe.” Taylor continued.
Generate has KiwiSaver advisers located across the country who offer no-obligation advice.
Get in touch to talk to your local adviser today.
Don’t have time to talk to an adviser?
Take our KiwiSaver survey to see which fund could be right for you.
^^Money and You - Women & Financial Wellbeing in NZ (fsc.org.nz)