Advice for your future

Uncertainty, a lack of interest and the fact that it is considered too hard, were among the most common answers, when we asked New Zealanders why they had not worked out how much they would need to save for their retirement, and what to do to maximise their current assets.

We know life gets in the way so, here at ANZ Investments, we’re trying to find ways to prompt our members to take action and look after their future selves.

Working with the Financial Markets Authority (FMA) and the Ministry for Business Innovation and Employment, we are trialling different ways of communicating with people aged 55–64 to help them make informed decisions about their retirement.

With 10 years or less to go until they can access their KiwiSaver savings, we’re hoping these messages help our members take action and make active choices. We’re encouraging them to consider how much to contribute, work out how to maximise their savings and to make the most of their investments – whether on their own or with the help of an adviser.

Six months into the trial, the results show few are taking matters into their own hands and even fewer are seeking professional advice, even when the advice is free.

These results concern us and, if you’re guilty of not taking action, you too should be concerned. A recent study by the FMA has found that the sooner you start planning, the better. “Starting early, at least 10 years out, and getting help from an adviser, provider or a mix of sources got the best results,” said Paul Gregory, the FMA’s Director of External Communications and Investor Capability.

Talk to a financial adviser to help you make the most of your retirement savings. At ANZ, we offer this service free of charge. Call us on 0800 269 238 to find out more.