June 25, 2019
Māori too poor to save for future
Kiwisaver provider Kiwi Wealth says Māori and Pasifika were falling further behind other New Zealanders financially, and the answer could be financial products that met specific cultural needs.
Spokesperson Joe Bishop says Kiwi Wealth's latest State of the investor Nation report found a third of all Māori and Pasifika felt worse off financially than they did a year ago.
Almost 40 percent were struggling or only just getting by week to week, with no money left over for saving or investment.
He says that's proof the financial services sector isn't doing enough to help those most vulnerable.
Helping Māori and Pasifika get more out of KiwiSaver was the best place to start with.
Māori and Pasifika were least likely to know what KiwiSaver fund they are in, or to make changes, meaning they are missing out on opportunities to build wealth for retirement.
Mr Bishop says not only Māori and Pasifika but Indian and Chinese members are often part of extended family units, with wealth managed on a whānau basis, so they should be able to see future financial plans and advice presented.
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