December 03, 2019
Simplicity offers bilingual view of money trail
KiwiSaver provider Simplicity has become the first in the industry to publish a bilingual product disclosure statement.
Managing director Sam Stubbs says the bilingual statement was in line with the nonprofit's diversity and inclusion philosophy, and its goals of making all New Zealanders smarter and wealthier.
The statutorily-required document outlines the core principles, structure and investment methods of a KiwiSaver fund.
While the Financial Markets Authority does not profile KiwiSaver accounts by ethnicity, financial outcomes for Māori 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 for Maori it was a third of that at $20,000.
Mr Stubbs hopes the bilingual statement would encourage greater interest in KiwiSaver and help improve retirement savings for Māori.
The translation was completed by Temete Lowman of YouthSaver and approved by Dr Vini Olsen-Reader from Victoria University of Wellington.
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