Sex, divorce and weightloss take priority over financial security for Kiwis

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A recent survey of 1,000 New Zealanders has revealed that Kiwis are more concerned about shedding the extra kilos than ensuring they have enough money to retire.

The survey by National Capital, a KiwiSaver financial advisory firm offering personalised advice, found that more than two thirds (67%) of women aged 18 to 65+ said their top goal of the next six months was weight loss. Far less of a priority was planning for retirement (28%) as was sorting out their KiwiSaver (20%). 

Of the men surveyed, 57% said their top priority was also weight loss while only 19% had sorting out their KiwiSaver at the top of the list.

Clive Fernandes, founder of National Capital said it was concerning just how many Kiwis are unprepared when there is evidence to show New Zealanders aspire to achieve a better standard of living in retirement than can be supported by superannuation.  

“In the time it could take to sign up to a weight loss programme or go for a run, New Zealanders can also take a free KiwiSaver Health Check to make sure they are optimising their investments for retirement, before it’s too late.

“It might not feel urgent or important when you’re 10 to 20 years away from the traditional retirement age of 65, but taking the time now now could mean an extra $87,000 in your pocket when you reach that stage,” said Clive.

Other survey findings revealed:

  • Women 30+ were 16 times more likely to talk about divorce and nine times more likely to talk about sex than retirement 
  • Men and women were more likely to seek the services of therapist or a personal trainer than from a KiwiSaver advisor (14%)
  • 46% of respondents would rather learn a new skill (e.g. instrument or language) than sort out their retirement or sort their KiwiSaver

Men claimed to be knowledgeable about general financial acumen (45%) however 47% thought they’d be in a better financial position than they were at that time with 39% anxious about their financial future and 12% embarrassed. In comparison, only 29% of women claimed to be knowledgeable about general financial acumen, but almost just as many were concerned or embarrassed about their current financial situation.

Radio presenter and  journalist, Kerre McIvor, shares Clive’s sentiment that retirement needs to be more of a priority for many New Zealanders, particularly women.

“It's tough enough being old.  Imagine how much worse it would be to be old and poor. Yet, when it comes to planning for our retirement, three in four of us, myself included, are putting it off until we are closer to 65 which is too late,” said Kerre. 

“Ladies, we need to take care of ourselves - the same way we take care of other people and with the same focus that we put on getting fit. We think we'll do it one day, and then all of a sudden one day is here.  

“If you don't take charge and make sure you're getting the best out of your KiwiSaver you could be missing out on thousands of extra dollars that you'll really need if you want to enjoy the good life in retirement.” 

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