The Retirement Commission’s annual Sorted Money Month campaign starts today and is putting the spotlight on emergency savings.
Research has found that 64% of people who had set up an emergency savings fund in the last three months felt confident about their future (almost identical to those with established funds at 65%) in comparison to only 22% of those without a fund. However, 44% of New Zealanders do not have an emergency savings fund, which threatens their financial resilience.
Sorted Personal Financial Lead Tom Hartmann says, “Building up your emergency savings this Sorted Money Month will help you to deal with financial challenges when they arise.”
“Having emergency savings in place can be the difference from feeling stressed or sorted when the unexpected happens. It can then be used for a variety of situations, such as trips to the vet, urgent home repairs, car breakdowns, or sudden job loss. Having this financial cushion ensures that you are prepared for life's uncertainties and can handle them without undue stress.”
Alongside the national marketing activity which includes billboards, radio ads and social media, the financial services sector involved with the National Strategy for Financial Capability are hosting events, workshops, and sharing resources aimed at promoting emergency savings and encouraging saving habits. Details of what’s taking place can be found on the Sorted event calendar.
Sorted is also hosting two free webinars during Money Month providing independent financial information on starting an emergency savings fund. The first one, 'Stressed to Sorted - Emergency Savings 101,' is on 12 August. Then, on 26 August, there's 'How an Emergency Fund Can Save Your Life,' featuring a panel of experts from community and financial organisations sharing their tips on building and keeping emergency savings.
There’s also a range of in-person events to choose from, including in Auckland Vaiola Pacific Island Budgeting Service: Empowering Pasifika mums event; Tamaki Budgeting: Beating the emergency event, (an Amazing Race-style experience with stations providing information on a range of common emergencies) and Ngā Tāngata Microfinance Trust’s Build Your Buffer event.
Waikato events include Kainga Aroha Community House is giving away the chance to win free butter as part of its Money Month event and Waihi Budget Services is offering free pork buns and a chat with a financial mentor every Tuesday in August.
Tom Hartmann knows that economic conditions are tough for many people.
“But if you can take one action today to protect your future, open an emergency savings account and start regularly putting aside money to help deal with the unexpected,” he says.
"Having your own emergency money at the ready keeps you from sliding into debt and paying heaps in interest and fees. The more you have saved for the unexpected, the easier it is when things go wrong.”
ENDS
Notes to Editors:
About Sorted
Sorted is a free service run by Te Ara Ahunga Ora Retirement Commission, the government-funded, independent agency dedicated to helping New Zealanders get ahead financially.
As New Zealand’s trusted personal finance site, Sorted has the information needed to tackle debt, plan and budget, save and invest, dial up your KiwiSaver, plan for retirement, protect what's important, and manage a mortgage. Providing tools, guides and blogs, Sorted can help no matter where you are at when it comes to money.
About Te Ara Ahunga Ora Retirement Commission
Te Ara Ahunga Ora Retirement Commission aims to help New Zealanders to retire with confidence. Retiring with confidence means New Zealanders feel secure they’ll have resources to live and the know-how to make ends meet.
We focus on three areas: Retirement Income Policies, Retirement Villages and Financial Capability.
Te Ara Ahunga Ora runs Sorted, Sorted at Work, Sorted in Communities and Te whai hua – kia ora, Sorted in Schools and is responsible for the National Strategy for Financial Capability.
For more information, or to arrange any interviews, contact:
Elizabeth O'Halloran
Communications Lead, Te Ara Ahunga Ora Retirement Commission
Mob: +64 21 749 467 Email: elizabeth@retirement.govt.nz