Got money questions?

We're all searching for answers – especially when it comes to money.

Sorted Money Week is back for 2021 (9^th – 15^th August) and, building on last year’s successful campaign ‘Just wondering’, they are again encouraging Kiwis to keep asking questions, talk openly, and ask for financial advice. Over a thousand questions were submitted last year, and the top 10 most common money questions are published here. Questions submitted during last year’s campaign covered KiwiSaver, investing, property, spending plans and retirement.

Organised by Te Ara Ahunga Ora Retirement Commission, Sorted Money Week is an annual public awareness and engagement campaign that aims to help demystify key money topics, bring them to the forefront and provide an inclusive platform for engagement on a subject matter that is often seen as taboo.

Some of the top money questions from last year were:

• “How can I budget when I’m a shopaholic?”
• “How soon should I start saving for retirement, and do I really need a million dollars to retire on?”
• “Should I be putting more or less money into KiwiSaver now?”

Click here for Sorted’s answers to the money questions.

Here are some helpful tips from these questions*

• Sorted recommends making a spending plan that covers all categories of your spending, as that makes it easier to stay on track.
• It’s never too early to start saving and planning for retirement – depending on what your lifestyle goal for retirement is, it helps to have a look at what retirees are spending today in terms of a “no frills” or “choices” lifestyle. Massey University 2020 survey is a great start.
• You can also use Sorted's Retirement calculator and other online tools to see what your future retirement savings may look like (and to provide you with information make any changes to your savings plan if needed.
• Unsure if you’re in the right investment option (or mix of options)? To help you decide, ask yourself whether your current investment strategy aligns with your risk profile and your life stage, and whether you’re likely to lose sleep if your investment loses some of its value. Use Sorted’s Investor kickstarter tool for an indication of what type of investor you are and what mix of investments may suit your situation and risk tolerance.
• Not sure where to start or need some help with KiwiSaver or investments? Read more on the Fund’s financial advice webpage. You can also call the Fund Helpline on 0508 266 787 for all questions about the Fund and your account.

_{*This information is general in nature and may not suit your personal circumstances. Please seek financial advice before making important financial decisions.}