FMA wants New Zealanders to give their KiwiSaver accounts an online health check as part of Money Week.
It is directing consumers to its website, where it asks whether they know who their provider is, what type of fund they were in, whether their KiwiSaver account is on the right tax rate, how much they have in their account and whether they think their KiwiSaver account is government-guaranteed.
It offers more tools and information.
The FMA is also hosting a free event at Westfield Riccarton Mall in Christchurch, where people can take part in an interactive version of the KiwiSaver health check.
The FMA’s director of primary markets and investor resources, Simone Robbers, says it’s important that people check in to make sure their KiwiSaver investment is working for them and Money Week is a perfect time to do that.
“For many New Zealanders, KiwiSaver will be their first investment experience and may represent a large part of their retirement savings and ultimate financial security. Finding out what choices are available to you now could have a positive impact on your future,” she said.
“There are some essential things New Zealanders can find out about by completing the health check, such as understanding what type of investment fund they are in and making sure their prescribed investor rate (PIR) is correct.”
Money Week is a nationwide week of events that motivates New Zealanders to look at their financial situation and get their money into the best shape possible.
During the week, the FMA will also be releasing more findings from its joint survey with the Commission for Financial Capability into how well older New Zealanders are preparing for their retirement, and what they plan to do with their KiwiSaver when they reach 65.