9 in 10 New Zealanders are not financially prepared

1 in 5 retirees has insufficient worth of savings to sustain their current lifestyle.

An estimated 94% of New Zealanders are worried about their finances, with many challenged to choose between essential needs and savings, according to the Financial Services Council (FSC) latest report.

The report, “Money & You”, also revealed that whilst some cut back on non-essentials like takeaways, others face more serious dilemmas, such as heating their homes (24%) or affording medication (16%).

Accessible income levels have declined across all age groups. Alarmingly, one in five retirees has less than a year's worth of savings to sustain their current lifestyle.

“Whether your concerns are about the short-term cost-of-living or long-term investment and retirement planning, we encourage you to talk with your whānau, providers, or a registered financial adviser. It will help boost your financial confidence and wellbeing,” Haydee Stroud, Acting Chief Executive Officer of the FSC, stated.

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