Make a date with your money

Make a date with your money

The New Zealand Bankers’ Association is encouraging people to make a date with their money during Money Week, which runs from 1 to 7 September.

“The idea is to set aside some time to take stock of your financial situation and make a plan for the future,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“Personal money management and financial goals often end up as lower priorities in our busy lives, where work and family pressures can take precedence. If you can sort yourself out financially, or at least know where you’re going with your money, it can often alleviate pressures in other areas of your life.

“Most people think about their personal finances when faced with big life events such as leaving home, going studying, buying a house, starting work, getting married, or retiring. Money Week provides an opportunity to take the plunge now.

“If you’re looking for some professional advice about managing your money, your bank is a good place to start.

“Our banks are right behind improving financial literacy. It’s all about people making informed choices to improve their financial well-being. That’s good for banks, and good for their customers.”

The Commission for Financial Literacy and Retirement Income’s 2013 Financial Knowledge and Behaviour Survey revealed that banks are New Zealanders’ main source of financial advice. Family and friends are the second most popular source of financial advice, with financial advisers coming well down the list.

“While you’re likely to trust family and friends, they may not be best placed to advise on financial matters. Seeking professional advice makes sense for the most significant financial decisions of our lives,” Hope said.