Commission news

Read, watch and listen to recent news items about the Commission and its work.

For more news, see the Commission calendar

Please note that the content expressed in these these news items do not necessarily represent the views of the Commission.

7 February 2014

Time running out to lift retirement age

Dominion Post

The census reminds us just how quickly we are ageing as a society, and how much our lives are changing as a result. 

...The baby boomers are going to cost the Government a bigger and bigger fortune, and something will have to be done. The simplest solution would be to gradually raise the age at which people are eligible for the pension. As the retirement commissioner points out, this is a serious issue but it is not one requiring action today.

Still, the window is starting to close.

Read more

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25 January 2014

Interesting times:

Fixing the unfair advantage that investment housing enjoys

The Listener

Another way to encourage a move away from property investment is by using the carrot approach, rather than a stick. The latest Review of Retirement Income Policies, by the Conimission for Financial Literacy and Retirement Income, suggests introducing tax breaks for bank and other fixed-interest deposits. This would remove disincentives that the simplest savings products face from relatively high rates of tax.

Read more

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21 January 2014

KiwiSaver: The five biggest myths

New Zealand Herald

Myth: It's a savings account

Executive director of the Commission for Financial Literacy and Retirement Income David Kneebone says he often hears that KiwiSaver is a savings account you can withdraw funds from when you need them.

"Unless you're using KiwiSaver for a first home deposit or applying to withdraw under hardship circumstances [and each scenario has conditions attached] your money will stay invested until 65 years of age.

"If you joined between 60 and 64 you need to leave your money in for five years."

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19 January 2014

Profit from sound advice

New Zealand Herald

The Herald asked various financial gurus for one piece of advice for improving wealth in 2014. Diane Maxwell advised "Buy for the life you actually live, not the one you live in your head."  

Read more

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14 January 2014

KiwiSaver: How to avoid costly retirement mistakes

New Zealand Herald

David Kneebone, executive director of the Commission for Financial Literacy and Retirement Income, says KiwiSavers need to make sure they are chipping in enough to make a difference in retirement.

Read more

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13 January 2014

Gift of debt not so merry

Mastercard research on Christmas shopping habits shows more than half of Kiwis overspend ahead of Christmas. Lydia Anderson looks at how, after splurging on Christmas, we got ourselves into the red, and ways to get back into the black with the help of the Sorted debt, money and event planners.

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9 January 2014

Time for new money resolutions

Reducing debt makes it into the top five most popular New Year's resolutions, To sort the basics, spend less than you earn, decrease your debt, start saving, and plan for the unexpected, advises David Kneebone in the Fiordland Advocate.

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7 January 2014

KiwiSaver: Time  to take stock of your savings

KiwiSaver insiders offer suggestions for KiwiSaver-related resolutions or goals for the coming year, including using Sorted's KiwiSaver fund finder, retirement planner and investment planner.

Read more

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5 January 2014

The importance of saying thanks - to yourself

Getting your money sorted is nothing short of a personal triumph: when you reach milestones you should slap yourself on the back in gratitude for a job well done, says David Kneebone in the Sunday News.

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30 December 2013

New Faces: Diane Maxwell, Retirement Commissioner

The New Zealand Herald finds out who's new at the head of the New Zealand business world.

Read more

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15 December 2013

Should I save 3, 4 or 8 per cent of my salary into KiwiSaver?

...the higher the savings rate you make, the larger the amount you will have at age 65 when your KiwiSaver money becomes available for withdrawal. That's where the comes in, says the Sunday Star Times.

'Tis the season for jolly junk mail... and consumerism 

...Done properly the improved teaching of financial literacy, as proposed by the Commission for Financial Literacy and Retirement Income, could discourage rather than encourage consumerism.

However, that doesn't seem to be the direction being taken by the commission, says columnist Paul Little.

Read more

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14 December 2013

Higher interest rates impact cuts both ways

The Reserve Bank is poised to lift the official cash rate - pushing up interest rates. 

So it's a good idea for mortgage holders to calculate the cost of their mortgage adding a rate increase of 1 or 2 per cent more. You need to work out what the impact will be and how much you will have to pay - and if you can afford it, David Kneebone says.

Sorted has a that makes it easy to do.

Read more

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13 December 2013

Government urged to scrap tax on super fund

The Commission for Financial Literacy and Retirement Income wants tax-free status for the New Zealand Superannuation Fund. The call is in the Commission's final report on retirement policy and an addition to a draft published in October.

Read more

Calls to rethink retirement age

A new three-yearly review of retirement policy recommends increasing superannuation in line with wages and prices. But Retirement Commissioner Diane Maxwell says we need to think about how that can be sustainably achieved.

Read more

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12 December 2013

Being 65 now, not the same as 1963

That's the message from Retirement Commissioner Diane Maxwell, following the release of a three-yearly review on retirement incomes.

Read more

Review of retirement income policies tabled in Parliament

The three-yearly Review of Retirement Income Policies was tabled in Parliament todayafter a two month consultation period.

Retirement Commissioner Diane Maxwell said the Review process was an important opportunity to raise awareness of retirement income issues as New Zealand enters a period of unprecedented demographic change

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10 December 2013

Kiwisaver: It pays to know what's on offer

David Kneebone explains the basics of KiwiSaver fund comparison and the new Sorted tool: "Knowing which KiwiSaver fund you're in, making sure it's the right one for your situation and being able to see how it compares with other funds are all important factors that will boost your KiwiSaver investor knowledge.

Read more

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5 December 2013

Categorising KiwiSaver funds into various buckets not so simple

A 'library list' of the KiwiSaver funds covered by, and research house Morningstar has just been completed.

Read more

New policy manager to help create positive change for older people

The opportunity to influence legislative policies relating to people over 65 has attracted Kathryn Maloney to Age Concern New Zealand. Kathyrn was previously the research and policy coordinator with the Commission.

Financial literacy organisation welcomed

A new initiative designed to raise the level of financial literacy in New Zealand has the backing of financial advisers – but most will not be involved directly.

Read more

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4 December 2013

Make your Christmas stress free

Make your memories about fun rather than the big credit card bill says David Kneebone in the Wanganui Chronicle.

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3 December 2013

Governor-General helps boost financial skills

Governor-General Sir Jerry Mateparae will head a coalition of banks and financial services providers dedicated to lifting people's money skills. 

Read more

New consortium to improve financial literacy

Commerce Minister Craig Foss has welcomed the creation of a new financial literacy consortium – The Exchange.

Read more

Good idea to keep eye on your KiwiSaver funds

Sorted's fund finder offers various ranking calculators. Firstly, it enables you to compare funds according to returns, service and fees. Then you can move on to the section called "Find the right type of fund for you ", which will help you decide where you settle on the risk scale. The next section will identify where your current fund sits in relation to others in respect of returns, service and fees.

Shelly Hanna , 'Your KiwiSaver' columnist for Hawke's Bay Today.

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20 November

Financial planning for retirement

The manager of Hamilton's Budget Advisory Service says the resources and tools on the Commission's Sorted website have advanced the level of financial literacy across New Zealand which has prompted young Kiwis to think about retirement a lot earlier.

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19 November

Tool compares KiwiSaver fund managers

There's now a very quick way of getting a perspective on how good/bad/indifferent/expensive/ cheap the KiwiSaver fund you picked is with the launch of a fantastic online tool which casts light on KiwiSaver where darkness now reigns, says Rob Stock. 

Read more

Watch the TV3 video clip

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18 November

Online tool compares KiwiSaver plans

The KiwiSaver fund finder will encourage people to switch their KiwiSaver investments to funds that suit them best says Rebecca Thomas, CEO of Mint Asset Management.

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17 November

More to ranking than fees

The kiwisaver fee debate is in full swing again, with the launch of a KiwiSaver calculator allowing the public to rank funds by their fee levels.  Deciding whether to plump for a higher-fee active fund or a lower-fee passive fund, and whether your fund is providing value for money, are not easy questions to answer. 

Read more

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15 November

Fund finder tool for KiwiSaver choice

In the past, KiwiSaver funds used different methods to present their results. Using the KiwiSaver fund finder, people can now have confidence that they're comparing apples with apples, says David Kneebone.

Read more

First impartial Kiwisaver Scheme guidance tool launched

The new KiwiSaver fund finder available via the Sorted website, which compares services, fees and growth is discussed on Checkpoint.

Listen to Radio New Zealand Checkpoint

KiwiSaver fund finder tool welcomed

The New Zealand Bankers’ Association has welcomed an independent tool to help people find a KiwiSaver fund that suits them best.

KiwiSavers can now access impartial advice

KiwiSaver members now have access to a tool that allows them to compare schemes impartially. Previously, members would have to collect, collate and compare the information themselves reports Radio New Zealand.

Read more

New KiwiSaver comparison website launched

A new website that compares the fees and performance of different KiwiSaver funds providers was made possible by the 2013 KiwiSaver periodic disclosure rules which require KiwiSaver providers to detail the information in a simplified and consistent form each quarter, says Commerce Minister Craig Foss.

Read more

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13 November

Lower your mortgage

It's no secret that banks know how to make money out of their customers but TV1's Seven Sharp shows how you can lower your mortgage.

Watch the TV1 video clip

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6 November

Disaster proof your finances

Payment glitches like the Novapay problems highlight the need to savings tucked away as a safety buffer in case of an emergency. Thankfully the Commission's research suggests most of us are a reasonably safe distance from the knife's edge.

Read more

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5 November 2013

KiwiSaver top-up before kids can pay dividends

Is it possible for women to pump up retirement savings in the years prior to starting a family to cover for the period of reduced or no income asks Helen Twose in the New Zealand Herald.

Read more

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4 November 2013

Planning your holiday spending

David Kneebone talked about planning holiday spending and avoiding dumb debt with Marcus Lush on Radio Live at 8.11am.

Listen on RadioLive (Choose 4 November, 8am. The audio clip is available this week only and not on Chrome or ipad.)

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3 November 2013

Will you be sitting pretty when you retire?

Even if the age of eligibility increases, if people don't save enough they still face a difficult retirement. But how much is enough?

Read more

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2 November 2013

How much is enough?

Many retirement nest eggs are incubating too slowly and it's slowly dawning on players that, unless they change the game, they won't have enough to live on in retirement.

Read more

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1 November 2013

How to fit festivities into your budget

A Christmas spending plan made well before the festive season starts to offer up temptations is a good idea - so now's thetime to think about it writes David Kneebone in the North Shore Times.

Peace of mind from a piece of paper

The thought of making a will can stir mixed emotions, but everyone needs one, no matter how old you are.  Yet according to Nielsen, 66% of Kiwis aged between 25 and 39 do not have a will, write David Kneebone in Timaru's The Courier. 

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31 October 2013

Ready for retirement

Choosing a retirement village can be a lengthy and detailed process, with many factors to consider in what is best for you. 

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26 October 2013

Are you overspending on your smartphone?

Several families participating in the The Tamaki project have now saved more than $10,000 by taking control of non-essential spending including their mobile phone use.

Read more

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22 October 2013

Close watch on KiwiSaver

The publicaton of new KiwiSaver disclosure reports online is not a big concern in an age of growing internet usage says David Kneebone, executive director at the Commission for Financial Literacy and Retirement Income.

Read more

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20 October 2013

KiwiSaver funds laid bare

Retirement commissioner Diane Maxwell is launching a new online tool, KiwiSaver fund finder, to help savers compare funds' fees, service rating and returns. 

Read more

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19 October 2013

New initiative on financial literacy issues

A new public-private consortium aimed at improving financial literacy will launch next month. The details are under wraps but Consumer Affairs Minister Craig Foss let slip a teaser at the Consumer Credit and Financial Literacy forum.

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18 October 2013

Minister opens consumer credit forum

Consumer Affairs Minister Craig Foss is hosting the 2013 Consumer Credit and Financial Literacy forum in Auckland today. The forum is being chaired by Retirement Commissioner Diane Maxwell and has a strong financial literacy focus.

Read more

Contribution to the consumer credit forum

Retirement Commissioner Diane Maxwell and Minister of Consumer Affairs Craig Foss both made good contributions at the consumer credit forum, with Foss giving him confidence that legislative changes will be made to promote responsible lending, says Mangere Budgeting Services Trust CEO Darryl Evans on RadioLIVE.

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17 October 2013

KiwiSaver default funds to stay conservative

The government has settled on keeping the existing investment mandate for default KiwiSaver providers to manage funds conservatively. 

Read more 

Make spending a habit

Getting ahead in life is about being in control of your money, and one of the keys to managing your money well is having a regular savings habit says David Kneebone in community paper, the Fiordland Advocate.

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15 October 2013

Call for KiwiSaver shake up

Retirement Commissioner Diane Maxwell supports the Financial Services Council’s KiwiSaver proposal as an “excellent contribution to the debate”.

Read more

Long life for NZ super- with some changes

NZ Super will be there for the young, though may be less generous, writes Rob Stock in the Manukau Courier.

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14 October 2013

Age of super eligibility has to be lifted

A further lift is in the age of eligibility for New Zealand Superannuation is now widely accepted as necessary says a New Zealand Herald editorial. 

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Superannuation scheme 'elegant'

Prime Minister John Key responds to the 2013 Review of Retirement Income Policy and defends the system the system New Zealand already has as quite "elegant ".

Read more 

Don't panic on pensions

Fears of a massive unaffordable pensions blowout in future may be easing as analysis suggests a sustainable solution is achievable, writes Rob Stock.

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Choose not to retire poor

You can choose a long and comfortable retirement says Liz Koh.

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Finance body has it’s say on retirement

The Financial Services Council presens its view on retiremnet follows the release of the Commission's report last week.

Read more

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13 October 2013

Fix our super stitch up 

Bernard Hickey challenges the consensus that a universal NZ Super is a good thing.

Read more

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12 October 2013

Standardised reporting good news for KiwiSavers

Sorted’s forthcoming KiwiSaver comparison tool which will enable consumers to make their own meaningful comparisons between KiwiSaver funds is mentioned in an article by Diana Clement about the new KiwiSaver information disclosure requirements.

Read more

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11 October 2013

Key isn't keen to play with the pension age

Radio interviews with John Key about his views on the Review recommendations

Hear more

Raise in pension age a fair idea

Susan Wood says a gradual, planned, well-communicated rise in the age that New Zealanders are eligible for the pension is, in her view, a fair idea.

Listen on NewstalkZB

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Superannuation a tedious, unresolved struggle

Peter Dunne, leader of UnitedFuture comments that the just released review of superannuation policy contains the traditional, predicatable  responses.

Report keeps soft focus on KiwiSaver

The review of retirement income policies is probably not on everyone's holiday reading list but could fill a rainy-day gap says David Chaplin.

Read more

Labour pushes retirement age hike

Labour's Finance spokesman David Parker said today that National was "putting their heads in the sand" by refusing to raise the age of eligibility for getting superannuation.

Read more

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10 October 2013

Review renews pension age debate

Raising the retirement age from 65 to 68 is again on the agenda with the Retirement Commissioner calling for the increase because New Zealanders are living longer.

Watch the TV One news item 

NZers will increasingly rely on private savings in retirement

The latest report on retirement savings says New Zealanders are going to have to increasingly rely on private savings, such as Kiwisaver, in the future; and the system needs to be fair to those who are approaching retirement, as well as for younger generations.

Read more

Listen to the Checkpoint interview

Prepare 200k nest egg, says govt report

New Zealanders will need as much as $200,000 in savings to augment NZ Super payments and provide a comfortable old age, but some low income New Zealanders have little chance of reaching that target, the Retirement Commission has warned.

Read more

Pension age call won’t budge Government

The Government says keeping the age of eligibility for NZ Super at 65 is affordable, in contrast to a report today calling for policy changes to ensure the system of retirement remains sustainable

Read more

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9 October 2013

Review renews superannuation age debate

Raising the retirement age from 65 to 68 is again on the agenda with the Retirement Commissioner calling for the increase because New Zealanders are living longer.

Watch the TV news item

Rob Hosking: Retirement report

Rob Hosking talks to Larry Williams about the Retirement Commission's recommendations for how New Zealand might cope in future with an ageing population.

Listen on NewstalkZB

Government won’t change super policy

A political player believes we can't afford not to talk about the future of superannuation. Green Party Co-Leader Metiria Turei says doing nothing about the situation will have consequences.

Read more

Recommendations on retirement policy make good sense

Financial Services Council, 9 October 2013

Financial Services Council CEO, Peter Neilson has welcomed recommendations to address taxation, affordability and accessibility of KiwiSaver and the controversial issue of age eligibility for NZ Super contained in a discussion document just released by the Retirement Commissioner.

Read more

Retirement income review provides practical way forward

New Zealand Bankers Association, 9 October 2013

The New Zealand Bankers’ Association says the discussion document contains several practical recommendations that, if implemented, will help New Zealanders better prepare for retirement. 

Read more

More use of KiwiSaver hardship provision

Submissions from budgeting agencies to the Retirement Income Policy review show how KiwiSaver has been making a difference in people's lives.

Read more

Call to end pension injustice

The government has been told it should end one of the worst inequities of the state pensions system - the reduction of a New Zealander's superannuation if their partner has a large overseas pension

Read more

Pros and cons of planned super changes

Ron Stock outlines the pro and cons of the Commission's 10 key proposals in its review of retirement policy.

Read more

Pressure mounts over superannuation age

Retirement Commissioner Diane Maxwell has thrown her voice behind a growing call for the government to reconsider its stance on keeping the pension age of eligibility unchanged in a wide-ranging document on retirement income. 

Pensions debate in full swing again

Yahoo! Business and Finance  9 October 2013 

All New Zealand workers should be automatically enrolled in KiwiSaver pension savings schemes and the age at which those savings can be tapped should not be lowered, says the Retirement Commissioner, Diane Maxwell, in a report released this morning.

Recommendations reflect the impact of an aging population 

Leighton Smith, Newstalk ZB, 9 October 2013

The Commission's recommendations reflect the impact that an aging population will have on the current retirement income system and include age friendly workplaces to increase retirement income, though the Government is reluctant to 'make a move'.

Commission says it is 'inevitable' private savings will play a larger role in future,  October 9, 2013

The Commission for Financial Literacy and Retirement Income says it is inevitable that 'private provision' of retirement income will play a larger role in retirement for New Zealanders in the future.

Read more

Time for National to get head out of the sand - Parker, 9 October 2013

National must get its head out of the sand and make the changes needed to ensure universal superannuation is sustainable, says Labour Finance spokesperson David Parker.

Read more

Peter Dunne slams retirement report

3News, 9 October 2013

UnitedFuture leader Peter Dunne says the Retirement Commissioner’s review of retirement income policies is a "disappointing, same-old, same-old" response that will not take the retirement income debate any further forward.

Alarmist campaign to raise pension age - NZ First

Yahoo! News, 9 October 2013

New Zealand First has again warned against the concerted campaign to soften up the public to fundamental changes to the New Zealand Superannuation (NZS) scheme.

Commissioner interviewed on RadioLive

RadioLIVE, 9 October 

The latest report from the Commission for Financial Literacy and Retirement Income claims that raising the retirement age will not be enough to tackle the looming problem of an ageing population.

Audio no longer available

Diane Maxwell - What's in the future for NZ's retirement policies?

New Zealand Herald, 9 October 2013

Retirement Commissioner Diane Maxwell has released the latest review of NZ's retirement policies - will there still be superannuation in the future? And what role will private savings play?

Watch the video

Retired NZers will have to increasingly rely on private savings

Radio New Zealand, 9 October 2013

Focusing on the Future cover

The latest report on retirement savings says New Zealanders are going to have to increasingly rely on private savings, such as Kiwisaver, in the future. It reiterates past warnings that New Zealand is entering a period of unprecedented demographic change.

Read more

Call to link pension age to life expectancy

Stuff, 9 October 2013

The age of eligibility for NZ Super should be progressively raised in line with life expectancy.

And there should also be a change to the formula by which NZ Super increases are calculated, pegging them to the average of the change in the CPI and earnings.

Read more

Retirement age lift suggested in new report

New Zealand Herald, 9 October 2013

Private savings and assets will play an increasingly larger role in New Zealanders' future retirement income, says the Retirement Commissioner.

The Commission for Financial Literacy and Retirement Income has today released a major set of policy recommendations aimed at improving the country's retirement system.

Read more

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8 October 2013

Girls need plan to be super women

Rob Stock, Stuff, 8 October 2013

Parents need to raise their girls to be better with money than boys says Rob Stock.

Read more

Putting the focus on older New Zealanders

The steps being taken to make sure our growing ageing population remains healthy and independent were today outlined by the Senior Citizens Minister Jo Goodhew at the launch of the document Older New Zealanders: Healthy, independent, connected and respected

Read the speech

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September 2013

Minister announces 2013 Consumer Affairs Forum, 20 September 2013

Consumer Affairs Minister Craig Foss will host the 2013 Consumer Credit and Financial Literacy Forum in Auckland next month.

The theme for this year’s forum is Responsible Lenders, Informed Borrowers.

Read more

Where is all the independent financial advice?

New Zealand Herald, 11 September 2013

Questions have been raised about how easy it is to gain access to independent financial advice after research revealed just 325 investment advisers were not linked to a bank, stockbroker or financial institution...

...But both the financial adviser regulator and the Retirement Commissioner have played down the importance of using a non-aligned adviser.

Read more

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Money Week news

Read news about Money Week 2013, which ran from 1-7 September, on the Money Week site.

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August 2013

Women need to save long and prosper

Stuff, 14 August 2013

In Australia they call it the Super Baby Debt - the estimated $30,000-plus hole in retirement savings left by each child of a working woman.

Inside the Aussies' seemingly enviable A$1.5 trillion ($1.7 trillion) super scheme is a worrying imbalance: Women's savings balances are lucky to add up to much more than half of men's.

New Zealand's new Retirement Commissioner would rather we didn't repeat the pattern.

"It has to be a key consideration for us as we move toward greater reliance on private savings," says Diane Maxwell, who stepped into the role in June.

"This is an issue we are circling around with no obvious simple answer."

But already the fledgling KiwiSaver scheme has a major gender gap.

Read more

NZ microcredit scheme likely

Stuff, 10 August 2013

New Zealand looks likely to get a microcredit scheme designed to break the stranglehold third-tier lenders have on some of the country's poorest people.

Just what it may look like could be revealed as early as next month.

Retirement commissioner Diane Maxwell, who researched financial exclusion while at the Bank of New Zealand, has been evaluating the success of microcredit schemes in Australia, including Good Shepherd's low and no interest loan schemes.

Read more

Boom time for golden-oldies sector

New Zealand Herald, 6 August 2013

Three NZX-listed retirement businesses are in a big growth phase, with more than 1000 new units planned.

The North Shore and its rapidly ageing population is a magnet... 

Not all has gone smoothly in the sector: arguments about fees, resale prices and standard of buildings and care have arisen at villages around New Zealand and the sector is overseen by retirement commissioner Diane Maxwell, working for the Commission for Financial Literacy and Retirement Income.

The commissioner's website displays the process for taking a complaint, and the sector is governed by the Retirement Villages Act 2003, regulations and the code of practice.

Read more

Kiwis are more money savvy than Aussies

Sunshine Coast Daily, 5 August 2013

NewW Zealanders are the most money-savvy people in the Asia-Pacific region, according to the latest financial literacy survey.

MasterCard asked 12,000 from 27 countries about their level of understanding in three areas - basic money management skills, investment knowledge and financial planning.

New Zealand topped the region with an overall score on the financial literacy index of 74 points, up from 73 last year...

Another major survey carried out this year found New Zealanders had little problem grasping key financial concepts but were struggling to put their knowledge into action...

Diane Maxwell, the newly appointed Retirement Commissioner, is hot on the topic of raising financial literacy among women.

Maxwell says women are often caught up in how they feel about making a financial decision while men have their calculators out doing the numbers.

Read more

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July 2013

Iwi governance entities now more business-minded

Radio New Zealand, 30 July 2013

A Maori financial literacy advisor says iwi governance entities are becoming more business-minded.

Philip Broughton is the project manager for Maori financial literacy at the Commission for Financial Literacy and Retirement Income...

He travels the country to meet with both Maori in the community and those in higher level iwi governance positions.

Mr Broughton says tangata whenua are now much more aware and eager to learn about money matters.

Read more

Call to look at mandatory retirement annuities

Radio New Zealand, 16 July 2013

A business group is calling for debate on compulsory annuity payments in retirement.

It follows a recent survey by global accounting body CPA Australia, which shows many Australian retirees are using lump sum payments as a windfall to pay off their debts.

The Commission for Financial Literacy and Retirement Income has welcomed the call for a debate on compulsory annuity payments.

Research manager Malcolm Menzies says there is need for some kind of annuitisation, otherwise KiwiSaver will not achive its purpose. Dr Menzies says the questions that need to be considered are whether it should be compulsory or voluntary, or total or half annuitisation.

Listen to more from Dr Malcolm Menzies on Checkpoint

Reshaping Kiwis' saving psyche

New Zealand Herald, 6 July 2013

Changing attitudes about money and retirement needs to start with children, says new commissioner.

Diane Maxwell isn't afraid to admit she hasn't always been good with money but the newly minted Retirement Commissioner wants to get people talking about it from a young age so that they can be.

Maxwell has set herself a goal of making retirement saving a "round the BBQ with a beer" conversation.

Read more

Financial literacy key for retirement

TV3 FirstLine, 1 July 2013

Retirement isn't usually a subject that interests younger generations, but the new retirement commissioner is hoping to change that.

Diane Maxwell told Firstline people actually need to begin planning for retirement from as young as high school age."Retirement is a conversation for all of New Zealand and all of New Zealanders.

Kiwis urged to select the correct KiwiSaver scheme

RadioLIVE, 1 July 2013

Commission for Financial Literacy and Retirement Income executive director David Kneebone is urging people to select the correct KiwiSaver scheme.

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June 2013

Financial literacy key for retirement

3news, 30 June 2013

Retirement isn't usually a subject that interests younger generations, but the new retirement commissioner is hoping to change that.

Diane Maxwell told Firstline people actually need to begin planning for retirement from as young as high school age."Retirement is a conversation for all of New Zealand and all of New Zealanders.

What you need to know to afford a first rung on the property ladder

Sunday Star Times, 30 June 2013


Savings adviocate David Kneebone is used to hearing people say they can't afford to buy a house. 

Often what they mean is they can't afford to buy in the suburb they want - especially if they live in Auckland.

Spotlight on Kiwis’ financial literacy

Gareth Morgan Investments, 27 June 2013

The results of the latest Financial Knowledge and Behaviour Survey were released at the Financial Literacy Summit in Auckland on 14 June. There weren’t many significant changes from the last survey run in 2009, but the 2013 survey showed for the first time how we rate against other countries.

In an international comparison run by the OECD, New Zealanders scored higher than residents of 14 other countries when measured on 8 core financial knowledge concepts. 

Read more

Speakers endorse value of financial education

by Peak Portfolio Management published in Hawkes Bay Today, 25 June 2013 

At the Financial Literacy Summit...  New Zealand's Governor-General Sir Jerry Mateparae...  spoke eloquently of the value of financial literacy: “We need financial education to be appreciated, understood and valued at all levels of society and at all stages of our lives.  

...The importance of delivering financial education at appropriate life stages was endorsed by one of the overseas speakers, Air Commodore Robert Brown of the Australian Defence Force.  

Read more

Stick to a budget and reap rewards

Hawke's Bay Today,  25 June 2013 / Northern Advocate 29 June 2013

Keeping track of spending is important for at least 90 per cent of Kiwis, according to the latest Financial Knowledge and Behaviour Survey.

The survey, for which about 850 people nationwide were interviewed, found 91 per cent of adults believed a budget to be useful. Despite this, fewer than two-thirds said they actually bother to stick to one.

Read more

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Kiwis 'think but don't act' with money - survey

3News, 14 June 2013

Kiwis are world leaders when it comes to understanding key financial concepts, but putting our knowledge into practice is another matter, according to a new survey.

The 2013 Financial Knowledge and Behaviour Survey, undertaken by the Commission for Financial Literacy and Retirement with support from ANZ, has revealed there is a gap between what Kiwis know and how they behave.


Investor education guide set for release

Radio NZ, 15 June 2013

A guide developed by the public and private sector aimed at improving education for investors is set to be released.

The Commission for Financial Literacy and Retirement Income and the Financial Markets Authority have been working with the finance sector to develop the guidance note, or a set of core principles for investors. 

Their collaboration is a move to help people better understand the process of investing money.

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Kiwis showing good levels of financial literacy

TVNZ OneNews, 14 June 2013

New Zealanders have beaten people in 14 OECD countries at answering basic money questions.

We may not always think of ourselves as financial whizzes but when people in 15 countries were asked questions to test their grasp of financial concepts, New Zealanders were most likely to get them right.

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Report into NZ financial literacy welcomed

Media release from Hon Craig Foss, Minister of Commerce, 14 June 2013

Commerce Minister Craig Foss has welcomed the 2013 Financial Knowledge and Behaviour survey at the Financial Literacy Summit in Auckland today.

“Improving financial literacy is vitally important. The study launched today shows that while New Zealanders have the knowledge to make good financial decisions; they often do not act on this knowledge. Many continue to make poor decisions when it comes to their personal finances,” says Mr Foss.

The 2013 Financial Literacy Summit is hosted by the Commission for Financial Literacy and Retirement Income, which is headed by the Retirement Commissioner, Diane Maxwell. With more than 300 delegates it is New Zealand’s largest Financial Literacy Summit.

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​Retirement Commissioner appointed

Media release from Hon Craig Foss, Minister of Commerce, 13 June 2013

Commerce Minister Craig Foss today announced Diane Maxwell is to be appointed as Commissioner for the Commission of Financial Literacy and Retirement Income.

“Ms Maxwell was appointed as the interim Commissioner in March on secondment from the Financial Markets Authority. I’m pleased to announce her permanent appointment today,” says Mr Foss.

Ms Maxwell has been appointed for a three year term from 1 July 2013.

Read the full media release

Financial literacy summit kicks off

3news, 13 June 2013

How financially literate are you?

The Financial Literacy Summit begins in Auckland tomorrow. This year's themes are financial education in the classroom and workplace, and investor education.

One of the summit's keynote speakers is Gerri Walsh, from the Financial Industry Regulatory Authority.

Investor education and financial literacy

Radio NZ, 12 June 2013

On From Nine To Noon you can hear Gerri Walsh, Senior Vice President of Investor Education at the US Financial Industry Regulatory Authority, who is giving the keynote address at the Financial Literacy Summit, and Diane Maxwell the Retirement Commissioner.

Watch the interview  ( 15′ 15″ )

Financial literacy and investor education

New Zealand Herald, 12 June 2013

Gerri Walsh NZ Herald interviewGerri Walsh, from the US Financial Industry Regulatory Authority, talks about how to raise levels of financial literacy and investor education. Gerri is interviewed by Ben Chapman-Smith

Watch the interview

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