What would you do with a $500 windfall?Posted to Money Week on 03-09-2015
Commuters in Auckland were set a challenge by the Commission for Financial Capability: what would they do with a $500 windfall?
They had three options: put it in KiwiSaver, pay off debt or go shopping.
More than a thousand people made their choices clear by throwing coloured balls into see-through Money Week tubes, placed in Britomart.
The winning tube had 519 balls, popped in by people who wanted to pay off debt. That was closely followed by 491 shoppers then, lagging well behind, was KiwiSaver, with just 222.
The windfall challenge was prompted by a question in CFFC’s financial fitness check-up, which asked whether people would use a windfall to pay back debt; 74% of Kiwis said they would.
The commuters were invited to write their name on the balls and a lucky winner, Cynthia Dickey, received her own windfall of $500.
She had chosen the shopping tube, though she doesn’t plan to fritter her winnings away.
She said: “I’d like to use it for something special. My husband and I are going to South America on a cruise next year, so it could go towards a couple of nice trips ashore, something that we will remember.”
Anyone interested in taking the financial fitness check-up can find it at fightingfit.org.nz.
Dozens more visited our Kombi video van, where they recorded some of their thoughts around money and financial capability.
Next: Little Black Book a first in the fight against scams