10 Most Recent News Items https://www.cffc.org.nz/latest-news/ A list of the 10 most recently added news items Confusion reigns on member tax credits https://www.cffc.org.nz/latest-news/financial-literacy/confusion-reigns-on-member-tax-credits/ <p> </p> <p>New research has uncovered confusion and misunderstanding that prevents hundreds of thousands of Kiwis from getting the best out of their KiwiSaver and improving their long-term financial wellbeing.<br><br>The Commission for Financial Capability is calling for action from providers to ensure that more people in KiwiSaver receive one of its main benefits: the $521 member tax credit (MTC) paid to members by the government.<br>The research found that almost half of KiwiSaver members had not heard of the term “member tax credit”. When it was explained to them, 25% were still none the wiser.<br><br>People were even unclear about their own funds: of those who knew about MTCs, some thought they hadn’t received any money when they had. Some thought they had been paid the full amount of $521 when they hadn’t.<br><br>The Commission’s education manager David Boyle said: “There’s clearly a lot of confusion, which is frustrating given that KiwiSaver has been with us for ten years. There’s been plenty of time to address this growing issue. <br>“Some KiwiSaver providers have told us that the barrier is affordability. Inland Revenue has surveyed a broad range of members to improve understanding about what was stopping them getting some or all of their MTC and to test the affordability theory.<br><br>“The research shows that while it was part of the issue, there were other reasons why people missed out. Many said they would have saved in KiwiSaver if they had known about the MTC and they expected their providers to communicate more clearly.”<br><br>Last year 1.1 million members missed out on the full MTC. Worse still, of that number 580,000 received nothing at all which means they didn't save anything.<br><br>One in three of those who didn’t get the full amount said it was because they didn’t know enough, if anything, about it. And 62% of them said that they would be more likely to save enough if they had known. <br><br>Interestingly, 39% of people who didn’t get the full MTC said they weren’t on a salary or wage and simply forgot to set up a payment.<br><br>David added: “It’s disappointing that Kiwis are missing out on money which could help them in the future when they decide to stop work finally.<br><br>“It’s the best-known return anyone is going to get on their savings. Simply put, those who are eligible are getting a 50% return on every dollar up to $1,043 a year.<br><br>“But once that year goes by, you can’t go back and claim it later. That's why it is so important to act now and make sure you don't miss out next year. We had always suspected that awareness was an issue. This research confirms that’s the case and we would encourage providers to do more to get the message out about MTCs.<br><br>“It’s worth acknowledging that some are making it a greater priority than others. More action in this area is a win/win for both providers and members. At the Commission we will be looking at our own messaging on this topic, and continue to explore what we can do to help reduce this lost opportunity.”<br><br>The research came from a survey of 1,800 people by Inland Revenue.<br><br>It found the top three actions that helped members save enough to get the full MTC were:</p> <ul><li>Choosing a contribution rate that meant they saved $1,043 annually</li> <li>Monitoring their contributions</li> <li>Paying a lump-sum at the end of each financial year. </li> </ul><p>The easiest way for people who aren’t paid via PAYE to make sure they never miss out again is to set up a direct debit for $20 a week.</p> <p><a class="documentLink" title="366 - Snapshot-KiwiSaver-MTC" href="https://www.cffc.org.nz/dmsdocument/366" target="_blank" data-ext="pdf" data-size="595 KB">Download research snapshot</a>.<a class="documentLink" href="https://www.cffc.org.nz/page-not-found/"></a></p> Wed, 30 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/financial-literacy/confusion-reigns-on-member-tax-credits/ Village residents seek constructive solutions https://www.cffc.org.nz/latest-news/retirement-villages/village-residents-seek-constructive-solutions/ <p>Retirement village residents have raised a range of issues at a forum run by the Commission for Financial Capability.</p> <p>The event provided an opportunity for them to air their views about the industry and was held in Hamilton, attracting nearly 35 residents from nine Waikato retirement villages.</p> <p>Troy Churton, the Commission’s national manager for retirement villages, said: “We’re always keen to get a conversation going and hear about the things that are on residents’ minds.</p> <p>“It can be a good way to help nip problems in the bud and address issues before they escalate. There was a lively discussion about how to deal with operators constructively to reach solutions.”</p> <p>The top issues raised were:</p> <ul><li>Higher entry ages and the changing nature of villages integrating care</li> <li>Confusion about what can happen if one partner needs care, with the unavailability of standard rooms distinct from premium rooms</li> <li>Staff diverted to care areas to support caregivers, with not enough personnel running the business</li> <li>Operators struggling with growth, with units being added without corresponding improvements to the common areas</li> <li>Operators and managers “over-governing”</li> <li>Environmental concerns such as garden spraying</li> <li>Delays in accessing funds on termination of an occupation agreement, and whether residents ought to receive interest on capital that is held pending re-licensing.</li> </ul><p>The meeting heard that the changing nature of villages integrating care means it may soon become necessary to redefine what a retirement village is and can be.</p> <p>The forum was run by Troy and Simon Peel, the Commission’s research and strategy manager, at the Anandale Retirement Village. Participants were from Hamilton, Te Awamutu and Rotorua, and welcomed the opportunity to visit a neighbouring village.</p> <p>The Commission holds at least two resident-only forums in different parts of the country each year, as well as attending a number of villages to address residents and operators. Staying in touch and listening to the views of residents is part of the Commission’s broader monitoring function.</p> Tue, 29 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/retirement-villages/village-residents-seek-constructive-solutions/ On the shoulders of others https://www.cffc.org.nz/latest-news/media-releases/on-shoulders/ <p>A group of well-known New Zealanders have joined together in a video series aimed at getting people thinking about debt.</p> <p>For the first time, the Commission for Financial Capability has linked up with the Reserve Bank to produce the videos.</p> <p>The “Take note” series is made up of five short videos, with each presenter linked to the person featured on a particular bank note.</p> <p>Alexander Stevens, the Commission’s Manukura, said: “We looked for a personal link between each of the two, so they could tell their story in a way that we think everyone can relate to. </p> <p>“By standing on the shoulders of others and thinking about the great things they have achieved, we hope it will inspire New Zealanders to think about their money and what debt does for them.”</p> <p>The Commission has also brought together five well known banks to work on a second video series aimed at helping our Māori and Pacific communities talk about debt.</p> <p>Māori and Pacific members of staff from each bank appear in the “Birds of a feather” series, which uses the native birds featured on current and previous New Zealand bank notes.</p> <p>Alexander added: “The idea was to find a new way of connecting with people. Most New Zealanders deal with a bank, so it seemed a great opportunity to be able to reach as many people as possible.”</p> <p>The “Take note” and “Birds of a feather” series follow the “Making sense of cents” series that the Commission released as part of last year’s Money Week.</p> <p>“Making sense of cents” was designed to encourage people in the Māori community to find as many ways as possible to korero (talk) about money.</p> <p>Like “Take note”, it featured a range of people sharing stories linked to the images on coins, instead of notes.</p> <p>The people featured in “Take Note” are:</p> <ul><li>$5 Sir Edmund Hillary: Peter Hillary</li> <li>$10 Kate Sheppard: Retirement Commissioner Diane Maxwell</li> <li>$20 the Queen: Governor-General Dame Patsy Reddy</li> <li>$50 Sir Apirana Ngata: great-great granddaughter Mihi Ngata</li> <li>$100 Ernest Rutherford: Prime Minister’s Science Teacher Prize winner Dianne Christenson </li> </ul><p>The videos can be viewed <a href="https://www.youtube.com/playlist?list=PL180BSg5OjJAF1zyaiyLhDELCQ60spaKV">here on YouTube.<br></a></p> <p> </p> <div style="position: relative; height: 0; padding-bottom: 56.25%;"><iframe style="position: absolute; width: 100%; height: 100%; left: 0;" src="https://www.youtube.com/embed/videoseries?list=PL180BSg5OjJAF1zyaiyLhDELCQ60spaKV&amp;showinfo=0?ecver=2&amp;rel=0" width="640" height="360" frameborder="0"></iframe></div> <p> </p> <p><strong>What is Sorted Money Week all about?</strong></p> <p class="p1">Sorted Money Week is an annual series of events across New Zealand that focus on financial capability.</p> <p class="p1">Our new-look Sorted Money Week website <a href="http://moneyweek.org.nz/">moneyweek.org.nz</a> has information and resources. You can ask questions or share your experiences and tips about debt on the <a href="http://community.sorted.org.nz/">Sorted Community Forum</a>.</p> <p>Keep an eye on <a href="https://twitter.com/search?f=tweets&amp;vertical=default&amp;q=%23moneyweeknz&amp;src=typd">#MoneyWeekNZ</a> and <a href="http://www.facebook.com/sorted.org.nz">facebook.com/sorted.org.nz</a> for regular updates on Money Week.  </p> <p>The Commission has a series of other events lined up including:</p> <ul><li>Tues 15 August: <a href="https://www.facebook.com/events/442509099457035/">Pacific Women and Money Fono</a> (Auckland)</li> <li>Weds 16 August: <a href="https://www.eventfinda.co.nz/2017/irll-have-what-shers-having/auckland/orakei">I’ll have what she’s having!</a> women’s event (Auckland)</li> <li>Thurs 17 August: Cooking up ways to combat debt – pop-up restaurant challenge (Auckland)</li> <li>Fri 18 August: “Tales from the Tent” tackles student debt (Wellington)</li> </ul> Tue, 15 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/media-releases/on-shoulders/ “Be a smart alien and do the maths” https://www.cffc.org.nz/latest-news/media-releases/smart-alien-maths/ <p>New research has uncovered fresh insights into New Zealanders’ attitudes towards debt.</p> <p>At a time when household debt relative to income is at record levels and being in debt is the new norm, the snapshot online Money Week Debt Survey found that debt weighs heavily on our minds, yet we believe we deserve to have money to spend.</p> <p>But if we’re hoping the spending money will come from family or friends, we’re out of luck - unless we’re pretty desperate.</p> <p>While eight out of ten people would lend to someone they know, many told us they wouldn’t hand over the money easily. They said they’d insist on conditions, keep the sum low and lend for emergencies not luxuries or lifestyle.</p> <p>And anyone hoping for a helping hand is more likely to get it from a family member than a friend.</p> <p>Retirement Commissioner Diane Maxwell said: “We’re used to being in debt, but that doesn’t mean we like it. Many people told us that lending and borrowing money can ruin relationships, so they’d only deal with small amounts, for a short time and often as a last resort.</p> <p>“People also care how the money is going to be spent. They are happy to help family out, if they can, to avoid high interest rates, buy a house or household essentials or if they are sick.”</p> <p>More than a thousand people completed the Money Week Debt Survey, run on the Commission for Financial Capability’s website as part of this year’s Sorted Money Week.</p> <p>The aim was to understand more about people’s attitudes towards borrowing, as we ask the nation “What does debt do for you?”</p> <p>We also asked people in the online survey what they would tell a friendly Martian about debt. Here’s what they said:</p> <p>“Be a smart alien and do the maths.”</p> <p>“Decide how hard you're prepared to work and what you’re prepared to sacrifice before borrowing money to buy that spaceship.”<br><br>“Stay on Mars. New Zealand is too expensive.”</p> <p>“Enjoy this money as it will take light years to pay it back.”</p> <p>“Don't go crazy, you will have to pay it back on this planet, with interest! Live comfortably not unreasonably.”</p> <p>“Like your space ship, debt is an instrument or tool to help you get places and achieve things but you must treat it carefully and know how it works or it could kill you!”</p> <p><strong>Survey highlights:</strong></p> <p>• Eight out of ten people would lend to a friend or family member<br>• Three quarters of them would only lend less than $5,000<br>• One in ten would lend $50,000+<br>• Six out of ten would borrow from a friend or family member<br>• One in three strongly agree that they work hard so deserve to have the money to spend<br>• Half strongly disagree with the statement “I have debt but I don’t really think about it that much” which suggests they think about it a lot.</p> <p><strong>What is Sorted Money Week all about?</strong></p> <p class="p1">Sorted Money Week is an annual series of events across New Zealand that focus on financial capability.</p> <p>This year’s theme is: what does debt do for you?</p> <p>The week will kick off with a launch event at Parnell District School on Monday 14 August, where students have formed a finance club to learn about how money works, so they can make informed choices for their future.</p> <p>Design students will also play a key role this year. The Commission ran a competition with Auckland’s Media Design School to create a poster campaign aimed at getting young people to focus on debt.</p> <p>The winning campaign is featuring on billboards and at events throughout the country and on social media posts during the week.</p> <p>And the Commission staff’s children are featuring in a fun <a href="https://www.youtube.com/watch?v=DXoeoqYhDEY&amp;feature=youtu.be">video campaign</a> on social media.</p> <p>The Commission has a series of other events lined up including:</p> <ul><li>Tues 15 August: <a href="https://www.facebook.com/events/442509099457035/">Pacific Women and Money Fono</a> (Auckland)</li> <li>Weds 16 August: <a href="https://www.eventfinda.co.nz/2017/irll-have-what-shers-having/auckland/orakei">I’ll have what she’s having!</a> women’s event (Auckland)</li> <li>Thurs 17 August: Cooking up ways to combat debt – pop-up restaurant challenge (Auckland)</li> <li>Fri 18 August: “Tales from the Tent” tackles student debt (Wellington)</li> </ul><p> </p> <p>Visit <a href="https://moneyweek.org.nz" target="_blank">moneyweek.org.nz</a> for more info.</p> Mon, 14 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/media-releases/smart-alien-maths/ CFFC and Media Design School collaborate on Be Royal campaign for Money Week https://www.cffc.org.nz/latest-news/media-releases/be-royal-campaign-money-week/ <p> </p> <p><a></a><img class="leftAlone" title="Be Royal campaign Money Week" src="https://www.cffc.org.nz/assets/Uploads/beroyalcffcnews.jpg" alt="Be Royal campaign Money Week" width="500" height="228"></p> <p>A group of design students from Auckland will see their work featured around the country in a new initiative to get young people focusing on debt.</p> <p>The students from Media Design School were invited to come up with a campaign for this year’s Sorted Money Week. The winning idea will feature on billboards, at events and on social media.</p> <p>They were set the challenge by the Commission for Financial Capability and given four weeks to create a concept that would appeal to young Pacific people.</p> <p>The Commission’s Manukoloa Tim Swann said: “We’re really interested in getting young people talking and thinking about this stuff, before they’ve made too many big money decisions. </p> <p>“When looking to develop a design campaign for young Pacific people, we thought it was important to involve them throughout the whole process.  As I’m not exactly a young person any more, a collaboration with Media Design School helped us get a really authentic perspective.</p> <p>“The young Pacific Islanders we’ve spoken to are keen to be in control of their money, but don’t get excited by some of the mainstream media images. They feel like it’s not reflective of them. So we had this idea of running a competition to see if they could create something more relevant.”</p> <p>The winning team of four came up with ‘Be Royal’, a theme based around Pacific royalty.</p> <p>Winning student Nic Seagrave said: “Our “Be Royal” concept plays on the idea of collective responsibility, where Pacific families don’t operate as individuals, but as a collective that support each other when in need. We wanted to empower Pacific youth by connecting this idea to royalty.</p> <p>“And we wanted to create an eye-catching concept that sparked curiosity and discussion, mainly to aid in normalising the conversation around financial capability and debt.”</p> <p>Not only has it given the students industry experience by responding to a client brief, but the work will also count towards the assessment marks for their course.</p> <p>Tim said he was particularly taken with the references to indigenous Pacific royalty that exist across the Pacific. </p> <p>“The link for young Pacific people to their cultural heritage, which includes royalty, is an empowering message that we hope will reinforce the talk about taking control of your money.</p> <p>“The icing on the cake is for the winners to see their design on walls around the country and feature prominently as part of the Commission’s digital messaging around Money Week.”</p> <p>Simon Nicholls, Media Design School lecturer, said: “At Media Design School we work together with industry clients to offer live briefs for students.</p> <p>“This provides them with real-life scenarios and allows them to not just learn design, but also client and project management, working to deadlines and working with diverse audiences.” </p> <p><strong>What is Sorted Money Week all about?</strong></p> <p class="p1">Sorted Money Week is an annual series of events across New Zealand that focus on financial capability.</p> <p class="p1">Our new-look Sorted Money Week website <a href="http://moneyweek.org.nz">moneyweek.org.nz</a> has information and resources. You can ask questions or share your experiences and tips about debt on the <a href="http://community.sorted.org.nz">Sorted Community Forum</a>.</p> <p>Keep an eye on <a href="https://twitter.com/search?f=tweets&amp;vertical=default&amp;q=%23moneyweeknz&amp;src=typd">#MoneyWeekNZ</a> and <a href="http://www.facebook.com/sorted.org.nz">facebook.com/sorted.org.nz</a> for regular updates on Money Week.  </p> Fri, 11 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/media-releases/be-royal-campaign-money-week/ What does debt do for you? https://www.cffc.org.nz/latest-news/media-releases/what-does-debt-do-for-you/ <p><img class="leftAlone" title="" src="https://www.cffc.org.nz/assets/Uploads/_resampled/ResizedImage600290-money-week-posters-flat.jpg" alt="money week posters flat" width="600" height="290"></p> <p>Sorted Money Week gets underway next week with a new focus this year: debt.</p> <p>The Commission for Financial Capability will start the week by releasing the findings of a survey into debt and New Zealanders’ attitudes towards borrowing.</p> <p>Retirement Commissioner Diane Maxwell said: “We're building on our understanding of the social norms around debt and have heard from more than a thousand people, who shared their attitudes and experiences.</p> <p>“We also asked whether they would be willing to lend to, or borrow from, a friend or family member. Some of the results on that one were surprising.'</p> <p>Diane added: “Debt is part of life, it's how we buy cars and houses, we need it to build businesses. But there's a point where we get too comfortable with being loaded up on debt, we forget the old-fashioned notion of saving up for something, waiting and buying it when we have the money for it.'</p> <p>The Commission will use Sorted Money Week to ask New Zealanders “What does debt do for you?”</p> <p>The week will kick off with a launch event at Parnell District School on Monday 14 August, where students have formed a finance club to learn about how money works, so they can make informed choices for their future.</p> <p>Design students will also play a key role this year. The Commission ran a competition with Auckland’s Media Design School to create a poster campaign aimed at getting young people to focus on debt.</p> <p>The winning campaign will feature on billboards and at events throughout the country and on social media posts during the week.</p> <p>The Commission has a series of other events lined up including:</p> <ul><li>Tues 15 August: <a href="https://www.facebook.com/events/442509099457035/">Pacific Women and Money Fono</a> (Auckland)</li> <li>Weds 16 August: <a href="https://www.eventfinda.co.nz/2017/irll-have-what-shers-having/auckland/orakei">I’ll have what she’s having!</a> women’s event (Auckland)</li> <li>Thurs 17 August: Cooking up ways to combat debt – pop-up restaurant challenge (Auckland)</li> <li>Fri 18 August: “Tales from the Tent” tackles student debt (Wellington)</li> </ul><p>And we’ve got a couple of firsts:</p> <p>For the first time we’ve joined with the Reserve Bank to produce a series of videos featuring well-known New Zealanders talking debt, connected to the bank notes.</p> <p>And we’ve got the major banks to join up on a video campaign called Birds of a Feather.</p> <p>There will be scores of other free money-related events run by businesses, schools, government and community organisations and people up and down the country. All are designed to help you think about the role debt plays in your life.</p> <p><strong>What is Sorted Money Week all about?</strong></p> <p class="p1">Sorted Money Week is an annual series of events across New Zealand that focus on financial capability.</p> <p class="p1">Our new-look Sorted Money Week website <a href="http://moneyweek.org.nz">moneyweek.org.nz</a> has information and resources. You can ask questions or share your experiences and tips about debt on the <a href="http://community.sorted.org.nz">Sorted Community Forum</a>.</p> <p>Keep an eye on <a href="https://twitter.com/search?f=tweets&amp;vertical=default&amp;q=%23moneyweeknz&amp;src=typd">#MoneyWeekNZ</a> and <a href="http://www.facebook.com/sorted.org.nz">facebook.com/sorted.org.nz</a> for regular updates on Money Week.  </p> Mon, 07 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/media-releases/what-does-debt-do-for-you/ What is money for? It depends who you ask https://www.cffc.org.nz/latest-news/interest/what-is-money-for-it-depends-who-you-ask/ <p>Money means different things to us all, as our latest Tales from the Tent video clips demonstrate.</p> <p>We took our camera to the Finance Festival, a collaboration between the Westpac Massey Fin-Ed Centre and the Upper Harbour Sorted Schools cluster. More than 100 students of all ages from a dozen different schools, from South Auckland as well as the North Shore, came together for a day of activities to experience financial capability in different ways.</p> <p>Here’s what some of them told us about how they see money fitting into their lives.</p> <div style="position: relative; height: 0; padding-bottom: 56.25%;"><iframe style="position: absolute; width: 100%; height: 100%; left: 0;" src="https://www.youtube.com/embed/videoseries?list=PL180BSg5OjJDtDjzxAuN-8sJkVVbWYqTt&amp;showinfo=0?ecver=2&amp;rel=0" width="640" height="360" frameborder="0"></iframe></div> Wed, 02 Aug 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/interest/what-is-money-for-it-depends-who-you-ask/ The juggling’s over https://www.cffc.org.nz/latest-news/financial-literacy/the-jugglings-over/ <p>There’s good and bad news when it comes to women and money: we’re great at handling the day-to-day stuff, not so good at the longer term.</p> <p>There are all kinds of reasons for that, but there are also lots of solutions. The tricky bit is finding the time in our busy lives to sit down and do something about it.</p> <p>We’re running two events that’ll give you a chance to do just that. One will be live online and everyone can take part, the other is a show in Auckland with 250 tickets available.</p> <h2>1) “WTF? What the Finance” live online event</h2> <p><strong>2pm Sunday 30 July</strong></p> <p>We know women juggle an awful lot of stuff – work, home, family - and often put yourselves last. We’re getting women up and down the country to sit down at the same moment and look after your financial needs. </p> <p>We'll provide an online checklist, tools and guides to help focus on your financial future.</p> <p>We’ll also have a team of financial experts standing by, who will be able to answer any questions you may have about money, while you’re working your way through the checklist.</p> <p><a href="https://sorted.org.nz/must-reads/save-the-date-sorted-live-chat/">Sign up here</a> to take part, get a free notebook and a reminder nearer the time.  </p> <p>You’ll be able to post your questions on our Sorted <a href="https://community.sorted.org.nz/">community forum</a> and our experts will answer them live. </p> <p>Plus, if you live in Auckland:</p> <h2>2) “I’ll have what she’s having” event</h2> <p><strong>7.30pm Wednesday 16 August</strong></p> <p><strong>Orakei Bay</strong></p> <p><strong>Tickets cost $40.</strong></p> <p>The girls’ night out that you’ll be talking about for weeks to come.</p> <p>Grab your mates, your mum, your daughters, your sisters, heck grab the neighbour across the road who you’ve been meaning to say ‘hi’ to ever since you moved in.</p> <p>We’ve lined up an evening of insight and inspiration that’ll give you practical steps to get your financial future on track, but more importantly lots of laughs. You’ll leave bursting with ways to take charge of your money.</p> <p>And because it’s a girls’ night out, there’ll be bubbles, a tasty treat to greet you on arrival, and a goodie bag for everyone.</p> <p>Our speakers are:</p> <p>Diane Maxwell, Retirement Commissioner, who’ll reveal how to save for your retirement without sacrificing your wardrobe and how to avoid STDs – sexually transmitted debt.</p> <p>One of ANZ’s Human Resources gurus, who’ll tell you how to get a pay-rise and give tips on negotiating for equal treatment at work.</p> <p>Award-winning comedian and social commentator Michele A’Court, who will bring her wit and wisdom.</p> <p>Tickets available <a href="https://www.eventfinda.co.nz/2017/irll-have-what-shers-having/auckland/orakei">here</a>.</p> Tue, 18 Jul 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/financial-literacy/the-jugglings-over/ A double win for CFFC at 2017 IPANZ Awards https://www.cffc.org.nz/latest-news/financial-literacy/a-double-win-for-cffc-at-2017-ipanz-awards/ <p>Doing things differently is paying off for the Commission – we were thrilled to take home two Deloitte IPANZ Public Sector Excellence Awards last week.</p> <p>Our Review of Retirement Income Policies took out the Public Sector Engagement category and our relaunch of Sorted.org.nz won the Digital Government category.</p> <p>The awards recognise outstanding achievements in the New Zealand public sector, and attracted 70 entries this time around from a range of organisations across the country.</p> <h2>Review of Retirement Income Policies</h2> <p>‘Toys talk retirement’, a series of seven short animated videos featuring superheroes, was part of a successful campaign to engage the public. We sought a new approach to raise awareness of an ageing population and what that means, using video, social media, activations, surveys and media articles, all brought together in an interactive portal. The campaign resulted in 11,200 completed surveys and nearly 40,000 unique visitors to the website. Importantly, it sparked an ongoing conversation and our recommendations are currently being considered by government.</p> <p> </p> <p><iframe src="https://embed.wirewax.com/8045229/201E5B/" width="768" height="432" frameborder="0"></iframe></p> <p> </p> <h2>Sorted rebrand</h2> <p>Used by community, government and commercial organisations as well as everyday New Zealanders, the Sorted website is freely available to all. In refreshing the website we retired the mouse mascot, instead placing individuals at the centre of their own financial dashboard. The responsive design caters to an increasingly mobile audience, making use of visuals to quickly communicate important messages to users. Following the relaunch, the bounce rate decreased from 39% to 12%.</p> <p> </p> <p> </p> <p><a href="http://sorted.org.nz"><img class="center" title="Sorted 2016 relaunched website" src="https://www.cffc.org.nz/assets/Uploads/home-signup-devices.png" alt="Sorted 2016 relaunched website" width="600"></a></p> Mon, 10 Jul 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/financial-literacy/a-double-win-for-cffc-at-2017-ipanz-awards/ Quality-checking the advice for new retirement village residents https://www.cffc.org.nz/latest-news/retirement-villages/quality-checking-the-advice-for-new-village-residents/ <p><img class="leftAlone" title="" src="https://www.cffc.org.nz/assets/Uploads/_resampled/ResizedImage600400-Advice.jpg" alt="Advice" width="600" height="400"></p> <p>Those about to sign up for a retirement village are highly satisfied with the legal advice they receive, and lawyers’ advice is appropriate, the Commission confirmed in its latest <a href="https://www.cffc.org.nz/assets/Documents/CRESA-Legal-Advice-Report-13-June.pdf">monitoring report</a>.</p> <p>The stakes are high for intending residents, since the decision is a huge commitment that many would not have the financial resources to undo if village living turns out not for them.</p> <p>As they consider their Occupational Right Agreement (ORA), intending village residents are required to take independent legal advice. This requirement is one of the protections in place by law, and lawyers are obliged to provide their advice and certify that they believe it was understood.</p> <p>But just how effective is the advice for those about to make their decision? The Commission’s latest monitoring report<a href="https://www.cffc.org.nz/assets/Documents/CRESA-Legal-Advice-Report-13-June.pdf"></a> explores residents’ and lawyers’ views on how robust the advice is, levels of satisfaction, and identifies opportunities to better support both residents and lawyers.</p> <p>The report’s <a href="https://www.cffc.org.nz/assets/Documents/CRESA-Legal-Advice-Summary-of-findings-and-conclusions-June-2017.pdf">key findings</a> show that intending residents:</p> <ul><li>Are aware of the requirement to receive independent legal advice prior to signing an ORA</li> <li>See their lawyer only at the point of signing an ORA</li> <li>Understand the information they receive</li> <li>Are satisfied with the legal advice they received</li> <li>Do not want to use a lawyer specialising in retirement villages – most wish to use their usual legal advisor or firm</li> <li>Do not feel they require financial advice, although would welcome tools to assist them to think about budgeting under different scenarios</li> <li>Find disclosure statements overly legalistic, inaccessible and too often duplicating the ORA</li> </ul><p>Lawyers, for their part, recognise that many intending residents are already psychologically committed to a retirement village. As a result their advice emphasises the cooling-off period and attempts to ensure that family are informed while maintaining the resident’s independence. They would welcome more information, training and resources to better support their clients.</p> <p>This Commission report is the latest in <a href="https://www.cffc.org.nz/retirement/retirement-villages/monitoring-and-reports/copy-past-monitoring-reports/">a series</a>, part of its role in monitoring the effects of the Retirement Villages Act 2003.</p> Fri, 30 Jun 2017 00:00:00 +1200 https://www.cffc.org.nz/latest-news/retirement-villages/quality-checking-the-advice-for-new-village-residents/