Retirement Commissioner Diane Maxwell helped launch an ANZ research report on financial wellbeing, saying it contributed to work on planning for New Zealand's ageing population.
Launched on Friday, April 20, at ANZ's head office in Auckland, the report's research was overseen by a steering committee that included the CFFC's General Manager of Research and Strategy, Dr Simon Peel. Dr Peel also took part in a panel discussion at the launch event.
The survey of 1500 New Zealanders showed that 13% considered themselves to be 'struggling' financially, 24% were 'getting by', 40% were 'doing ok' and 23% had 'no worries'. These results aligned with the CFFC's quarterly Financial Capability Barometer survey of 11,000 New Zealanders.
Maxwell commended ANZ for undertaking the research, which she said complemented and built on the work of the CFFC in advising government on how to cope with New Zealand's ageing population.
"We can't see the ageing population yet, but it is happening," said Maxwell. "Our health expectancy and life expectancy are both increasing - we'll be active for longer, working for longer and demanding more. The crunch is how we fund those extra years - right now superannuation is costing us $38 million a day; in 20 years it will cost us $117 million a day.
"Whatever we do around policy, the bottom line is that the role of private providers will increase."
Maxwell said the superannuation discussion come full circle back to people's financial capability and financial wellbeing. "It matters to us, and it will matter even more to the next generation, and the generation after that."