Advice matters
Steps to boost your financial literacy

How often do you worry about money? As we slowly adapt to the ‘new normal’, there’s no denying that the impacts of Covid-19 continue to be felt, affecting New Zealanders’ financial wellbeing.

According to the Financial Services Council’s latest Financial Resilience Index, over three-quarters of young New Zealanders (under 37 years of age) worry about money daily, weekly or monthly. Other generations – like Gen Z and Baby Boomers – are also more concerned about their finances than they were a year ago. What’s more, financial confidence and literacy have both dropped since 2020.

If you’re looking for ways to grow your financial confidence and wellbeing, here are some tips for you from our SHARE advisers.

Educate yourself

At SHARE, we fully support Kiwis who want to take a proactive approach to their financial lives. And the best part is that it is never too early or too late to begin your own financial education path.

Check out SHARE’s Newsroom for our advisers’ top tips on KiwiSaver, mortgages, insurance and just overall financial wellbeing. Websites like Sorted, MoneyHub, Financial Services Council and Financial Advice NZ are also helpful personal finance resources for Kiwis. Plus, your bank or insurance provider may offer online calculators and blog articles to help you grow your financial resilience.

Use money-tracking apps

Having a budget is crucial, but sticking to it may be difficult. If using pen and paper seems a bit tedious, you may try one of the money-tracking apps available.

Designed to help people keep on top of their spending, money-tracking apps are not only a good way to manage and save money, but also a good time-saver because all the information is in one place.

There are several budget building and/or tracking tools to choose from, so we encourage you to experiment with a few and pick the one that best suits your needs. Pocketsmith, Wally and Goodbudget, to name a few, are all available in New Zealand.

Interesting podcasts

If you have long commutes to fill or simply enjoy indulging in a good podcast on occasion, why not learn some personal finance tips along the way?

In Newstalk ZB’s Smart Money, different experts share their top tips on a range of financial topics. Money Talks is all about interesting New Zealanders sharing how money has shaped their lives, and what they’ve learned about it. Lastly, have a listen to Cooking the Books by journalist Frances Cook or Your Money with Mary Holm for some good food for thought.

Have money conversations

How comfortable are you talking about money with friends and family? According to the FSC’s Financial Resilience Index, financial issues have an impact on many aspects of life, including physical health, mental health, and even relationships.

In April 2021, more than half of Kiwis surveyed (51.2 per cent) said that financial issues had negatively affected their relationships with family and/or friends, compared to 46.1 percent in April 2020.

Having meaningful money talks with your loved ones may be difficult at times, but it’s also vital to your financial health. Not only can it help ease the stress, but it may also allow you to see things from a fresh angle or you may also view things from a different perspective, or gain some valuable insights from people who have already been there.

Get expert help

Last but not least, if you’d like to improve your financial understanding and create a complete financial strategy, remember – you don’t have to go it alone. There’s expert help available and just a quick phone call away.

Our SHARE financial advisers can answer your questions, whether it’s about day-to-day money management or guidance on your insurance, mortgage, or investments.

Click here to find a SHARE financial adviser near you, and get your journey to financial awareness started today.