Financial hardship - CathNews New Zealand https://cathnews.co.nz Catholic News New Zealand Wed, 06 Dec 2023 23:57:56 +0000 en-NZ hourly 1 https://wordpress.org/?v=6.7.1 https://cathnews.co.nz/wp-content/uploads/2020/05/cropped-cathnewsfavicon-32x32.jpg Financial hardship - CathNews New Zealand https://cathnews.co.nz 32 32 70145804 KiwiSaver hardship withdrawals double as New Zealanders struggle https://cathnews.co.nz/2023/12/07/kiwisaver-hardship-withdrawals-double-as-new-zealanders-struggle/ Thu, 07 Dec 2023 04:52:30 +0000 https://cathnews.co.nz/?p=167329 New Zealanders are withdrawing money from their KiwiSaver schemes to help them through financial hardship at twice the rate of last year - and one supervisor says it's largely because of rising interest rates. Data from Inland Revenue shows that there was $21.5 million withdrawn from KiwiSaver accounts for reasons of financial hardship in October, Read more

KiwiSaver hardship withdrawals double as New Zealanders struggle... Read more]]> New Zealanders are withdrawing money from their KiwiSaver schemes to help them through financial hardship at twice the rate of last year - and one supervisor says it's largely because of rising interest rates.

Data from Inland Revenue shows that there was $21.5 million withdrawn from KiwiSaver accounts for reasons of financial hardship in October, up from $10.3m in October 2022.

That is compared to an increase from $77.7m to $104.7m million over the same period for first home withdrawals. Read more

KiwiSaver hardship withdrawals double as New Zealanders struggle]]> 167329 More people turning to KiwiSaver for hardship https://cathnews.co.nz/2021/09/30/kiwisave-hardship-housing/ Thu, 30 Sep 2021 05:52:47 +0000 https://cathnews.co.nz/?p=141001 Financial pressures, including lockdowns and job losses have led to a 43 percent rise in KiwiSaver members withdrawing funds for financial hardship. And an 18.8 percent rise in first-home withdrawals shows more Kiwis are turning to KiwiSaver to help them save for a first home. A KiwiSaver annual report released by the Financial Markets Authority Read more

More people turning to KiwiSaver for hardship... Read more]]> Financial pressures, including lockdowns and job losses have led to a 43 percent rise in KiwiSaver members withdrawing funds for financial hardship.

And an 18.8 percent rise in first-home withdrawals shows more Kiwis are turning to KiwiSaver to help them save for a first home.

A KiwiSaver annual report released by the Financial Markets Authority (FMA) on Tuesday, shows cash-strapped Kiwis withdrew $159.3 million from their KiwiSaver accounts in the year to March 31, 2021, up from $111.5 million the year before.

The reporting period includes the level 4 and level 3 lockdown (March to May 2020) and the rise in unemployment, which peaked at 5.3 percent in the September 2020 quarter. Read more

More people turning to KiwiSaver for hardship]]> 141001