Content created in partnership with The Table sponsored by Mercer (N.Z.) Limited
“You know the saying that ‘every dollar you spend is a vote for the kind of world you want to live in’? Well, through this podcast, we want the women of Aotearoa to have some more votes so we can start building that world. The way we are doing that today is by looking at how many of those dollars and votes you will have when you retire.” - P.M.S podcast host Michèle A’Court.
Introducing a new podcast series, P.M.S - redefining Power, Money, Security for women.
Episode two - How KiwiSaver can be your saviour - drops today and features thoughtful, insightful real world experience and advice from guests Tracey Cross and Philippa Newlove alongside Glenys Wilson, head of financial advice at Mercer.
In last week’s episode, Finance 101: the great stocktake, we spoke about ‘the trifecta of misery’ that impacts women’s finances and sees them saving less than men. We provided three practical tips for how women can make tangible change today. The first of these was ‘pay yourself first’ and in today’s episode we make a case for KiwiSaver being the most impactful way to do that.
Glenys Wilson, head of financial advice at Mercer, tells a story of a client who was in her sixties who’d been a cleaner all her life on a low-wage. But she had been consistent, made sure she was in the right fund and steadily made regular contributions into her investment account. “At retirement, when I told her she had over $800k in her account she did not believe me.”
The theme of finding out if you’re in the right fund for your age and stage is consistent throughout this podcast. So before you go ahead and click to listen to the whole, insightful episode, we recommend you pause to check in with your KiwiSaver provider. (And, should you not know who your provider is - no shame, today is the day to start - Inland Revenue will hold that information for you.)
Women in Super’s Tracey Cross points out that women take more time out of the workforce than men and suggests ways to make minimum contributions to the fund during this time so we aren’t unfairly disadvantaged later in life. “We can pick up the government contribution which is basically free money - we can't have that left on the table because we're already behind the eight ball with the gender pay gap.”
Glenys Wilson points out that anyone with KiwiSaver is an investor, “it's important women think of themselves as investors, it demystifies investing a little”.
Later in the episode host Michèle A’Court and guests Philippa Newlove and Tracey Cross get all hot and bothered over compounding interest. We’re proud to bring you the safe for work edit of this conversation.
Now that you all know you’re in the correct KiwiSaver fund for your age and stage, we will see you next week for the curly subject of money and relationships with special guests Sarah Whitelock from Mercer and Ace Lady Network’s Angela Meyer.
Click below to listen to last week's episode, Finance 101: The Great Stocktake, featuring Anjali Burnett from Twenty-seven Names and Retirement Commissioner Jane Wrightson and the most practical, easy to implement advice to take today.
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Power Money Security is brought to you by The Table, where Kiwi women talk money, sponsored by Mercer (N.Z.) Limited. See seatatthetable.co.nz for more information and tools to educate and empower women to get ahead in financial matters.
