It’s a good time to spring clean your finances and get your money fighting fit says the New Zealand Bankers’ Association today as Money Week kicks off.
“Financial fitness is a lot like physical fitness. It’s easy to put off taking the first step. But once you do, you’ll really notice the benefits. Money Week is the perfect opportunity to take the first step to managing your money better,” says New Zealand Bankers’ Association chief executive Kirk Hope.
“Being financially fit means being financially confident. It’s about having a plan and realising your goals. It’s about managing your money better on a daily basis to help build a more secure future for you and your family.”
Banks across the country are joining other organisations to support Money Week through a range of free events and initiatives.
“We’re right behind Money Week because people who are financially well-informed make better money decisions. That’s good for banks and good for their customers.”
“If you’re looking for ways to improve your financial fitness your bank is good place to start. They’d be happy to talk to you about your goals and how to achieve them. You can also find out about products and services that best suit your particular needs.
“Taking the first step can be the hardest part. Now’s a great time to do it. Money Week offers something for everyone, whatever your financial fitness levels,” adds Hope.
Financial Markets Authority
Labour MP David Shearer and Kirk Hope from the Bankers’ Association go head-to-head on whether Kiwis are getting a fair deal from banks.
Financial Markets Authority
Hope pointed to NZ$6.6 billion contributed to the New Zealand economy in 2014 in wages to 25,000 employees and other spending, along with NZ$1.8 billion paid in taxes.
“It’s a pretty competitive market; that’s one reason banks may choose not to pass on any additional capital costs to their customers,” he said. “They may of course choose to do that.”
Hope said all of the products that were available in the past were still available. Asked how long cheques would still be around Hope said that was directly related to customer demand. “If there is demand for it they will still be available.”
The New Zealand Bankers’ Association today welcomed the government’s response to the Productivity Commission’s recommendations to improve regulation in New Zealand.
“We support any moves to improve the quality of regulation in New Zealand and it’s good to see the government acknowledging that more needs to be done in this area,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“We’d particularly welcome regulators working more collaboratively with their stakeholders and placing a greater emphasis on monitoring and reviewing regulatory regimes.
“Good regulation serves the needs of consumers, industry and regulators. It’s in everyone’s interests that we get the balance right between workable regulation and economic growth.
“Quality regulation is developed in a coordinated and consultative process, it’s robust, well-targeted and enforced, and it’s fit for New Zealand conditions.
“We support regulation that is developed in a transparent and coordinated way. Too often regulators and government agencies work in isolation, without regard to the burden placed on industry systems and resources to comply with regulatory requirements. Flexibility on implementation timeframes is essential to ensure practical, effective regulatory outcomes.
“All regulation should achieve a clearly defined purpose without imposing unnecessary costs and unintended consequences on businesses and consumers. More than lip service is needed to make sure we get regulation right. In a country and economy the size of New Zealand we can’t afford to get it wrong,” Hope said.
Reserve Bank of New Zealand
“Some people pay no interest on their credit cards, or they have a low interest credit card. Often they go for the higher interest product because of the loyalty offerings and because they pay the card in full before the interest free period ends.”