Kiwisaver withdrawals due to hardship have hit a record high
Cost-of-living pressures are driving record numbers of Kiwis to seek financial hardship relief through KiwiSaver, while there’s also been a rise in fraudulent attempts to access Kiwisaver money. New data from the Inland Revenue Department (IRD) shows a record $48.9 million was withdrawn in September for hardship reasons, and 5530 people dipped into their retirement fund - also a record high. In this year’s first financial quarter $134.6m has been withdrawn from KiwiSaver for hardship reasons, up 22.5% on the same period last year.
Money woes: At the Public Trust, a Kiwisaver supervisor in charge of approving hardship withdrawals, up to 50% of current cases are for repeat withdrawals, spokesman David Callanan said. Typically applications happened when someone’s employment circumstances changed or they had a setback, he said. “But now we’re also just seeing people who found themselves in arrears with bills. They’re unable to pay off their credit card, they’ve just run out of that rainy-day savings account. For many, KiwiSaver is the last accessible pool of funds when you’re in a crisis.” The trust was also seeing fraud on a daily basis - where people were faking documents to prove hardship.
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Some Choice News!
Many New Zealand gardens aren’t seeing as many monarch butterflies fluttering around their swan plants and flower beds these days — the hungry Asian paper wasp has been taking its toll.
Thanks to people like Alan Baldick, who’s made it his mission to protect the monarch, his neighbours still get to enjoy these beautiful butterflies in their own backyards.
Thinking about planting something to invite more butterflies, bees, and birds into your garden?
Thanks for your mahi, Alan! We hope this brings a smile!
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