More than 50,000 people made withdrawals from their KiwiSaver accounts on the basis of hardship in the year to June - compared to about 18,000 five years ago.
KiwiSaver provider Simplicity chief economist Shamubeel Eaqub said the increase started in 2023 and the reasons were easy to understand - the recession and cost-of-living crisis were putting ongoing pressure on people's budgets.
"But some context - the number of hardship withdrawals were 1.6 percent members, and 0.3 percent of savings. The hardship, as is true for the wider society, is concentrated pain among a few," Eaqub said.
Sorted's personal finance lead Tom Hartmann told Nine to Noon, it was likely the ability to withdraw from KiwiSaver was giving people "peace of mind" that if their situation worsened they could draw on their savings.
He said the average withdrawal was $8800.
For someone in their 30s, earning $75,000 a year, a withdrawal of that size in a year could reduce their not-inflation-adjusted final balance by about $40,000.
Hartmann said there had not been an increase in savings suspensions, which indicated that the withdrawal was a temporary stop gap for people who would get back to making contributions.
People can opt to stop contributing to KiwiSaver for a year at a time, and can renew the suspension at the end of the 12 months.
The number of people on a savings suspension had dropped from 89,000 a year ago to 85,000.
Hartmann said the key thing for people considering a withdrawal was to make it a last resort.
"Typically there are other sources of support that need to be explored first."
Financial helpline MoneyTalks was one option, he said.
"The team there have reporting seeing an increase in even middle-income people exploring their options."
Eaqub said for people making a withdrawal, it was often a choice between "certain hardship today versus more savings later in life".
But he said the situation was worse for those without KiwiSaver.
"Many low-income people do not contribute to KiwiSaver, because the employee contribution lowers their take home pay. But they also miss out on the employer contribution and government subsidies. It means when non-contributors face hardship, they do not have this fallback."
But Rupert Carlyon, founder of Koura KiwiSaver, said people on lower incomes could build up good balances.
"Someone earning $60,000 contributing 3 percent will end be putting in [about] $3500 per year, so over 10 years plus returns that really adds up.
"You can easily see a $60,000 salary becoming a $45,000 balance over 10 years. That is the power of KiwiSaver, we are often encouraging people to save that would not otherwise do it."
======================================================
Poll: 🤖 What skills do you think give a CV the ultimate edge in a robot-filled workplace?
The Reserve Bank has shared some pretty blunt advice: there’s no such thing as a “safe” job anymore 🛟😑
Robots are stepping into repetitive roles in factories, plants and warehouses. AI is taking care of the admin tasks that once filled many mid-level office jobs.
We want to know: As the world evolves, what skills do you think give a CV the ultimate edge in a robot-filled workplace?
Want to read more? The Press has you covered!
-
52.5% Human-centred experience and communication
-
14.6% Critical thinking
-
29.8% Resilience and adaptability
-
3% Other - I will share below!
The Gospel’s Relevance Today**
The Gospel, meaning ‘good news’, is the cornerstone of the message contained in the Bible’s first four books—Matthew, Mark, Luke, and John. While these records were written approximately 2,000 years ago, a natural question arises: why is this Gospel still relevant and vital for us today? This analysis seeks to explore what the Bible itself defines as the Gospel and to understand its enduring significance.
**Defining the Gospel: Core Biblical References**
The Gospel is not a vague concept; Scripture provides clear descriptions of its content and focus.
* **The Gospel of the Kingdom:** In Matthew 4:23, as Jesus begins his ministry, he is described as “preaching the gospel of the kingdom.” This immediately establishes that the good news is centrally about a kingdom—the Kingdom of God. His accompanying miracles served to validate the authority of this message.
* **The Gospel of Jesus Christ:** Mark 1:1 opens with, “The beginning of the gospel of Jesus Christ, the Son of God.” Here, “Christ” is a title meaning ‘anointed one’. Thus, the good news is intrinsically about Jesus: his identity as the Anointed One and his unique status as the Son of God.
* **The Gospel of God’s Grace:** In Acts 20:24, the Apostle Paul speaks of his mission to “testify the gospel of the grace of God.” Grace signifies an undeserved gift. This reveals that the Gospel involves a gift from God, offered not because it is merited, but out of His benevolence.
* **The Gospel of Salvation and Peace:** Romans 1:16 declares the Gospel is “the power of God to salvation for everyone who believes,” breaking down barriers between Jew and Gentile (Greek). Furthermore, Romans 10:15 calls it the “gospel of peace,” pointing to a future state of peace brought about by this message.
* **The Gospel Summarised:** 1 Corinthians 15:1-4 provides a foundational summary. Paul reminds believers of the gospel he preached, “by which also you are saved.” He then states its core historical facts: “that Christ died for our sins according to the Scriptures, and that He was buried, and that He rose again the third day according to the Scriptures.” The Gospel is therefore rooted in the sacrificial death and resurrection of Jesus.
In synthesis, the Gospel is the good news of **salvation and future peace in the Kingdom of God**, made possible by **the grace of God** and **the obedient sacrifice of His Son, Jesus Christ**, and offered to all who believe.
**Old Testament Foundations: The Gospel Preached to Abraham**
A crucial question is whether the Gospel is confined to the New Testament. Scripture shows its foundations were laid much earlier. Galatians 3:8 states explicitly that “the Scripture, foreseeing that God would justify the Gentiles by faith, preached the gospel to Abraham beforehand, saying, ‘In you all the nations shall be blessed.’”
This reference points back to Genesis 12:1-3, where God made profound promises to Abraham: to make him a great nation, to bless those who blessed him, and that “in you all the families of the earth shall be blessed.” These promises—later reaffirmed to Isaac and Jacob—form the bedrock of the Gospel hope. The good news of salvation through Christ is the fulfillment of how **all nations** would be blessed through Abraham’s “seed.”
**The Gospel’s Personal Relevance: Good News for You Today**
How does this ancient message become “good news for you” today? The application is clearly outlined in Galatians 3.
* **Access through Faith in Christ:** Galatians 3:26 declares, “For you are all sons of God through faith in Christ Jesus.” The promise made to Abraham is now extended to anyone with faith in Jesus.
* **The Role of Baptism:** Verse 27 explains, “For as many of you as were baptized into Christ have put on Christ.” Baptism is the God-appointed act of faith that identifies a believer with Christ’s death and resurrection.
* **Unity and Inheritance:** Verses 28-29 reveal the glorious outcome: “There is neither Jew nor Greek, there is neither slave nor free, there is neither male nor female; for you are all one in Christ Jesus. And if you are Christ’s, then you are Abraham’s seed, and heirs according to the promise.” Through the Gospel, all barriers are removed; believers become spiritual descendants of Abraham and heirs to the promises of the Kingdom.
This Gospel was once a mystery hidden in God’s purpose (Ephesians 3:3-9). Now, it has been revealed: the unsearchable riches of Christ, offering salvation to all who heed the call, believe the message, and are baptised into him.
**Conclusion: An Enduring and Open Invitation**
The Gospel is far more than a historical account; it is the living, powerful good news of God’s plan for salvation. It is rooted in promises to Abraham, accomplished through the death and resurrection of Jesus Christ, and open to all people without distinction. It offers a tangible hope—the hope of resurrection, peace, and an inheritance in the coming Kingdom of God. This is why the Gospel remains profoundly relevant. It is an invitation to listen, believe, and stand firm in this hope, linking our lives today to the eternal purpose of God.
Room for rent
🌿 Beautiful Private Space Available for Rent – Perfect for 2 Girls or a Couple 🌿
Located in the peaceful and family-friendly suburb of Lynfield, this warm and welcoming home offers a comfortable living space in a highly sought-after top school zone.
✨ What’s Included:
🏡 2 Spacious Bedrooms
🛁 Private Bathroom
🍳 Separate Kitchen
🛏️ 1 Bed with Mattress
🔥 Stove
📟 Microwave
Unlimited WiFi included
✔ Power & water included
✔ Bus stop in front of the house
✔ Nearby shops and supermarkets
This setup is ideal for two girls or a couple looking for a quiet, safe, and relaxed place to call home.
🌸 Enjoy living in a serene neighbourhood with a friendly community atmosphere, while still being conveniently close to schools, shops, and transport.
If you're looking for comfort, privacy, and a peaceful lifestyle — this could be your perfect new home 💛
📍 Location: Lynfield, Auckland
📩 Message for more details or to arrange a viewing. For couple $450 for one bedroom. $600 for the 2 bedroom and kitchen and bathroom. Feel free to contact me on 022-422-0145 for any other details
Loading…
