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 New data from the Inland Revenue Department (IRD) shows a record $48.9 million was withdrawn in September for hardship reasons, and 5530 people dipped into their retirement fund - also a record high. In this year’s first financial quarter $134.6m has been withdrawn from KiwiSaver for hardship reasons, up 22.5% on the same period last year.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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A riddle to start the festive season 🌲🎁🌟
I'm a fruit. If you take away my first letter, I'm a crime. If you take away my first two letters, I'm an animal. If you take away my first and last letter, I'm a form of music. What am I?
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
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Poll: Should we be giving the green light to new mining projects? 💰🌲
The Environmental Protection Authority announced this week that a proposed mine in Central Otago (near Cromwell) is about to enter its fast-track assessment process. A final decision could come within six months, and if it’s approved, construction might start as early as mid-2026.
We want to know: Should mining projects like this move ahead?
Keen to dig deeper? Mike White has the scoop.
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53.4% Yes
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46.6% No
Auckland, why are we so excited about a new store? 🚗🛒
I think we’ve all seen the traffic notices and headlines about the new IKEA by now!
So here’s the question: why do we get so excited when a new store opens? Convenience? Curiosity? A reason for a weekend outing? We’d love to hear your thoughts!
Keen for an update? The Post has you covered
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