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 New data from the Inland Revenue Department (IRD) shows a record $48.9 million was withdrawn in September for hardship reasons, and 5530 people dipped into their retirement fund - also a record high. In this year’s first financial quarter $134.6m has been withdrawn from KiwiSaver for hardship reasons, up 22.5% on the same period last year.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!
DOC is rolling out a new tool to help figure out what to tackle first when it comes to protecting our threatened species and the things putting them at risk.
Why does this matter? As Nikki Macdonald from The Post points out, we’re a country with around 4,400 threatened species. With limited time and funding, conservation has always meant making tough calls about what gets attention first.
For the first time, DOC has put real numbers around what it would take to do everything needed to properly safeguard our unique natural environment. The new BioInvest tool shows the scale of the challenge: 310,177 actions across 28,007 sites.
Now that we can see the full picture, it brings the big question into focus: how much do we, as Kiwis, truly value protecting nature — and what are we prepared to invest to make it happen?
We hope this brings a smile!
🎉 Riddle me this, legends! 🎉
He/She who makes it, sells it.
He/She who buys it, doesn't use it.
The user doesn't know they are using it.
What is it?
(Shezz from Ngāruawāhia kindly provided this head-scratcher ... thanks, Shezz!)
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Scam Alert: Bank cold calls
ASB is warning customers about reports of cold calls from scammers claiming to be from ASB. These scammers are trying to obtain personal information, including usernames, dates of birth, and verification codes sent to your mobile phone.
🛡️ The "Caller Check" Test
If you get a call from someone claiming to be from ASB and you’re unsure, just ask them for a Caller Check. You will then be able to verify the call through the app.
Remember, banks will:
❌ Never ask for your banking passwords, PINs, or verification codes
❌ Never need to know your full credit card number – especially the CVC
❌ Never ask you to download software or remotely access your device
❌ Never ask you to purchase gift cards or transfer funds.
If you have received a phone call and think your account has been compromised, call ASB on 0800 ASB FRAUD (0800 272 372), or visit your local branch.
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