Cole Murray was at the Women’s Lifestyle Expo in November 2019 and we thought it would be a great opportunity to prompt Hawke’s Bay women to get thinking about their finances.
Armed with our ‘Financial Adult Survey’, we asked 8 key questions to help pinpoint areas they may be at risk, and celebrate where they are doing well in their financial lives. We spoke to over 135 local women who completed the survey.
Overall, this led to some really interesting results.
1. DO WE TALK ABOUT MONEY AT HOME?
Hawke’s Bay women said a resounding yes, with 77% feeling comfortable enough to talk about money regularly at home.
2. ARE WE INSURED?
We were surprised to hear only 47% of respondents have life insurance to cover themselves and their loved ones. Plus, only 34% review their insurance annually (meaning their priorities could have changed, but their cover no longer suits). Definitely something we think families need to look at to protect themselves.
3. DO WE HAVE A FINANCIAL PLAN?
54% have a budget in place for the home, which is great (although we would like to see one in every home!). We weren’t surprised to learn that most don’t have 3 months worth of savings in the bank, although this is what is recommended to be able to get through in times of financial hardship. It can be hard to set aside, but well worth it.
4. IS OUR FAMILY PREPARED FOR THE FUTURE?
The most interesting results in this set were:
- 77% of women surveyed are enrolled in KiwiSaver – yay!
- Only 28% have a Will in place (not so good), and even scarier is that only 14% have an Enduring Power of Attorney (EPOA) in place, meaning the state will take control of their affairs (and potentially make life difficult) if they become unable to look after their own affairs (i.e. due to poor health). You can learn more about what happens if you die without a Will and how EPOA’s work here.
5. HOW WILL WE COPE WITH SICKNESS OR INJURY?
It’s clear that our Hawke’s Bay ladies may be thinking they are invincible. If they or their partner got seriously sick, only 33% of respondents could rely on income protection or trauma insurance, and 32% would be relying on family to survive. You can learn more about protecting your family here.
6. HOW IS OUR LEVEL OF DEBT?
Happily, many Hawke’s Bay women surveyed feel they are on top of their loan repayments – 41% in fact. It is still quite normal to be struggling though – 12% are struggling to keep up with repayments – not a nice way to feel. If this is you, never be afraid to reach out and ask for professional help. Our team can help turn your debt situation around and get it working as a tool for you, rather than a burden.
7. HOW WILL WE FUND OUR RETIREMENT?
Looking at this one, it is great to see that the KiwiSaver and retirement saving message is working. 67% of respondents are contributing to KiwiSaver to the maximum of their capacity, and only 6% plan to rely solely on NZ Super when they retire. Overwhelmingly smart, we think.
8. DO WE GET ADVICE FROM A PROFESSIONAL ABOUT OUR FINANCES?
Guess what – most don’t! No surprises for us there, as we are always meeting people who are new to financial advice and keen to learn how to use our services to get further ahead. If you are already a Cole Murray client, that means you are already seeking professional advice – so well done!
Is Financial Advice for you?
If you are in the 67% who don’t get professional financial advice, our question to you is, what’s holding you back? Most of our services come at no cost to you, and there are no obligations. Why not get in touch?