Specialist KiwiSaver provider, AMP Wealth Management, has launched BetterMoney, a free smart digital platform which will help more Kiwis to budget and take control of their money by linking their bank and investment accounts in one easy-to-access place.
BetterMoney offers a safe and secure way for Kiwis to get a clear picture of their money so they can create a realistic financial plan they can stick to. It’s easy to use and automatically crunches the numbers and tracks expenses, categorising spending and creating a budget.
Acting Chief Executive, AMP Wealth Management New Zealand, Jeff Ruscoe, says:
“I think many of us believe that budgets stop us spending on things we want, that they’re just too hard to create, or that they’re not realistic so don’t help, but the reality is that a good budget helps you enjoy spending and saving and can make a big difference when it comes to your wellbeing and quality of life in the future, and BetterMoney makes it easy.
“It doesn’t matter how much money you have or how much you earn, having a budget and simply understanding where you’re spending your money – which can come as a surprise to many of us – enables you to take control.
“Everyone’s situation is different, and we all have different needs when it comes to money, but one thing we all have in common is that having a budget is the best way to get on track to achieving our financial goals – whether that’s reducing debt, buying a house, planning a holiday, or saving for retirement.”
BetterMoney has been created to help New Zealanders who avoid the dreaded ‘B’ word, because having a budget can help reduce the serious negative impacts money worries can have on peoples’ wellbeing and quality of life:
- 35% of Kiwis lose sleep over money worries.2
- 70% of Kiwis say they would not be able to meet basic financial commitments such as mortgage/rent and bills beyond a short period of time if they lost their jobs.3
- 70% of Kiwis say they don’t believe New Zealand Superannuation alone will be enough to fund their retirement, while 3 out of 4 KiwiSaver members have a no idea at all what their balance will be when they retire.4
- 50% of Kiwis wish they’d started saving for retirement earlier.5
The new BetterMoney platform is just one of the many digital enhancements AMP Wealth Management has rolled out this year, along with regular updates to the My AMP app. The latest being the release in May of interactive projected weekly KiwiSaver incomes at retirement to enable AMP KiwiSaver Scheme members to understand the impacts of how simple changes to their savings habits can help them to build their retirement savings.
BetterMoney was created in partnership with Envestnet | Yodlee, an industry leader in account aggregation. Founded in 1999, the company provides digital financial solutions for over 33 million users and over 1,400 financial institutions and financial technology innovators. AMP Wealth Management is the first company to offer Envestnet | Yodlee’s latest financial wellness tools in New Zealand.
Tim Poskitt, Country Manager Australia and New Zealand, Envestnet | Yodlee, says, "Our partnership with AMP Wealth Management will help to provide more Kiwis with the solutions they need to achieve their financial goals at a time when helping New Zealanders to make better financial decisions has never been more important."
For more information about BetterMoney and how it works, go to amp.co.nz/bettermoney.
1 BetterMoney is free for AMP KiwiSaver Scheme and NZRT clients.
2 AMP survey of 1,505 Kiwis aged over 18 years.
3 Financial Services Council media release: "It's not about the money" (PDF)
4 AMP survey of 1,074 Kiwis aged 35-55 years.
5 AMP survey of 1,074 Kiwis aged 35-55 years.