Simplicity produces first KiwiSaver document in te reo
In a first for the KiwiSaver industry, nonprofit Simplicity has published the country’s first bilingual Product Disclosure Statement (PDS), the key public document for all KiwiSaver funds.
The te reo and English language document, which outlines the core principles, structure and investment methods of a KiwiSaver fund, is intended to help more native speakers understand this important savings vehicle.
Managing director Sam Stubbs said producing a bilingual PDS was in line with Simplicity’s diversity and inclusion philosophy, and its goals of making all New Zealanders smarter and wealthier.
“KiwiSaver has been around for 13 years, and yet it hasn’t occurred to any manager to produce their most important document in te reo. So we’ve done something about it, as 16% of our population identifies as Māori,” he said.
While the Financial Markets Authority does not profile KiwiSaver accounts by ethnicity, financial outcomes for Māori and Pacific Islanders are poorer in New Zealand.
According to the Department of Statistics, the median net worth of European people in the 25 to 44-year age group was $62,000, while Asian and Māori people were two-thirds ($42,000) and one-third ($20,000) of this value, respectively. Pacific people in this age group had a median net worth of $16,000.
Simplicity's intention with the bilingual PDS is to encourage greater interest in KiwiSaver and help improve retirement savings for Māori.
The translation was completed by Te Mete Lowman of YouthSaver and approved by Dr Vini Olsen-Reader from Victoria University of Wellington.