How do you score as a 'Financial Adult'?
It’s time to find out!
Select all options that apply to you, for a real look at your financial picture.
ANALYSING YOUR SCORE:
Anything above 18 – you’re doing amazing!
Everyone else – maybe you’ve got something to talk to us about?
Check out the 8 quick questions below...
1. Do you talk about your finances at home?
No, I do not like to talk about my budget or finances too much, or only talk about money when we are considering a large purchase or lifestyle change.
Yes, I talk often about finances to my partner and educate my children (if applicable) about money matters.
2. Are you insured?
My house, contents, car and/or business are all covered by insurance.
I have private health insurance.
I review my insurances every year to ensure I have the right amount of cover.
I have life insurance to cover myself and my loved ones.
I think I have insurance but can’t remember how much or what it covers.
3. Do you have a financial plan (where you are now & where you want to be)?
I have completed a budget for my household.
My emergency rainy day fund is at least 3 months income (after tax).
I have a financial plan that sets out how I will achieve my goals for the next 5-7 years.
I do not know how much I spend, and I have no set budget.
I make it to payday but there is never money left for saving or investing.
4. Are you and your family prepared for the future?
Myself, my partner and children (if applicable) are all enrolled into KiwiSaver.
My Will is in place and up-to-date and covers all of my current assets. If I have any dependent children, I have nominated a guardian.
I have set up a Trust to protect my assets for future generations.
I have an Enduring Power of Attorney (EPA) in place and it is up to date.
5. How will you cope with sickness or injury?
If myself or my partner got sick, we have savings, investments or business interests that would cover our living expenses.
If I am self-employed, I have ACC Cover Plus Extra.
If myself or my partner got sick, we can rely on our income protection / trauma insurance.
If myself or my partner got sick, we would need family or government support.
6. What is your level of debt like?
I am struggling to keep up with my repayments.
I have no debt and own my home (or a Trust controls my home).
I have interest-free purchases (i.e. Q, Gem, Finance Now, Oxypay..) which I can afford to repay.
I have a mortgage, an interest-bearing credit card, a car/personal loan or a student loan and I am on top of my repayments.
7. How will you fund your retirement?
I am currently building my asset base outside of KiwiSaver (investments, business interests, rental property, etc.).
I intend to rely solely on NZ Superannuation when I retire.
I intend to use my KiwiSaver at retirement, so I make sure I contribute to the maximum of my capacity.
I intend to downsize my home at retirement.
8. Do you get advice from a professional when it comes to your finances?
If you'd like us to get in touch, please leave your email and/or phone number below.
Were you able to check many of these off? If there is room for improvement never despair!
We recommend a free 30 min financial health check from an Authorised Financial Adviser. From there we can give you an idea of where you're heading and what action would help you best. Head back to our website and we'll sort you out!
Thanks for completing the checklist, and happy financial adulting.
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