Latest news with #PublicTrust
Scoop
3 days ago
- Business
- Scoop
Wills Week 2025: With NZers Set To Inherit $1.6 Trillion Over The Next 25 Years, A ‘Good Will' Message From Public Trust
This year for Wills Week (14-20 July 2025), Public Trust is calling on New Zealanders to consider how their will can be a powerful tool to support charitable giving. 'Wills aren't just about money or property,' says Public Trust Chief Executive Glenys Talivai. 'They're about people. They're about values we pass on. This Wills Week we're spreading a 'good will' message. In our role we get to see the extraordinary impact of ordinary New Zealanders who choose to leave a gift in their will to benefit others.' Every year, Public Trust manages hundreds of bequests and charitable grants made possible by New Zealand's will-makers. This has provided vital funding for a wide range of services, including counselling, life-saving health initiatives, environmental projects, education scholarships, marae renovations, animal welfare, food rescue, training for young farmers, and wrap around support for at-risk youth and families in need. For many charities, bequests are one of the largest single sources of funding they receive. 'Whether it's supporting a local community group or helping a favourite charity, a gift in your will – known as a bequest – can create a ripple effect that lasts for years to come,' says Talivai. 'Wills Week this year is about inspiring New Zealanders to think about what they want to pass on in the future. After caring for whānau and friends, we encourage you to consider leaving a gift in your will to help build stronger communities for generations to come. Even a small gift can make a big difference.' Released earlier this year in collaboration with Public Trust, JBWere's New Zealand Bequest Report estimated charities receive $320 million annually from gifts in wills. To realise the full potential of legacy giving, two things need to happen, says Talivai. 'People need to plan for the future by making a will, and make an active choice to leave a gift in their will. This could help unlock billions in future funding for the charities and communities that shape Aotearoa.' Wills Week is supported by Philanthropy New Zealand. CEO Rahul Watson Govindan says now is a powerful moment for New Zealand to reflect on how it enables generosity. 'We know that approximately $1.6 trillion is anticipated to be transferred from one generation to the next over the course of the next 25 years. For the 'giving generation' it's a wonderful opportunity to continue to make a difference to the country they have worked so hard to build and communities they care so much about. Philanthropy continues to make a meaningful difference to our collective future.' Visit to learn how to create or update your will online. New Zealand wills trends Public Trust data reveals key insights into New Zealanders' approach to estate planning: Intergenerational inheritances to top $1.6 trillion by 2050: Inheritances are estimated to grow from around the $27 billion passed in 2024, to $1.6 trillion by 2050. (Source: The Bequest Report 2025). Currently, only 1.3% of inheritances will be allocated to charities, below the levels seen in the US and UK. Good will: Around 7% of wills written with Public Trust in the last three years have a gift to a charity included. The average value of a gift in a will is around $800. The most common types of charities provided for are focused on people's health and wellbeing, ambulance services and animal welfare. Women 'willanthropists' lead the way: Female will-makers consistently donate more than their male counterparts. In 2024, younger females aged 18-35 showed a notable increase in giving compared to previous years. Giving grows with age: The largest charitable contributions come from those aged 66-75, followed closely by the 56-65 age group. Will uptake: Overall, 50% of adult New Zealanders have a will in place, and this percentage grows with age.
ABC News
4 days ago
- Politics
- ABC News
Statement by ABC Managing Director Hugh Marks
The ABC acknowledges today's Federal Court decision in the matter involving Antoinette Lattouf. Despite the Corporation's best efforts, the matter was not able to be resolved before Court proceedings, which is regrettable. Regardless of the outcome today, it's clear the matter was not handled in line with our values and expectations. We also let down our staff and audiences, and this failure has caused understandable concern among the public and inside the organisation. The values of the ABC must be reflected in how we work. In this case the judge found the correct processes weren't followed and, consequently, errors were made. We regret how the decision to remove Ms Lattouf from air was handled and the distress occasioned her. We extend our sincere apologies to Ms Lattouf and wish her well in her future endeavours. This matter has caused concerns to be expressed about the ABC's independence and integrity, which are critical to the great trust the Australian public places in us. Any undue influence or pressure on ABC management or any of its employees must always be guarded against. Concerns were also raised about the ABC's handling of race and political views. I wish to emphasise the ABC's absolute commitment to fostering diversity and inclusion at all levels of the organisation, to addressing racism and discrimination of all kinds, and to accurate and impartial journalism. Due to confusion expressed about the Personal Use of Social Media Guidelines, which was canvassed during the case, these have been reviewed and will be replaced with new Public Comment Guidelines. We will talk more this about in coming weeks. I wish to stress the particular and fundamental obligations the ABC and its employees have to be independent and impartial in our work to ensure we continue to earn the trust of all Australians. Those obligations don't change as a result of this decision. There's much to consider in the decision and we'll now carefully review it. Media contact: Sally Jackson | ABC Communications
RNZ News
5 days ago
- Business
- RNZ News
KiwiSaver hardship withdrawals applications doubled
One of the organisations vetting KiwiSaver hardship withdrawals has said applications to dip into the retirement fund have more than doubled in the past two years. This comes as some fund managers have expressed concern about social media "how to guides" advising people to go into more debt or fudge their financials so they can crack open the retirement piggy bank early. Inland revenue figures show that in April 2025 hardship withdrawals were up $300 million on the year before. Public Trusts acts as a supervisor for various KiwiSaver schemes and decides which hardship withdrawals are signed off. General Manager of Corporate Trustee Services David Callanan spoke to Lisa Owen. To embed this content on your own webpage, cut and paste the following: See terms of use.
Scoop
11-06-2025
- Business
- Scoop
Concerns KiwiSaver Is Being Used As ‘Piggy Bank' To Solve Financial Woes
Article – RNZ A growing number of New Zealanders are making hardship withdrawals from their retirement savings. , Money Correspondent KiwiSaver is in danger of being considered a 'piggy bank' to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their money to buy farms. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. 'It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space,' he said. He said he saw people making repeated hardship withdrawals, depleting their balance. 'People come back multiple times with the same claims… it's hard to figure out what's real and what's not.' He said it would now not be possible to close the 'hardship loophole' because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. 'The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim… It's hard on staff because they often have to say no when they want to say yes.' A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. 'Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. 'If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future.'
Scoop
11-06-2025
- Business
- Scoop
Concerns KiwiSaver Is Being Used As 'Piggy Bank' To Solve Financial Woes
KiwiSaver is in danger of being considered a "piggy bank" to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their money to buy farms. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. "It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space," he said. He said he saw people making repeated hardship withdrawals, depleting their balance. "People come back multiple times with the same claims… it's hard to figure out what's real and what's not." He said it would now not be possible to close the "hardship loophole" because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. "The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim... It's hard on staff because they often have to say no when they want to say yes." A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. "Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. "If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future."
