**7,530 Kiwisaver Early Withdrawals In September**

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Post on Oct 28, 2024

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Kiwisaver Early Withdrawals Hit a New High in September

Holy moly, folks! September saw a whopping 7,530 Kiwisaver early withdrawals. That's a huge jump from the previous month and a clear sign that folks are struggling. It's enough to make you wonder what's going on and if you should be worried.

Why are so many people dipping into their Kiwisaver?

There's no single answer to this question. It's a combination of factors, like:

• Rising cost of living: We all know inflation is a beast. Prices for groceries, petrol, and even rent are through the roof. It's getting harder to make ends meet, and some people are resorting to dipping into their Kiwisaver to cover essential expenses.
• Home ownership struggles: Buying a house in New Zealand is a real nightmare these days. With high interest rates and a super competitive market, some folks are dipping into their Kiwisaver to help with a deposit.
• Unexpected emergencies: Life can throw curveballs. A sudden illness or job loss could force someone to tap into their Kiwisaver for unexpected expenses.

What does this mean for you?

It's a tough situation, and it's not easy to see so many people struggling. It's important to remember that accessing your Kiwisaver early should be a last resort. You'll lose out on potential growth and face a hefty tax penalty.

Think carefully before taking the plunge. There might be other options available, like:

• Negotiating with creditors: Can you work out a payment plan with your creditors?
• Seeking financial advice: A financial advisor can help you assess your situation and explore alternatives to Kiwisaver withdrawals.
• Government support: Check if you're eligible for government assistance programs to help with your financial difficulties.

It's not easy to navigate the current economic climate, but remember, there are resources available. Don't feel alone – reach out for help if you need it.

Let's hope this trend reverses soon, and we can all feel a bit less stressed about our finances.