KiwiSaver hardship withdrawals have spiked to their highest in a decade last month, amid rising fuel prices.

According to the IRD, more than 5600 people withdrew their savings due to financial hardship - the second-highest amount ever since August 2016.

Over 49 million dollars was withdrawn, a 12.6 percent increase from March last year.

Simplicity chief economist Shamubeel Eaqub says the cost of living crisis, and the recent spike in job losses and business closures have all cumulated into the current increase.

"Mostly, what we're seeing at Simplicity is just that people have lost their jobs, they've lost their businesses, or they can't repay their mortgage - it's kind of life stuff. But the recession has real human cost." 

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KiwiSaver hardship withdrawals have spiked to their highest in a decade last month, amid rising fuel prices.
According to the IRD, more than 5600 people withdrew their savings due to financial hardship - the second-highest amount ever since August 2016.
Over 49 million dollars was withdrawn, a 12.6 percent increase from March last year.
Simplicity chief economist Shamubeel Eaqub says the cost of living crisis, and the recent spike in job losses and business closures have all cumulated into the current increase.
"Mostly, what we're seeing at Simplicity is just that people have lost their jobs, they've lost their businesses, or they can't repay their mortgage - it's kind of life stuff. But the recession has real human cost."&nbsp;
LISTEN ABOVE

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Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

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Shamubeel Eaqub: Simplicity chief economist on the increase in KiwiSaver hardship withdrawals

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/59bd52c6-01ab-404b-bd79-b430017c1d39/transcript