The CFFC's 2019-20 Annual Report was published on 11 January, 2021.
The report summarises the CFFC's response to the pandemic, which saw it swing in to support New Zealanders during a time of extreme financial stress. A Sorted campaign was rapidly initiated, face-to-face courses transformed into webinars, instructional videos produced and teachers supported through our Sorted in Schools programme. A first-of-its-kind live learning experience, the half-hour My Money What Now?, was produced in partnership with TVNZ, and featured on TVNZ One, Facebook Live, and On Demand. Stakeholder connection was ramped up to align efforts in getting information out to New Zealanders, including those in retirement villages and their families. We took part in an international research project on the impact of COVID-19 on financial wellbeing, the results of which were widely absorbed by government, stakeholders and the media.
Before COVID-19 hit, the 2019-20 year was marked by the delivery of the three yearly Review of Retirement Income Polices. Its key recommendation was that NZ Super should be retained at its current settings for future generations, and that younger New Zealanders should be reassured that it would be there as a backstop for them when they retired. Focus should be placed on the pre-retirement phase, helping New Zealanders prepare for ending paid work. The report's 15 recommendations traversed the areas of housing, work, KiwiSaver and enhancing New Zealanders’ financial capability.
The success of Sorted in Schools, Te whai hua - kia ora was an ongoing highlight through the year. By the end of June, 68% of secondary schools and 60% of kura had registered to use the programme, potentially reaching more than 192,000 students. Aligned with the curriculum, learning packages are delivered by teachers as part of day to day lessons in subjects ranging from maths and technology to English, social studies and health. Topics cover money management, saving, debt, goal-setting, insurance, investing, KiwiSaver and retirement, equipping young New Zealanders for their financial future.
The Annual Report also contains a letter from Retirement Commissioner Jane Wrightson, measures of our performance against our Statement of Intent and Statment of Performance Expectations, and the CFFC's financial statements for the year. Its release date was impacted by process delays caused by COVID-19.