Government announces KiwiSaver quake withdrawal scheme

  • 23/11/2016
Financial calculations (iStock)
Financial calculations (iStock)

Those suffering financial hardship in quake-affected regions might be in for some respite with help from their KiwiSaver.

The Government has announced plans to make access to the funds faster and easier for those who sorely need them, and KiwiSaver expert Mary Holm is applauding the move.

"If you really are in financial difficulties [you will be able to withdraw from your KiwiSaver] - and quite a lot of people will be, because they've lost their jobs or their farm or their other business, so it's fair enough," she says.

"This is not people who are necessarily bad at managing their money, they've struck an incredibly bad luck situation."

Ms Holm says the extra cash could be essential to help people back on their feet.

"If they did find that they'd taken more out of KiwiSaver than they actually needed, there's nothing to stop them turning around and putting it straight back into KiwiSaver."

Newshub.