Starting early when it comes to personal finance offers long-term benefits that are often underestimated. Whether it’s saving for an emergency, setting up life or health insurance, or contributing to your KiwiSaver and wider retirement, acting early can pave the way for financial security and peace of mind, and living a life with purpose
Building a Safety Net Early with insurance
Unexpected Events: Life is unpredictable, and having insurance early can provide a safety net for young adults. Whether it's a car accident, theft, or property damage, or serious illness, insurance can take away the significant financial strain.
Lower Premiums: Young people can often benefit from lower premiums for life, disability and serious illness insurances. Starting early can lock in more affordable coverage that can save thousand of dollars over the long term.
Financial Literacy
Understanding the Value of Insurance: Starting young helps individuals understand the importance of financial planning and risk management. It's an integral part of becoming financially independent.
Budgeting for the Future: Having insurance teaches young adults how to incorporate premiums into their budget, helping them prioritise their spending and save for unexpected events.
Avoiding Financial Setbacks
Without insurance, young adults can face severe financial setbacks if an unexpected event occurs. Having coverage helps avoid dipping into savings, taking on debt to cover large expenses, or relying on family.
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