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NZ Investments in Weapons in Gaza: Breakfast TV
31st July 2024
KiwiSaver investments, worth billions of New Zealand dollars, are often unknowingly placed in controversial industries such as weapons manufacturing, with approximately $60 million invested in weapons used in the Gaza conflict
KiwiSaver Investments: Where Your Money Really Goes
Barry, Mindful Money's Founder and Co-CEO, was on Breakfast to talk about new research which shows billions of New Zealanders' hard-earned dollars, invested through the KiwiSaver scheme, are finding their way into unexpected and potentially controversial industries. Among these, perhaps the most shocking is the approximately $60 million invested in weapons used in the ongoing conflict in Gaza.
The Hidden Truth of KiwiSaver Investments
Most of the 3.3 million Kiwis with KiwiSaver accounts are unaware of where their money is actually invested. This lack of transparency is concerning, especially considering the significant impact these investments can have on people, workers, the environment, and even global issues like climate change.
The Importance of Knowing Your Investments
Where your money is invested has real-world consequences. Just as consumers might question whether their clothes are produced using ethical labor practices, they should also be asking questions about their KiwiSaver investments. Unfortunately, most people don't receive this information when they sign up for a KiwiSaver account.
What Are We Investing In?
Typical investment funds often chase short-term returns, sometimes at the expense of ethical considerations. Mindful Money's annual surveys reveal that New Zealanders want to avoid investing in:
- Weapons manufacturing
- Companies involved in human rights violations
- Industries practicing animal cruelty
- Fossil fuel companies
- Businesses causing social harm (e.g., tobacco and gambling)
Why Does It Matter?
Money flows have a huge influence on our society and economy. Without paying attention, your money could be supporting industries and practices that don't align with your personal values. Over $8 billion of KiwiSaver funds are currently invested in things that most New Zealanders would find objectionable.
What Can You Do?
- Get Informed: We have created a free fund checker, so you can see exactly what you're invested in.
- Speak Up: If you're unhappy with your fund's investments, contact your provider and voice your concerns.
- Switch Funds: Consider switching to a more ethical fund that aligns with your values. We have created a Mindful fund finder that can match you with a fund that meets your ethics.
The Rise of Ethical Funds
The good news is that more ethical investment options are becoming available. These funds not only avoid controversial industries but also actively invest in positive initiatives like renewable energy and social housing.
By taking control of where your KiwiSaver money is invested, you can ensure that your financial decisions align with your personal values and contribute to a more ethical and sustainable future.