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Start saving - you will need $10,000 for your toast

The focus for this year's Money Week, that will run 5 – 11 September, is helping New Zealanders plan for their future - and retirement is a big part of it.

Just 11 per cent of people surveyed by the Commission for Financial Capability correctly estimated a couple would need between $250,000 and $300,000 to pay for basic groceries over a 30-year retirement. More than 70 per cent believed it would cost less than that.

Everyday items, like toast or eggs, can add up over a retirement term of 30 years but it can be hard to get a clear picture of how much money you will actually need to buy groceries over long period of time – so the Commission for Financial Capability has estimated that during a 30-year retirement, a couple will spend:

Baked beans: $11,000
Toast: $10,000
Eggs: $4000
Toilet paper: $4000
Toothpaste: $3000
Chocolate: $17,000
Tea: $3000
Weetbix: $8000
Source: Commission for Financial Capability

The goal of Money Week is to shake people up and get them thinking about how they are planning for their future. More than 70 public events are planned around the country for Money Week which is now in its fifth year.

To find out more go to the Money Week website.