Me and my money: Gillian Boyes, Autorité des marchés financiers


1. Are you a saver or a spender?

Raised as a saver, I love the sense of control that saving gives me.

When I spend, my poor family and friends will attest that I am very thoughtful: I will spend hours researching, comparing, and getting the best possible option.

2. What has been your biggest financial lesson, success or failure?

In the early 2000s, I invested in a high risk fixed rate product in which my money was locked in for a year.

As similar offers were having problems, I counted the days until I got my money back. This type of product has since been banned.

3. Why are New Zealanders as a whole hesitant to seek financial advice and is this changing?

Research suggests that reluctance to seek advice isn’t just a Kiwi’s business.

The reasons for not getting advice (or at least investment advice) are similar in many countries: people think they are not rich enough or that it is too expensive.

It is changing internationally and I think it will change here.

New counseling laws now give people the option of receiving different types of counseling, such as low-cost automated online counseling services or limited-scope counseling. These could be very appealing to KiwiSaver members or to online users who need a first hand in selecting the right mix of investments to achieve their goals, but don’t necessarily need a plan. full financial.

4. Give an example of a recent purchase that you consider excellent value for money:

I bought the latest iPhone.

As a saver, I had spent a lot of time researching it and trying to convince myself that a cheaper model was all I needed.

But I love my phone – it takes much better photos than my old phone, the battery lasts (another pet hates my old phone), and it fits neatly in pockets. Since I’m not the type to upgrade every year, I think this is great value for the money.

5. What was your last impulse or purchase of “donuts” and how did you feel afterwards?

I was walking past a store on the weekend and saw a stunning pair of earrings.

I walked in and bought them in three minutes. I put them on right away and have worn them twice since so I think they were a great choice. It helped that they were only $ 30.

6. What’s your best tip for saving money?

Automate it. The less time I spend thinking about saving money, the better.

7. Does having more money increase happiness?

Personal finance writer Mary Holm cites great research that suggests her age, not the money that increases happiness.

As a much older person, I am happy to support this research.

8. What is the best advice someone has ever given you?

When my son was born, I was working for a fund management company.

Colleagues suggested setting up a low-cost managed fund and pouring money into it.

He’s now 18, and even with modest monthly deposits, he’s high enough to cover his early years in college. It was an almost painless way to help him.

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