With prices soaring and the economy shrinking, saving a bit of money is a prioroty for many.
So should you consider putting a temporary halt on your KiwiSaver contributions?
The experts say no.
The economy has shrunk, interest rates are going up and groceries are getting more expensive.
COVID-19 and flu are rampant and there’s a war raging in Ukraine.
Times are tough and Kiwis are finding it tough.
But KiwiSaver adviser Sam Stubbs of Simplicity says don't panic, the financial hard times will end one day.
"Stay on the roller-coaster, it will end," Stubbs told Newshub.
While it might seem tempting to stop making KiwiSaver contributions for a while to save a few bucks, financial advisors warn you could end up missing out.
Nick Tuffley, chief economist at ASB says don't pull out of Kiwisaver.
"You might pull out right now and feel that you've done the right thing but you could well miss any rebound that comes through and that was one of the things that people really risked doing for example when the pandemic hit."
"You're also getting better bang for buck right now," Tuffley told Newshub.
He said there could even be advantages to investing now.
"If you're putting money in right now at a time when there's been a bit of a pull back in share prices, then what you're buying with your contributions at the moment is actually at a lower price."
Confirmation on Thursday the economy had shrunk bu 0.2 per cent has sparked fresh fears of a recession.
But Kiwis are being urged not be rash with their cash.
"There's this thing called loss aversion. It means we hate losing a dollar more than we love making a dollar.
"That means when markets go down like this, you get scared. And as in life, decisions made in fear are usually the wrong ones," Stubbs told Newshub.
A view shared by Tuffley.
"Stick to that long-term plan. When you're investing in your retirement in particular, which is what KiwiSaver is, it's those ongoing contributions that you make, and the earlier you make your contributions, the more chance they have over time of compounding up over time to get a much bigger pot of money at the end."
