He said ASB’s KiwiSaver funds had their best year ever in 2019.

The conservative fund returned 7.3% and growth 20%.

The New Zealand share market returned 30%.

But a new KiwiSaver survey by the bank showed that only 23% of respondents thought KiwiSaver was the best bank product for returns.

Head of KiwiSaver Aidan Vince said it was disappointing that the strong returns had not flowed through to perceptions.

“Indeed, perception of KiwiSaver as being the bank product that will provide the best return has hovered around a steady low range, either just above or just below term deposits, which have been returning about 2.5% compared to the much stronger returns from diversified funds in KiwiSaver schemes.”

He said advisers needed to point out the significant money that people made from the markets over the year, and highlight that it was the value offered in return for fees paid.

“It’s a great chance for advisers to show the value of advice, and the value of the cost associated with managing that money.”

He noted that although past performance was no guarantee of future performance, there was now more than ten years’ worth of data showing how KiwiSaver schemes perform in a range of conditions, including fairly turbulent periods such as 2018 or, stretching back further, the global financial crisis.

"So our message is we just really encourage people to have a look at their KiwiSaver account and see how it went over the last year. Hopefully KiwiSaver investors will get some satisfaction when they see the returns.”

By contrast, an uptick in the Auckland housing market at the end of 2019 immediately created an improvement in property market confidence.