Kiwis concerned about retirement savings

According to research undertaken by the Financial Services Council (FSC) - KiwiSaver at a Crossroads - almost three-quarters of those surveyed would also like KiwiSaver to be compulsory and support an increase in contribution rates.

However, with the average KiwiSaver balance sitting at just over $25,000 many Kiwis will find it difficult to retire comfortably.

As KiwiSaver celebrates its 14th birthday this month, the FSC has released new research looking at what New Zealanders think about the scheme that has around $82 billion invested, the role it plays in their retirement preparedness, and where it needs to head in the future.

“This research shows that New Zealanders overwhelmingly support KiwiSaver and want its role to be increased”, says FSC chief executive Richard Klipin.