Lofty goals for savers: ANZ

For 20 years, that would require a lump sum at retirement of about $400,000.

At the moment, more than half of pensioners survive solely on Government assistance. Of those receiving some income on top of that, another half receive $100 a week or less.

But ANZ’s survey showed just 5% of respondents who are currently working intended to live on the pension alone. And the survey showed that 48% of people who were saving for retirement, planning to save or expected another source of income in retirement were confident of reaching their goals.

It showed that 51% of regular KiwiSaver contributors were confident they would reach their goals. The most confident were men and those with higher incomes.