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KiwiSaver numbers surge past 300,000

The number of people joining KiwiSaver continues to defy initial expectations with over 316,000 New Zealanders signing up in just the first five months, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today.

Thursday, December 6th 2007, 1:43PM
As at 30 November, 316,865 New Zealanders were actively saving for their retirement through KiwiSaver. This news comes just a month after KiwiSaver numbers reached the quarter million mark.

"New Zealanders are embracing KiwiSaver in huge numbers," the Ministers said. "They know that KiwiSaver makes saving for retirement easier than ever before.

"One of the most encouraging signs is the large numbers of younger New Zealanders who are joining the scheme.

"Nearly 20% of KiwiSavers are younger than 25 and over 33,000 KiwiSavers are less than 20 years old. This is great news as these young New Zealanders are taking up the savings challenge early and will be able to build a substantial nest egg for retirement or in some cases for their first home.

"It's also encouraging that over half of KiwiSavers are aged under 45.

"While not all political parties have backed KiwiSaver, New Zealanders are showing that they know our savings problem is real and they know that KiwiSaver makes it easy to save.

"It is also important to note that KiwiSaver will build up a substantial pool of domestic capital available for local firms to draw from for investment.

"The large pool of savings built up as a result of superannuation schemes in Australia has been sighted by some commentators as the single most important factor behind the growing wealth across the Tasman."

« Investment the key, says CullenPoliticians raspberry Retirement Commissioner's idea »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
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BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
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Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
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The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
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Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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