"The verdict on KiwiSaver is in," Cullen said. "New Zealanders want to save for a better retirement and they know KiwiSaver makes that easier than ever before.
"New Zealand has a savings problem. We were recently ranked 108 out of 131 countries for our national savings rate. If that poor performance were to continue the consequences for our economy and for our living standards in retirement would be significant.
"KiwiSaver will address imbalances in the economy, create a domestic pool of capital to help local business expand and succeed, and will lift living standards in retirement."
"One of the things that is particularly exciting is the continued popularity of KiwiSaver among younger New Zealanders," Peter Dunne said. "Over 55% of KiwiSavers are under 45 years old and over 20% are younger than 25 years old.
"Starting the savings habit early will mean that these young people will be able to generate very significant savings by the time they retire and in some cases will be able to use their savings to buy a first home."
Crown payments to KiwiSaver scheme providers in December totalled $104 million. Overall more than $300 million has now been transferred since the scheme's launch on 1 July 2007.
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