by Niko Kloeten
Retirement savings confidence has dropped among young people but remained flat overall at 47%, according to ANZ’s latest Retirement Savings Confidence Barometer.
Among those who are saving, more than half say that KiwiSaver is their primary savings vehicle, while 13% are counting on investment property.
Those with diversified assets including property and managed funds were more confident.
“We are finding that a lot of people have been ticking the box to join KiwiSaver but then they are not taking further interest in how it can help them meet their goals,” ANZ's managing director of wealth and private banking in New Zealand, John Body, said.
“Many don’t know what investment fund they are in, despite regular communications. These responses are similar whether people have been automatically enrolled at the workplace into a default scheme or actively joined themselves.
“KiwiSaver is still relatively new and it has already made a positive impact for people who have never saved before, but there is still plenty of work to be done to help people gain confidence in setting a plan and achieving their retirement goals.”
The survey showed there was a big difference in the confidence levels of men and women. It said 56% of men were confident of being able to reach their retirement savings goals, compared to just 39% of women.
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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