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More than half of Kiwis saving for retirement

Non-KiwiSaver schemes still have biggest balances, statistics show.

Wednesday, April 19th 2017, 9:31PM

Statistics NZ figures show 53% of adults have a private superannuation scheme.

The median value of those schemes was $10,000.  

That includes KiwiSaver as well as company-based and state sector schemes. 

Just under 50% of adults had a KiwiSaver scheme. Only 8% were in a non-KiwiSaver scheme. Just under 30% of people aged 65 to 74 had a private superannuation scheme.

The median value of non-KiwiSaver schemes was $53,000 – six times more than the $8000 median value of KiwiSaver schemes. The value of all schemes increased as people aged, Statistics NZ said, and ranged from $2000 for those aged 15–24 years, to $30,000 for people aged 65 and over.

Non-KiwiSaver schemes had a greater difference in value for the sexes than KiwiSaver schemes. Men had a median value of $69,000 compared with women’s $42,000. Men were also more likely to have a non-KiwiSaver scheme than women – a contributing factor to the value gap.

 

Tags: KiwiSaver

« FMA asks: How should KiwiSaver fees be calculated?Equities boost KiwiSaver returns in March quarter »

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