ASB chief executive Vittoria Shortt says KiwiSaver members are handling market volatility much better now than when Covid-19 first hit markets.
“In 2020, when Covid was first coming onto the scene and we had market volatility, we did see some people moving their KiwiSaver balances," she says.
“This time around, a lot of people have learnt from that, and we are making sure that we are proactively trying to encourage customers to take a long term view.
“There has been quite a lot of market volatility this year and the switching (between KiwiSaver products) has not been anything like what it was.”
"One of the important changes was the removal of the administration fee across all ASB KiwiSaver accounts in October," Shortt said.
She said this had led to an additional $3.9 million being invested on behalf of the bank's KiwiSaver customers by December 31 and she expected that to rise to almost $12 million during the bank's current financial year.
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