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Survey: People don't know how KiwiSaver works

Author
Newstalk ZB Staff,
Publish Date
Tue, 3 Jul 2018, 5:16AM
The Government-run program apparently has people confused. (Photo / Logo)
The Government-run program apparently has people confused. (Photo / Logo)

Survey: People don't know how KiwiSaver works

Author
Newstalk ZB Staff,
Publish Date
Tue, 3 Jul 2018, 5:16AM

There is a decline in the number of people who know how the KiwiSaver scheme works, according to a new survey.

The latest ASB KiwiSaver and Investor Confidence surveys shows just 22 percent of respondents indicate they have a high understanding of the retirement scheme, compared to 26 percent last quarter.

Senior economist Chris Tennent-Brown says there's still a lot of people who could benefit from receiving help into finding a suitable fund, and learning about the right way to make contributions.

"Only one in four people think that they have a good knowledge of Kiwisaver, which is very disappointing given it is past the ten year anniversary of the launch."

Tennent-Brown says that considering the survey reveals 60 percent of respondents admitted they need to save more for their retirement, a lot more work needs to be done.

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