More young people save for retirement

Last updated 10:34 02/07/2014

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More than half of Kiwi workers aged between 15 and 24 are already saving for their retirement, with most of those not saving planning to do so in the future.

The latest ANZ Retirement Savings Barometer surveyed 850 New Zealanders in April and May and found that more young people are thinking about saving for their retirement.

Fifty-five per cent of young people indicated they were already saving for their retirement, and 82 per cent of young people not already saving for their retirement indicated that they planned to save in the future.

ANZ wealth managing director John Body said it was great to see so many young people planning for their retirement.

"With KiwiSaver, the earlier you start saving the better off you will be," he said.

However, the ANZ survey found that only 31 per cent of young people were confident of saving enough money to provide the weekly income they required when they retired.

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