Survey: Kiwis want forced Kiwisaver

NIKO KLOETEN
Last updated 15:32 30/04/2014

How are you planning for retirement?

Share your stories, photos and videos.

Relevant offers

Money

MyLotto warns of scam website Anger at Superlife's KiwiSaver $100 'transfer' fee Insurance cost to increase to cover Fire Service TPG buys Fairfax shares as it considers full bid for the media group Poorest households 'worst off' if New Zealand shifts en masse to solar Banks offer better interest rates to most creditworthy borrowers Many Kiwis have no idea how much income they need to retire - Kiwi Wealth Growing KiwiSaver balances mean people can't put off writing a will Researcher: Time to test if universal benefit works Financial advisers cluster around wealth, Financial Markets Authority Census shows

Many New Zealanders want the Government to force them to save through KiwiSaver, a new survey by Horizon Research has found.

The survey, commissioned by fund management industry group the Financial Services Council (FSC), found two out of five respondents (41.2 per cent) felt they needed to be compelled to save.

Almost a third of the 3060 people aged 18 and over who were surveyed said they wanted to be required to save, while one in eight said they did not want to be forced to save but knew they needed to be.

Overall there was 70 per cent support for making KiwiSaver compulsory, with 65 per cent supporting compulsion and 5 per cent "leaning" towards supporting it.

Twelve per cent were opposed, with another 3 per cent "leaning" towards being opposed while 8 per cent were neutral.

The survey also showed only 8 per cent (7 per cent of 18-64 year-olds) thought they could live comfortably in retirement on just New Zealand Superannuation payments.

The results of the survey, taken in October last year, have been released only a day after Labour announced a plan to vary KiwiSaver contribution rates as a monetary policy tool.

FSC chief executive Peter Neilson said New Zealanders believed "overwhelmingly" they were not saving enough for retirement and that they would not be able to live comfortably on the NZ Super pension alone.

He said the 41 per cent who wanted to be forced to save equated to more than 1.3 million adult New Zealanders.

"It's abundantly clear that Kiwis want to lift retirement incomes, are prepared to save to do that through a compulsory KiwiSaver scheme," Neilson said.

"And more than 1.3 million actually say they need to be forced to do that, because they know they won't get around to doing it themselves."


Ad Feedback

- Fairfax Media

Comments

Special offers

Featured Promotions

Sponsored Content