New survey finds Kiwis are not planning for retirement

In 2018-19, the Commission for Financial Capability (a govt agency) undertook a survey of 15,519 adult New Zealanders on their financial behaviours, attitudes and experiences. In August 2020 they published a report of their findings. It made poor reading with:

• 65% of respondents stating that they did not think much or at all about how much money they would need for retirement,
• 61% of people thinking that NZ Super and/or Kiwisaver would be their main source of income during retirement,
• although 75% of employed people had Kiwisaver only 73% of that number knew what type of fund they were in, and
• only 53% of respondents were able to save a portion of their income.

At Castle Trust we think “Informed clients make better decisions”. Choosing the right Kiwisaver is essential otherwise you’re just losing money. Getting organised with finances and having a plan makes saving easier. The sooner you start, the easier it is.