Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Poll Shows NZers Strongly Support Universal Kiwisaver


For Immediate Use

14 January 2013

Poll Shows New Zealanders Strongly Support a Universal Kiwisaver Scheme

New Zealanders today regret the decision to abolish compulsory superannuation in 1976, and a solid majority of New Zealanders now favour the reintroduction of a universal KiwiSaver scheme.

Almost three out of four New Zealanders agree now that it was a mistake to scrap the 1975 scheme, according to research that was commissioned by the Financial Services Council and run during December.

A Horizon Research Survey of 2107 respondents and matched to the adult population, asked whether all New Zealander employees should be required to belong to KiwiSaver and whether it was a mistake for New Zealand to abolish its compulsory super scheme in 1976.

“This was once an issue that bitterly divided New Zealanders, but there has been a huge turnaround and now supporters of all parties agree that cancelling the 1975 Superannuation Scheme was a mistake and that universal coverage by KiwiSaver is supported,” the chief executive of the Financial Services Council Mr Peter Neilson said.


Across the board almost 59 percent of New Zealanders support universal KiwiSaver with only 16 percent either opposed or strongly opposed. Another 25 percent are either neutral or not sure. Mr Neilson said support for a universal KiwiSaver scheme grows as the age of those asked increases, but in all age groups more people support, rather than oppose universal coverage of employees joining KiwiSaver.


Mr Neilson said this indicated the need for more education of the benefits from increased KiwiSaver participation, which included increased investment in jobs, increased wages and providing a cushion for the economy from recessions, while at the same time helping New Zealanders build a comfortable retirement income.


“Increasingly KiwiSaver is appealing to young New Zealanders as a way of building up a deposit for their first home. Last year KiwiSaver funded deposits on 10,000 first homes, worth around $3 billion,” he said.


Mr Neilson said the FSC regularly surveys public opinion on retirement income policy issues, but does not itself have a policy on whether KiwiSaver should be universal for employees.


Horizon Research’s online panel is representative of the adult population at the 2006 census. The survey has an overall margin of error of ±2.2%. An estimate of the number of people in the workforce, based on survey responses, was within 0.5% of Statistics NZ figures for the September 2012 quarter.


ends

HorizonPoll_FSC_Jan_14_2013.pdf

About the Financial Services Council

The Financial Services Council has 22 member companies and 17 associate members. Members are managing nearly $80 billion in savings and provide financial services to more than 2 million New Zealand investors and policyholders.

If you have a life insurance policy or a KiwiSaver account then there is a more than 80 percent chance it is managed by a Financial Services Council member. Last year the FSC report Pensions for the 21st Century: Retirement Security for Younger New Zealanders kicked off renewed debate about how to provide most New Zealanders with a comfortable retirement income when our longevity after 65 years is growing by two years every decade.

More recently the FSC released a report it commissioned from Infometrics entitled Potential Impact of KiwiSaver on the New Zealand Capital Market.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news