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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news