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

 


Retirement Saving on Radar for More Young People

Retirement Saving on Radar for More Young People

More than half of young workers aged 15-24 years are already saving for their retirement, with the vast majority of those not already 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 (aged 15-24 years) indicated they were already saving for their retirement. And, 82% of those young people not already saving for their retirement indicated 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,” said Mr Body. “New Zealand’s KiwiSaver scheme turned seven on July 1 and it has had great success in getting kiwis saving for their retirement.

“Official records show that more than 2 million people are now in a KiwiSaver scheme which is a fantastic result.

“We know retirement seems a long way off for young people, but clearly many young people have got the message that they should start saving early.”

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

“Obviously that’s a low level of confidence, but it is not surprising,” said Mr Body. “For a young person just starting their working life, it can seem very daunting to think about the lump sum you will need to provide a basic income when you retire.

“But young people have time on their side – a 45-year history of regular contributions to a KiwiSaver fund, with the right mix of investments, means they are very likely to achieve their goals.”

Mr Body said the past seven years had been all about getting people to join a KiwiSaver scheme. “In the future, the priority has to be to get people to really focus on their KiwiSaver investment and ensure their savings plans were on track to deliver the retirement lifestyle they want.

“It’s about connecting the dots between KiwiSaver and the realities of retirement – how long will you be retired for, what will you want to do in those years and how much income will you need?”

As the number one KiwiSaver provider in the market, Mr Body said ANZ was committed to helping customers make the right savings and investment choices. ANZ KiwiSaver funds offered customers a unique Lifetimes option which enabled them to ensure their retirement savings were invested in a Fund with levels of risk considered appropriate for an average person of that age.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news