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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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