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Closing the gap – helping Kiwis reach their savings goals
Closing the gap – helping Kiwis reach their retirement savings goals
KiwiSaver members are watching their
balances grow but almost half of them have never checked to
see whether their savings are on track to meet their
retirement goals, according to a new study released today by
ANZ.
ANZ released the study findings as it launched a
new online calculator which helps New Zealanders work out
whether they are on track to meet their retirement savings
goals.
The new calculator takes some personal
information and works out the projected amount someone would
have when they retire, the amount they will need and whether
they are headed for a gap in their savings. The online tool
then proposes and calculates the effect of steps people can
take to close that gap, such as making a lump sum
contribution, upping their regular contributions or moving
their money to a different type of KiwiSaver
fund.
“Over 2 million New Zealanders are investors
through their membership of KiwiSaver schemes,” said ANZ
Wealth managing director John Body.
The ANZ survey of
KiwiSaver members last month found that 63% of members had
checked their KiwiSaver balance in the past month, with a
further 26% checking their balance in the last
year.
However, 46% of members had never checked to see
whether their KiwiSaver was on track to meet their
retirement goals, with a further 3% checking five years ago.
Despite this, 71% of members believed they should check
every year to ensure their KiwiSaver investment was on
track.
“Research tells us that people who know their
KiwiSaver balance are more confident of reaching their
retirement savings goals than those people who do not know
how much they have saved. (ANZ Retirement Savings
Barometer)
“It’s great to see more KiwiSaver
members are checking their balances regularly. In recent
times, we have put a lot of energy into making it easier for
people to track their KiwiSaver which they can now do
through their ANZ internet banking or our go Money app,”
said Mr Body.
“We are now focused on getting people
to think long term about their KiwiSaver investment and
ensure it is on track. The online calculator is a great tool
to help members identify whether they have a potential gap
in their savings and what they can do about it.”
Mr
Body said that people should check they are on track once a
year and whenever there was a change in their financial
circumstances – for example, starting a new job or buying
a house: “It’s all part of taking control of your life
and your
investments.”
ends
ANZ Bank New Zealand Limited
Get on top of your money
ANZ has been helping New Zealanders get on top of their money ever since we opened for business in 1840. We were New Zealand's first bank and today we have a large network of full-service branches and ATMs, and talented people across the country.
We're passionate about helping our customers make their money work harder and equipping them to make better financial decisions. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.
Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.
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