Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Huge youth take-up of KiwiSaver a positive sign

12 March 2008 Media Statement

Huge youth take-up of KiwiSaver a positive sign

Over 100,000 KiwiSavers are aged under 25, Finance Minister Michael Cullen and Youth Affairs Minister Nanaia Mahuta announced today.

“Young New Zealanders are getting behind KiwiSaver in overwhelming numbers,” Dr Cullen said. “This is a positive sign that young people are serious about planning for their future.”

As at 29 February, 113,084 people aged under-25 were enrolled in KiwiSaver. Over 75,000 were young workers between 18-24, while an additional 37,000 were less than 18 years old.

“The evidence is clear – KiwiSaver is changing New Zealand’s savings culture. Young people are starting a savings habit early and that is the best way to develop a renewed savings culture over time.

“By and large, these young people will not have been existing savers prior to the scheme’s launch. This means that the Labour-led government’s KiwiSaver scheme is already adding to New Zealand’s net savings rate.”

Nanaia Mahuta said young New Zealanders should be applauded for looking ahead, and using these early years in the workforce to save for the future.

“The real message to young New Zealanders is, the earlier you start Kiwisaver, the greater security you will have in the future. I’m pleased the Labour-led Government is supporting this forward looking initiative to make a difference in the lives of young New Zealanders,” said Nanaia Mahuta.

“Young people who join KiwiSaver when they first enter the workforce will have an opportunity to get a head start on saving for their first home, and over time, for their retirement.

“We are also receiving anecdotal evidence that a number of grandparents, aunts, and uncles are signing up children in their families. Those aged under 18 can be signed up for KiwiSaver, receive the $1,000 kick start which gets invested by providers, and can then start contributing when they enter the workforce,” said Nanaia Mahuta.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Life And Times Of Peter Dunne

In the end, Mr Pragmatic calmly read the signs of impending defeat and went out on his own terms. You could use any number of clichés to describe Peter Dunne’s exit from Parliament.

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election