Kiwisaver Members Living With False Sense of Security

KiwiSaver members are living with a false sense of security about their investments, the latest UMR national survey shows.

Almost half of all KiwiSaver members wrongly think that their investments have a Government guarantee and over one-third have no idea whether there’s a guarantee or not.

The findings are from UMR Research’s latest survey of a nationally representative sample of 750 New Zealanders aged 18 years and over1.

The survey showed that 34% of New Zealanders or well over 1 million are signed up to KiwiSaver. Of those KiwiSaver members, about half (56%) say they do not know that much or hardly anything about the scheme they have invested in.

When asked if the KiwiSaver fund they had invested in had a Government guarantee, 48% said it had when in fact no such guarantee exists. A further 37% said they were unsure whether there was a guarantee and only 15% correctly answered that there was no guarantee.

ENDS