KiwiSaver membership growth analysis from TOWER

KiwiSaver membership growth analysis from TOWER Investments: August 2010

Default KiwiSaver provider TOWER Investments has released its monthly analysis of the IRD’s net total member count for KiwiSaver.

“Net total KiwiSaver membership as recorded by the IRD continues to climb and now exceeds 1.5 million New Zealanders,” said Sam Stubbs, Chief Executive Officer of TOWER Investments.

“Of this total, the largest group – opt in via provider (active choice) - is close on three quarters of a million Kiwis and the automatically enrolled (default) category is over half a million,” he said.

“Further analysis shows that almost 50% of all KiwiSavers have enrolled through opt in via provider (active choice) schemes, indicating the degree of public initiative and enthusiasm for being part of KiwiSaver,” he said.

“In terms of monthly percentage growth rates, net total membership has settled down to about 2% per month, with opt in via provider (active choice) still the fastest growing category at around 3% growth per month,” he said.

“Marked slowdown to 1% per month growth for the automatically enrolled (default) category is perhaps indicative of the weaker economy and lower hiring intentions by employers,” he said.

ENDS

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