Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Kiwis' retirement savings confidence falls: ANZ

Kiwis' retirement savings confidence falls: ANZ

By Hannah Lynch

Aug. 15 (BusinessDesk) - Kiwis aren't confident they will reach their retirement saving goals, according to ANZ's retirement savings confidence barometer.

New Zealander's retirement confidence fell 5 percent in August to 56 percent, compared to the ANZ April survey.

"The deepening debt crisis in Europe and prolonged patchy growth in the New Zealand economy have probably contributed to the drop in confidence,” John Body, managing director ANZ Wealth and Private Banking said in a statement.

A report by the Financial Services Council in June concluded young New Zealanders won't be able to access universal superannuation the country currently enjoys without facing significantly higher taxes or cutting pensions entitlements.

People at or near retirement age should keep their current entitlements, but younger generations will need a new savings system where they make a bigger personal contribution to retain New Zealand superannuation, the lobby group, which represents fund managers and life insurers said.

That's a similar conclusion to last year's report from the government-appointed Savings Working Group, which said the current pension couldn't survive in its current form, and people under the age of 45 don't have security for their retirement.

In April, the government decided to delay automatically enrolling all workers into KiwiSaver in a bid to save $514 million over four years, having already halved its subsidy to the scheme and increased the minimum employer and employee contribution from next year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>