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KiwiSaver numbers surge past 300,000

Hon Dr Michael Cullen
Minister of Finance
Hon Peter Dunne
Minister of Revenue

6 December 2007 Media Statement

KiwiSaver numbers surge past 300,000

The number of people joining KiwiSaver continues to defy initial expectations with over 316,000 New Zealanders signing up in just the first five months, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said today.

As at 30 November, 316,865 New Zealanders were actively saving for their retirement through KiwiSaver. This news comes just a month after KiwiSaver numbers reached the quarter million mark.

“New Zealanders are embracing KiwiSaver in huge numbers,” the Ministers said. “They know that KiwiSaver makes saving for retirement easier than ever before.

“One of the most encouraging signs is the large numbers of younger New Zealanders who are joining the scheme.

“Nearly 20 per cent of KiwiSavers are younger than 25 and over 33,000 KiwiSavers are less than 20 years old. This is great news as these young New Zealanders are taking up the savings challenge early and will be able to build a substantial nest egg for retirement or in some cases for their first home.

“It’s also encouraging that over half of KiwiSavers are aged under 45.

“While not all political parties have backed KiwiSaver, New Zealanders are showing that they know our savings problem is real and they know that KiwiSaver makes it easy to save.

“It is also important to note that KiwiSaver will build up a substantial pool of domestic capital available for local firms to draw from for investment.

“The large pool of savings built up as a result of superannuation schemes in Australia has been sighted by some commentators as the single most important factor behind the growing wealth across the Tasman.”

ENDS

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