30 July 2008 Media Statement

KiwiSaver breaks through 750,000 mark

The number of New Zealanders saving for their future through KiwiSaver has broken through the three-quarters of a million mark, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

KiwiSaver – which celebrated its first birthday on 1 July – was initially projected to have 270,000 members after one year. As at 24 July the number of KiwiSavers stood at 753,576.

“This is a major milestone for KiwiSaver,” Dr Cullen said.

“New Zealanders are serious about saving for their retirement and they know that KiwiSaver makes that easier than ever before. With three-quarters of a million New Zealanders already in the scheme, KiwiSaver has shattered all expectations.

“With nearly 30 per cent of KiwiSavers under the age of 25, it is clear that the scheme is creating a new savings culture in New Zealand. That’s good news not just for young KiwiSavers, but for our entire economy.”

“After just one year KiwiSaver has become a standard part of the New Zealand workplace,” Peter Dunne said.

“Employers, scheme providers, and workers have made KiwiSaver the success it is. They realise that the scheme presents an opportunity to provide security in retirement and to build a large pool of domestic capital to drive economic growth.”

ENDS

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