Knowledge still lacking on KiwiSaver

New Zealanders still have a lot of unanswered questions about KiwiSaver, a new survey shows.

The latest ASB KiwiSaver survey shows that 63% of respondents said they needed to save more for retirement and 18% were unsure.

But many did not know what was an appropriate amount to be aiming for.

A full 17% of respondents were unsure how much saving would be required each year in retirement.

A fifth thought the amount required per year was less than $30,000 while another 31% thought a figure between $30,000 and $50,000 each year would be needed. A remaining quarter thought that more than $50,000 per year would be required per year of retirement.

Four in 10 of respondents planned to use KiwiSaver to cover day-to-day expenses and provide income within retirement, and 11% planned on leaving the money in KiwiSaver once retired. Another 11% of people planned to use KiwiSaver to pay off mortgages or other debt.

“With good returns a key reason for satisfaction, markets remaining volatile, and KiwiSaver knowledge still low, the survey highlights the importance of good financial planning and seeking advice to help with all the uncertainties,” ASB wealth economist Chris Tennent-Brown said.

“At times like now when sharemarkets are volatile it’s especially important to seek help if investors are unsure what they should be doing."