Good support for KiwiSaver

The latest AXA Retirement Scope survey provides heartening support for KiwiSaver five months ahead of its launch date, Finance Minister Michael Cullen said today.

The AXA survey released today found that a third of people believe their retirement income from personal savings and the government will be insufficient to meet their needs.

“This confirms what we know already, that people are thinking about the future and wondering how to be prepared,” said Cullen.

“KiwiSaver is timely. It will help people meet the challenge by making it much easier for them to develop a long-term savings habit.”

The survey found 59% of New Zealanders who know about KiwiSaver believe their retirement savings will increase when the scheme is launched on 1 July.

“People clearly see KiwiSaver as a helping hand to meet their retirement aspirations. I am pleased awareness and support for KiwiSaver is so high, especially among those who stand to benefit the most – low and middle-income earners.

“I expect awareness to continue rising in the months ahead as Inland Revenue begins its KiwiSaver information campaign for employers and employees.

“This government has made preparing for the future a priority. KiwiSaver is a key part of that strategy. I hope employers will also play their part, especially with their contributions now being tax exempt,” Cullen concluded.

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