The majority of New Zealanders believe they need to be saving more for retirement, according to ASB’s latest KiwiSaver survey.
ASB’s Q3 2018 survey revealed that almost 60% of respondents believe KiwiSaver should be made a compulsory scheme, 62% believe they need to be saving more for retirement, 21% were comfortable that they did not need to increase their savings and 18% unsure.
The survey also found a wide variance in how much each respondent thought they would need for each retirement year. The majority – 31% – identified a figure between $30,000 and $50,000, with 25% believing they would need more than $50,000. A further 20% believed their required amount would be below $30,000.
The survey also showed that 25% of KiwiSavers under 30 were planning to use their savings to buy a property, an indication that KiwiSaver continues to be of particular importance to the younger generation looking to enter home ownership.
The survey was based on 791 online interviews with New Zealanders aged 18 and over.