Half of Kiwis with net worth above US$100,000 signed up to KiwiSaver, survey finds

Half of Kiwis with net worth above US$100,000 signed up to KiwiSaver, survey finds

Almost half of private investors in New Zealand who have disposable assets or investments worth at least US$100,000 were KiwiSaver members at the end of the March quarter, according to an ING Investor Dashboard Sentiment survey. A further 22% are expected to join by the end of June. However, despite the join-up rate for high net worth investors, only roughly 27% of all those eligible to become KiwiSaver members have joined up to the scheme, ING said. ING's Head of KiwiSaver Distribution David Boyle said that the reduction of the minimum contribution rate from 4% to 2% this month may encourage more people to join the scheme.

"Lowering the minimum contribution rate to 2% may well regenerate interest from those who previously saw the 4% contribution level as a barrier," Boyle said. Inland Revenue statistics for the end of March show just over 1 million Kiwis have joined up to the scheme. Respondents to the survey were at least 30 years old.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

Your access to our unique content is free - always has been. But ad revenues are diving so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.