Retirement needs hazy: bank survey

An ANZ quarterly survey showed that just 29% of respondents looked into their retirement saving goals. Photo / Wanganui Chronicle

Many people are still hazy about how much money is needed to retire, despite more than two million having signed up for KiwiSaver, says ANZ's John Body.

Body, who is managing director for ANZ wealth and private banking, said after the release of the bank's retirement savings confidence barometer that inroads had been made in improving awareness about the need to save for retirement.

The barometer - a quarterly survey of 825 people - showed that just 5 per cent of respondents said they intended to live solely on New Zealand Superannuation when they retired.

"People are now realising that New Zealand Superannuation is not going to be enough and that they will need to be part of another retirement savings scheme," Body said.

The survey asked respondents if they were saving for retirement, how much weekly income they would like in addition to NZ Super when they retire, and how confident they were of reaching the lump sum needed to achieve the goal.

Just 29 per cent of respondents had looked into their savings goals before taking part in the survey.

Of these people who have previously considered their target, 65 per cent were confident.