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Current as of 21/02/17 05:39PM NZST
Money Editor for NZ Herald

Third of KiwiSavers don't know balance

Do you know how much money is in your KiwiSaver account? Photo / Steven McNicholl
Do you know how much money is in your KiwiSaver account? Photo / Steven McNicholl

More than one in three people signed up to KiwiSaver don't know how much money they have in their retirement savings account, a survey by the country's largest provider has revealed.

ANZ's Retirement Savings Confidence Barometer found 36 per cent don't know how much money they have squirreled away.

John Body, managing director ANZ Wealth New Zealand said the figure was surprising as KiwiSaver annual account balances were sent out during the survey period.

"The fact that a third of people don't know their long-term savings balance is one of the reasons why confidence overall remains low."

Of those who did know their balance 52 per cent were confident of reaching their retirement savings' goals while only 41 per cent of those who did not know their balance were confident.

"People seem to be remaining detached from their retirement savings and the steps they could take to help them achieve their goals," Body said.

The recent survey was the first time the ANZ had asked people about their balances.

The survey also revealed a shift in how much people expected to live off in retirement with a scaling back in expectations.

Previously 43 per cent said they wanted to have $500 a week to live off on top of New Zealand Superannuation.

That dropped to 26 per cent in the latest survey while the number choosing to have up to $300 in additional income increased from 36 per cent to 53 per cent.

"The impact of opening their annual statement recently and seeing how much they have in their KiwiSaver account, has probably made some people pause for thought around how much they realistically expect to save by the time they reach 65."

The survey was undertaken in May and June and questioned 1245 people in the 15 to 64 year old age bracket.

More than two million people are signed up to KiwiSaver.

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