Business leaders support increased employer contributions to KiwiSaver

A survey of more than 2000 New Zealanders released at the Financial Services Council's annual conference today revealed overwhelming public support for strengthening KiwiSaver. Photo / File

Business leaders support increasing employer contributions for KiwiSaver, a survey shows.

The survey of more than 2000 New Zealanders released at the Financial Services Council's annual conference today revealed overwhelming public support for strengthening KiwiSaver and improving access to the savings scheme.

The poll showed that a majority of business executives, managers, business proprietors and self-employed people supported a gradual increase in employer contributions to 4 per cent.

Sixty-seven per cent of the people surveyed supported increasing both employer and employee contributions gradually from 3 per cent to 4 per cent by 2021.

"After 10 years of KiwiSaver we are maturing in our understanding and appreciation of the scheme," said Richard Klipin, chief executive of the Financial Services Council.

"Given the universal support, this research shows we now need to have a constructive policy debate on contribution levels and how we can increase them in a sustainable manner," Klipin said.

"It is important that these findings are given serious consideration at policy level."

A majority also supported the ability to choose automatic increases in contribution rates, and to have extra choices to raise contributions.

The ability to have extra choices was backed by the majority of supporters of all political parties, with 83 per cent of National, 64 per cent of Labour, 85 per cent of NZ First and 74 per cent of Green voters in favour.

Research also showed support for allowing those over 65 years of age to join KiwiSaver, and the decoupling of KiwiSaver access from pension age.

"The research provides an opportunity to understand New Zealanders views on the KiwiSaver scheme and how they want it to evolve," Klipin said.

"It's now up to industry and Government to take the findings on board and work to improve KiwiSaver."