New Zealanders are more confident than Australians about receiving sufficient retirement income despite having less than an eighth of Australia's per capita savings, according to a recent survey by AXA.
The fund manager's annual Retirement Scope survey of attitudes to retirement in 16 other countries found that 62
per cent of working New Zealanders were confident of receiving sufficient retirement income.
That is equal to the United States and is only exceeded by Britain and China.
New Zealanders are more confident than Australians, despite that country's burgeoning compulsory superannuation regime.
Australia introduced compulsory retirement savings in the early 90s and now has total superannuation funds of A$736.5 billion, or A$35,500 ($39,800) a head. New Zealand has superannuation funds of only $19.3 billion or $4600 a head.
Despite that, AXA said New Zealanders were increasingly realistic about retirement and the rate at which they saved for retirement was rising.
The survey found just a quarter those now working expected to be receiving government superannuation by the time they were 75.
The survey also showed the median amount Kiwis were putting away each month for retirement was $231, up from $179 two years ago, and 64 per cent of working New Zealanders expected further retirement reform over the next 10 years.
The survey suggests that New Zealanders' knowledge and understanding of the KiwiSaver scheme which begins in October is patchy at best.
Only 47 per cent of working New Zealanders were aware of the scheme, against 58 per cent of those retired.
Just over a quarter of working New Zealanders knew if it was a savings or retirement scheme, 6 per cent knew what percentage of their salary and wages would be committed.
Only 4 per cent were aware of the provision to use money saved through the scheme towards a deposit on a first home, and less than 3 per cent were aware it was a voluntary scheme and that it offered a $1000 kick start.
"We find it amazing that people would have missed that," said AXA head of marketing Chris Watney.
But he added: "Without the Government promotional campaign in full swing half the population are aware of it. Yes they may be hazy on some detail but we think that's a good start."
