New survey reveals interesting facts about superannuation

New Zealanders seem wary of employer involvement in retirement saving’s according to a new international survey by AXA.

Monday, January 31st 2005, 1:37AM

by Rob Hosking

The AXA Retirement Scope study, carried out with more than 9000 participants in 15 countries, shows New Zealanders are actually comparatively well adjusted towards their retirement.

Just over 600 New Zealanders took part in the wide-ranging study, which covers attitudes to retirement, savings, and expectations.

More so than most countries, New Zealanders are optimistic about their retirement, the study shows.

However, it also indicates that, despite enthusiasms at both political and private levels for increasing savings by way of the workplace, there is some wariness about this approach.

Only just over a third – 35% - of those working believed the employer should be responsible for helping provide for retirement. Other countries had a much higher belief – Hong Kong topped the list, with 76% of those in work. Perhaps surprisingly, the United States also has a high proportion of those who think employers should help provide for retirement by way of a pension plan.

Even more surprisingly, Australia, with a compulsory workplace scheme, has a comparatively low expectation – only 40% of those working.

So how are New Zealanders providing for their retirement?

It will come as no surprise that this country uses real estate as a savings vehicle more than any other country in the survey – with 53% of those in work using it as an investment.

However although New Zealanders ranks much further down the scale when it comes to other forms of saving, there are still significant numbers using specific pension saving schemes, other savings, and insurance policies, to prepare for their retirement.

Indeed, more New Zealanders have private savings than are investing in real estate as a specific retirement savings vehicle, the study shows.

For a full reveiw of the AXA survey see the February issue of ASSET. Order your copy today by calling 0800-345675 or sending an email to info@asset.net.nz

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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