Industry told: Make Kiwis care

KPMG has released its second Funds Management Industry Update, which covers the strengths and weaknesses of the country’s funds management industry.

John Kensington, KPMG’s Head of Financial Services, said the industry needed to adapt to the way customers wanted to deal with it.

“Customers want to interact digitally, which is driving the continuous need to make everything one click away – a trend that we are now seeing in the funds management industry, specifically KiwiSaver,” he said.

Kensington said New Zealanders were becoming more engaged with KiwiSaver but were still not as financially literate as they should be. “If we rated New Zealanders two or three out of 10 last time, it might be 2.1 or 3.1 now,” he said. “It’s not a huge improvement.”