KiwiSaver members lack knowledge on fees
The survey was released by the Commission for Financial Capability and the Financial Markets Authority.
It found fewer than half of the respondents knew even roughly what they were paying in fees and two-thirds said they would expect to continue to pay the same if their account balances increased.
When prompted to think about it, just over half agreed that fees and returns were equally important in reaching their retirement goals.
The FMA’s director of external communications and investor capability Paul Gregory said: “It’s good to see people recognise that, now we want them to do something about it. The reason for doing this survey was to prompt them to think about two of the most important factors in their KiwiSaver scheme - the fund they are in and how it performs, and the fees they are paying for those returns.”
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