Savings confidence drops despite KiwiSaver growth
ANZ’s latest Retirement Savings Confidence Barometer found 56% of New Zealanders who are saving toward their retirement are not confident they will reach their savings goal, representing a 5% fall in confidence since April.
KiwiSaver is set to reach the 2 million member milestone in the next few months and it appears to be having a positive impact among younger people, with 53% of 15–29 year oldsconfident compared to 35% of 45-64 year olds."
Of the 61% of those surveyed who are saving, 85%of younger people and 77% of those earning under the average wage say that KiwiSaver is their primary means of saving towards their retirement.
“The deepening debt crisis in Europe and prolonged patchy growth in the New Zealand economy have probably contributed to the drop in confidence,” says John Body, managing director ANZ wealth and private banking.
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