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False Sense Of Kiwisaver Security: Survey

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 10 NZPA - A new survey shows many KiwiSaver members have a false sense of security about their investments, research company UMR says.

In its latest survey of 750 New Zealanders aged 18 and over, almost half of all KiwiSaver members wrongly thought their investments had a government guarantee and over one-third had no idea whether there was a guarantee or not, UMR said today.

The survey indicated 34 percent of New Zealanders were signed up to KiwiSaver.

Of those, 56 percent said they did not know that much or hardly anything about the scheme they had invested in.

When asked if the KiwiSaver fund they had invested in had a government guarantee, 48 percent said it had when in fact no such guarantee existed, UMR said.

A further 37 percent said they were unsure whether there was a guarantee, while only 15 percent correctly answered that there was no guarantee.

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