More than 2.6 million New Zealanders are KiwiSaver members, with over $32 billion invested in funds. But our latest satisfaction survey found a significant proportion – 31 percent – aren’t sure how their money’s being invested.
Results also reveal there’s a marked gap in satisfaction between those who picked their KiwiSaver provider independently and those automatically lumped in a default scheme. The former were significantly more likely to be satisfied they were getting bang for their retirement buck.
Overall, our survey found 48 percent of KiwiSaver members were very satisfied with their provider while a third were somewhat satisfied. To find out which providers had the most satisfied customers, become a paying Consumer member or log in.
Although higher returns and lower fees were picked as the main ways providers could improve satisfaction, they’re not the main factors driving consumers to switch provider. To find out more, become a paying Consumer member or log in.
Independent advice is important for making decisions about your KiwiSaver fund. However, the Financial Markets Authority (FMA) released a report in November last year raising concerns consumers weren’t always getting the support they needed to make informed decisions about their funds.
Report by Kate Sluka.