Retirement savings is on the radar of young people, with more
than half of workers aged between 15 and 24 already saving
for their retirement, the ANZ retirement savings barometer
The latest barometer surveyed 850 New Zealanders in April and
May and found more young people were thinking about their
Fifty-five percent of young people indicated they were
already saving for their retirement, and 82% of those young
people not already saving for their retirement indicated they
planned to save in the future.
ANZ wealth management director John Body said it was great to
see so many young people planning for their retirement.
''With KiwiSaver, the earlier you start saving, the better
off you will be. We know retirement seems a long way off for
young people, but clearly many young people have got the
message they should start saving early,'' he said.
The survey found only 31% of young people were confident of
saving enough money to provide the weekly income they
required when they retired.
But young people had time on their side, he said. A 45-year
history of regular contributions to a KiwiSaver fund, with
the right mix of investments, meant they were likely to
achieve their goals.
The past seven years had been about getting people to join a
KiwiSaver scheme, Mr Body said.
''In the future, the priority has to be to get people to
really focus on their KiwiSaver investment and ensure their
savings plans are on track to deliver the retirement
lifestyle they want.''
Other key findings from the survey included: 70% of those
surveyed were saving for retirement. 17% of respondents
expected to rely solely on national superannuation. 29% of
women believed they would need more than $500 a week on top
of national superannuation.
31% of women were confident of reaching their retirement
savings goals, compared with 51% of men. Half of respondents
said they would consider getting professional advice about
KiwiSaver and their retirement savings plans. 55% nominated
banks as their first choice for advice on KiwiSaver or