Less people saving despite KiwiSaver

The Herald reports:

The number of New Zealanders saving regularly has dropped in the past four years despite more than a quarter of adults joining .

A Retirement Commission survey carried out in March and April has found that only 49 per cent of adults aged 18 and over are now saving regularly, down from 53 per cent in the commission’s first survey in 2005.

Although 29 per cent have joined KiwiSaver, this has been partly offset by declines from 23 per cent to 18 per cent in the numbers in personal superannuation schemes, and from 16 per cent to 14 per cent for those in workplace super schemes.

This is what some predicted may happen – KiwiSaver seems to be just changing the way people save, but not increasing the number of people who save.

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