Does KiwiSaver increase savings?

The Herald reports on a study done on KiwiSaver.

The suggests that only 9% to 19% of money put into is new savings, as most of the money being saved was just shuffled from other forms of savings.

If the correct figure is at the lower end of 9%, then that is less than the admin costs and fees, which would mean that is actually lowering the overall savings rate.

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