Kiwis spend more time picking movies than checking their retirement savings

Many New Zealanders spend longer choosing a movie to watch than checking their retirement savings, reveals the Financial Markets Authority. A recent survey of 1,100 New Zealanders found that four out of five people took up to 10 minutes to choose a movie, but just over half of those surveyed spent the same time reading their annual statement.

The statement has all the information in one place that members need to check they are on track. It details how much is in their account, the investment returns achieved over the year, how much they paid in fees, as well as other key information.

“A few more minutes checking your statement can make a huge difference to what you get in the end. For example, an 18-year old switching into a growth fund rather than staying in a conservative fund, could potentially end up with around $135,000 more in their fund by the time they turn 65.” said Gillian Boyes, Investor Capability Manager at the FMA.

“The FMA has simple online tools like the KiwiSaver Health Checker to help you get the most from your KiwiSaver, if you don’t know where to start.”

The survey revealed that one in five people didn’t know how to check their superannuation performance. 

Men were more likely than women to state that their fund was performing better than expected, yet women were, in fact, more likely to check how their superannuation had performed.

The survey is part of an FMA campaign to encourage people who may have their ‘heads in the sand’ about their superannuation investment, and to reflect on the fees and returns displayed in their statements.

Source: Financial Markets Authority
This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.

23 March 2020