Did you know there are 2.8 million Kiwis enrolled in KiwiSaver – that’s about 60 per cent of the country!
And last year, KiwiSaver members contributed $4.2 billion to their KiwiSaver accounts.
The government chipped in a total of $753.8 million to people’s KiwiSaver accounts – thanks, guys!
And employers put in $2 billion to help improve their employees’ financial future (good on them!)
This left the total pool of KiwiSaver money invested at a massive $48.6 billion – wow!
When it came to using their money, Kiwis over 65 withdrew $731 million to help fund their retirement.
And 32,088 Kiwis withdrew $723 million from their KiwiSaver accounts to help buy their first home – congratulations to those first-home buyers!
With all this money invested, returns came to $3.2 billion gross – now that’s really making your money work for you!
But this was excluding fees, of which KiwiSaver members paid $447 million in over the year – ouch!
There were 189,700 people who moved their money over to a different KiwiSaver provider – good on you for making a decision about who you want to look after your hard-earned money!
And 43,859 people swapped out of their default funds – this is great news.
And overall, 147,692 new members came on board last year – well done for making the decision to join KiwiSaver! If it’s right for your situation, it’s a great way to save for your retirement or your first home.
Join JUNO KiwiSaver Scheme
Published 18 October 2018
Story by Claire Connell, JUNO
All information is from the Financial Markets Authority’s annual KiwiSaver report. Statistics refer to the year ending 31 March 2018. All content is correct at time of publication date. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. Before relying on it, we recommend you speak with a financial adviser.