Many New Zealanders spend longer choosing a movie, than reading and acting on their annual KiwiSaver statement, a new survey shows.

Four out of five people took up to 10 minutes to choose a movie, but just over half of those questioned spent the same time reading their KiwiSaver annual statement.

One in five people didn’t know how to check their KiwiSaver provider’s performance, according to the survey.

Men were more likely than women to say that their fund was performing better than expected. Women were more likely to check how their KiwiSaver had performed.

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The results were part of a survey, done on behalf of the Financial Markets Authority (FMA), which questioned 1,100 Kiwis.

“More than 2.8 million New Zealanders are signed up to KiwiSaver,” says Gillian Boyes, Investor Capability Manager at the FMA.

Now is a good time to check your KiwiSaver account, because people are being sent an annual statement around this time, she says.

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

Boyes says a few more minutes checking your annual 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.”

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This information came from an FMA press release.

Published 13 June 2019

Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. You can read our Product Disclosure Statement here. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. We recommend you speak with a financial adviser. All content is correct at time of publication date.