KiwiSaver breaks through 800,000 mark

Logo for Kiwi Saver

The number of New Zealanders saving for their future through KiwiSaver has passed 800,000, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

At 13 September, the number of KiwiSavers stood at 800,213.

“With nearly 30 per cent of KiwiSavers under the age of 25, it is clear that New Zealand is experiencing a significant positive change in its personal savings culture and that is good news for young KiwiSavers and for our entire economy,” Dr Cullen said.

"Participation in workplace savings is quickly becoming the norm in New Zealand and that is a positive development as our country's household savings performance has been weak for many years.

"Strengthening personal savings will deliver higher living standards for KiwiSavers when they reach retirement and it will also make our economy more resilient and less vulnerable to any adverse overseas market developments beyond our country's control in the future," Dr Cullen said.

Peter Dunne said employers and workers can be congratulated for their efforts to make KiwiSaver a success.

“A big factor behind KiwiSaver’s success is the willingness of employers and of working people to take the time to learn about the scheme and be patient as we have worked through initial teething problems,” Peter Dunne said.

Mr Dunne said that a current breakdown of the KiwiSavers indicates that:

• 383,388 actively chose a provider and went directly to a scheme to enrol;
• 125,424 actively chose to join KiwiSaver and enrolled via their employer;
• 291,401 new employees were automatically enrolled by their employer.

These figures are net of opt-outs and accounts that have closed. Demographic data indicate that:

• 61 per cent of people joining KiwiSaver are younger than 45.
• Members under 25 years of age are 29 per cent of the total.