OPINION: Less than a third of investors across all age groups believe they have a good understanding of KiwiSaver. That's the hugely disappointing number in ASB's quarterly KiwiSaver survey released this week.
ASB senior wealth economist Chris Tennent-Brown said: "There's work to do to help lift knowledge and understanding of KiwiSaver. This will become increasingly important as member balances grow."
He's right. For many, KiwiSaver will be their second-largest asset on retirement (equity in the family home often being the largest). KiwiSaver totals over $50 billion and some expect it to rise as high as $200b in just over a decade - it's a major force in New Zealand and it's critical we understand it.
As we use more technology, the way we interact with our KiwiSaver changes. ASB's survey shows in the last quarter virtually no one visited their bank branch or phoned the bank to discuss their KiwiSaver (in each case no more than 3 per cent of customers). Only one in seven wanted their KiwiSaver balance posted by mail.