Worries about retirement have been rising in recent years
Canstar has announced the winner of its Most Satisfied Customers KiwiSaver award, as new research showed that New Zealanders increasingly rely on KiwiSaver.
Generate stood out as the clear winner for Canstar’s Most Satisfied Customers KiwiSaver award, with a five-star sweep of ratings across key drivers of satisfaction, including overall satisfaction, said Jose George, Canstar New Zealand general manager.
“Our research showed Generate customers are extremely happy with the performance of their provider,” George said. “Given KiwiSaver’s importance to New Zealanders, this is a real endorsement of the provider’s performance and customer care. We congratulate the team for this excellent result.”
Henry Tongue, Generate CEO, said the team was absolutely thrilled to nab the Canstar Most Satisfied Customer Award.
“Our members are at the heart of everything we do, and we pride ourselves on our customer service and the long-term fund performance we have delivered to date for our members,” Tongue said. “This award reaffirms our commitment to empowering our members to be better off at retirement.”
The Canstar research, which was conducted as part of the financial comparison website’s Most Satisfied Customers KiwiSaver award, found that New Zealanders were increasingly concerned that they won’t have enough savings for retirement, even as they pull back on diversifying their investments.
The Canstar research revealed how worries about retirement have crept up in recent years with the insights buffering a recent report that showed almost four of five Kiwis saying their financial position is hindering them from retiring early.
Forty-four per cent of New Zealanders said they worry they don’t have enough for retirement, with women (48%) more concerned than men (36%).
There has been a growing number of those worried about retirement over the last few years, with 41% of people saying the same in 2020.
Meanwhile, the number of New Zealanders who rely solely on KiwiSaver to support their retirement has risen. Just 28% of Kiwis now have other investments for their retirement, a considerable drop from the 33% who said the same in 2020.
These concerns didn’t prevent New Zealanders from pulling back on diversifying their investments and focusing instead on KiwiSaver.
“KiwiSaver is an increasingly important part of Kiwis’ financial lives,” George said. “Older New Zealanders rely on it to provide a comfortable retirement, while younger Kiwis use it to buy their first home. So, no matter your age or lifestyle needs, KiwiSaver is playing an increasingly important role in Kiwis’ financial security.”
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