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New Zealand: Few Kiwis saving for super

The Age

June 9, 2003

Most New Zealanders don't believe they can survive on superannuation, yet less than half are actively saving for their retirement, a new survey shows.

The AMP SuperWatch survey found 75 per cent of the 519 respondents said current superannuation levels were not enough to support them in retirement.

A single person gets $238 superannuation per week and after tax, compared with the $367 a married couple receive.

Sixty-seven per cent of those surveyed were not confident of getting today's superannuation rates when they retired, but only 49 per cent were saving for their retirement.

"Increasing the level of private saving in New Zealand remains the key issue for anyone concerned with the long-term fiscal impact of an aging population," AMP managing director Ross Kent said.

"Success will be about turning savings intent into savings action," he said in a statement.

Most respondents, 95 per cent, believed they had to save for retirement. Sixty-eight per cent believed they should provide for their own retirement compared with 27 per cent who said it was the Government's responsibility.

The survey also revealed that 37 per cent of people were saving to pay off their house, 30 per cent for holiday or travel, and 26 per cent for their children's education.