Simplicity scoops award for favourite KiwiSaver provider

New Zealanders are increasingly relying on their KiwiSaver to fund retirement, new research shows.

Nearly three quarters of Kiwis are depending on Kiwisaver for their old age, up from around two thirds last year. The research from Canstar also shows nearly 80% contribute more than the minimum requirements for contributions, indicating there is a clear understanding of the benefits.

The research was done to uncover New Zealand’s favourite KiwiSaver provider. And the result, for the third year running, is: Simplicity! The KiwiSaver provider swept 5 stars across all key drivers of satisfaction, including customer service, value for money, fees and communication.

Jose George, General Manager of Canstar NZ, said the win cemented Simplicity’s place as a leader in the field. “Simplicity’s consistency in winning this award shows how much they value their customers - and their customers notice. We congratulate Simplicity for its success.”

Sam Stubbs, Simplicity co-founder and MD, said: "This award is a special one for us, because it’s KiwiSaver members who decide the winner."

The research also shows many of us worry about our finances in our old age, with a quarter of us having savings or investments outside of KiwiSaver, down from a third last year. This was heavily skewed by gender, with a third of men having financial support beyond KiwiSaver, compared to only a quarter of women.

The research also shows that 43% of 18- to 29-year-olds are using KiwiSaver primarily to save for their first home, a figure which has dropped from last year’s 48%. The drop may reflect the dramatic rise in house prices over the last year, which has made ownership far more difficult.

Mr George said: “While it’s a huge positive that so many Kiwis are signed up and contributing to KiwiSaver, the lack of other savings is a concern.

“If there are spare funds in the budget, it may be beneficial to explore other investments alongside KiwiSaver. Diversification is a proven strategy for financial security,” he said.

For further details please visit the Canstar NZ site, here.

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