MEDIA RELEASE
2 August 2007

Consumer launches KiwiSaver website

Taking the mystery out of KiwiSaver schemes is the aim of the ConsumerSaver website, launched by the Consumers’ Institute today.

The site, which is freely available to everyone, is a simple, easy to understand, plain English guide to KiwiSaver which will help people work out if KiwiSaver is right for them, says Consumer CEO Suzanne Chetwin.

“The site explains risk and return, and helps people identify the type of KiwiSaver scheme that is right for them. The calculator shows what people are likely to have saved when they retire and compares all KiwiSaver products including fees, returns and benefits,” she said.

The site has information on more than 20 KiwiSaver providers, which will be updated as more become known, and over 100 schemes. It also has the contact details for those providers.

“This week it was reported that uncertainty, confusion and apathy were being blamed for a slow uptake of the new retirement savings scheme. Given that New Zealand households, on average, spent 7 percent more than they earned, this had to be of huge concern,” Chetwin said.

“People concerned about what they might be committing to can go to www.consumersaver.org.nz and know they are getting unbiased and completely independent information on KiwiSaver providers and their schemes,” Chetwin said.

A glossary of important investment terms would also help people become more financially literate, she said.

The site has been built by Consumer with some assistance in funding from the Commerce Commission.

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