Is KiwiSaver punishing the poor?
KiwiSaver is hugely successful, with over 3 million Kiwis saving over $50 billion, way ahead of Treasury forecasts when it was launched 11 years ago. It has become a trusted and popular financial product.
But as Sam Stubbs explains, the success of KiwiSaver risks giving the impression that everything will be OK, and that KiwiSavers and politicians need to do nothing more. Sadly, this is not the case.
For many members, KiwiSavers won’t provide enough for a dignified retirement. And 1.2 million people with KiwiSaver accounts don’t contribute anything into them.
Read the full article on Stuff here.