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KiwiSaver takes a hammering after the end of kick-start

National seems hell bent on destroying New Zealand’s saving culture given today’s news that there has been a drop in new enrolments for KiwiSaver, says Labour’s Finance spokesperson Grant Robertson. 

“New enrolments for the ANZ Investments KiwiSaver scheme have plunged by  50 per cent - an inevitable result of the Government chopping the $1000 dollar kick-start initiative.

 “This is a huge backward step New Zealand’s savings rate is far too low and KiwiSaver saw a big improvement in our savings so this makes no sense. 

“National claims the policy saves more than  $500 million over four years. That means 500,000 fewer new savers who won’t sign up to KiwiSaver as they don’t get the kick-start.

 

“The ANZ has publically conceded the removal of kick-start has undermined the country’s confidence in the scheme. Their survey shows that 52 per cent of New Zealanders are concerned that the Government will make further changes. New Zealanders have every right to feel this way given the cuts National has already made.

 “National has damaged KiwiSaver and weakened the savings culture that KiwiSaver has helped build. 

“Labour is committed to the KiwiSaver scheme we started. We  believe a strong KiwiSaver is vital to giving New Zealanders security and dignity in retirement,” says Grant Robertson.