FSC sees opportunities for increased contributions to KiwiSaver following FMA’s KiwiSaver report

The Financial Services Council (FSC) acknowledges the release of the Financial Markets Authority's (FMA) KiwiSaver Annual Report 2024, and welcomes the insights offered into the continued growth and evolution of the KiwiSaver scheme.

“The 2024 report underscores KiwiSaver's significant role in the financial wellbeing of New Zealanders, a priority that aligns closely with the FSC's commitment to ensure more Kiwis are better prepared for retirement,” said Kirk Hope, CEO of the FSC.

"Although it is heartening to see that fee levels have remained steady and that the total value of funds has increased, the FSC sees an opportunity for conversations ensuring KiwiSaver serves all New Zealanders and builds on the purpose of the scheme,” stated Mr Hope.

“With KiwiSaver funds under management surpassing the $100bn mark, this is a great opportunity to look at KiwiSaver contribution settings and how we can make it affordable over time so that New Zealanders can have dignity in retirement.”

“Increasing contribution levels, in combination with financial literacy that helps New Zealanders understand the benefits and mechanisms of KiwiSaver, are key to driving better retirement outcomes,” Mr. Hope concluded.

As KiwiSaver continues to evolve, the FSC looks forward to working closely with the Government to build a resilient future and further enhance the financial confidence and wellbeing of New Zealanders.

ENDS