KiwiSaver providers must send out an annual statement to all their members in the three months following the end of the financial year (May-July).
The results of an FMA survey released today revealed that while 21% of members read their KiwiSaver statement thoroughly and 58% had briefly looked at it, only 23% checked to see how their KiwiSaver was performing.
While it’s great that so many people are reading their statements, we would like to see more Kiwis using them as a prompt to do a quick performance check.
Even a little bit of time spent checking and fine tuning your KiwiSaver account can make a big difference to how much money you’ll have to live on when you’re retired.
The survey results also strongly suggest that additional information on the statements might make it easier for investors to use the document as a decision-making tool:
The Ministry of Business Innovation and Employment (MBIE) is currently working with the FMA and the Commission for Financial Capability (CFFC) to review the format and content of KiwiSaver annual statements. Together we will consider ways to improve the information provided. The results of our survey will be taken into account as part of this review.
3 important questions to ask yourself when you look at your KiwiSaver statement:
3 tools to get you started