The Financial Markets Authority (FMA) is reporting a big spike in the amount of money withdrawn by the over-65s from KiwiSaver accounts in the past year. The FMA said this trend is in part due to KiwiSaver being more popular with ‘younger’ people over the past 15 years, i.e. KiwiSaver funds under management have shown net growth of 10% to $89.7 billion for the year ended 31 March 2022, despite another turbulent period for global markets. The average annual fee paid by active members rose by just 2.1% to $245, while the average annual fee paid by default members fell 11.1% to $64. See the FMA's KiwiSaver report in full here.

Source: Stuff October 04, 2022 04:44 UTC