It seems a compelling argument – make an extra $235,000 in your lifetime – and yet 700,000 New Zealanders are ignoring it. The "sad truth", he says, is that the 700,000 people sitting in KiwiSaver default funds are potentially waving goodbye to "hundreds of thousands of dollars" and others are suffering from poor KiwiSaver decisions. About 300,000 of those have chosen to stay in a default fund; the other 400,000 have not made any active decision about which KiwiSaver fund to join. "Many Kiwis simply don't think KiwiSaver is what it is – an investment. "And when you look at things like 700,000 people missing out on thousands upon thousands of dollars, it's a crying shame," says Carlyon.

Source: New Zealand Herald November 05, 2020 19:41 UTC