While the Australian superannuation industry continues to push for the faster progression of the superannuation guarantee (SG) to 12 per cent, New Zealanders are contemplating getting their KiwiSaver contributions up from three per cent to four per cent.
Research commissioned by the New Zealand Financial Services Council (NZFSC) and released at its annual conference today has revealed Kiwis wants KiwiSaver beefed up including more options with respect to contributions and access.
According to the NZFSC research, 67 per cent of those surveyed supported increasing both employer and employee contributions from three per cent to four per cent by 2021.
The survey also showed that despite concerns about an increased contribution rate costing employers, a majority of business executives, managers, business proprietors, and self-employed people supported a gradual increase to four per cent.
Commenting on the research, NZFSC chief executive, Richard Klipin said that after 10 years of KiwiSaver New Zealanders were maturing in their understanding and appreciation of the scheme.
“Given the universal support this research shows we now need to have a constructive policy debate on contribution levels and how we can increase them in a sustainable manner,” Klipin said.
“With support for strengthening KiwiSaver so high there is a clear challenge for our political leaders two weeks out from the election to show their roadmap for backing what voters want and growing KiwiSaver,” he said. “It is important that these findings are given serious consideration at policy level.”