Retirement not just a case of set & forget: study shows

Wednesday 7 December 2016, 3:18PM
By Cole Murray Group Ltd


Cole Murray's Financial Compass survey reveals more than half know they won't have enough to live on in retirement. 

Many Hawke’s Bay people admit they have no idea of how much they’ll need to live on in retirement and three-quarters know their KiwiSaver savings won’t be enough to live on, according to the results of a recent survey by our team here at Cole Murray.

So, what are we all doing about it then!

The Cole Murray Financial Compass Survey, undertaken during Money Week, questioned more than 120 Hawke’s Bay people from a cross-section of financial positions.

"The majority (87%) of people surveyed are enrolled in the KiwiSaver initiative and we are seeing an increasing uptake of KiwiSaver, which is encouraging. For three-quarters of those people however, they admitted to knowing they can’t rely on KiwiSaver being enough for their retirement, but are not sure what to do about it. It indicates that the level of understanding about the scheme is quite low,” says Cole Murray director Jeremy Cole.

It seems people are taking a ‘set and forget’ approach to KiwiSaver instead of actively managing it and optimising their funds.

Find out what you could be missing out on here: KiwiSaver and Retirement not a case of set and forget!