KiwiSaver hits $40b, but balances stay low
Wednesday 17 May 17 2:33pm
New Zealand Herald: Strong investment growth has boosted the value of KiwiSaver to over $40 billion but individual balances remain low for many despite the scheme running for nearly 10 years.
Figures from Australian research firm Strategic Insight show total KiwiSaver funds hit $40.651 billion at the end of March, up from $38.416b as of December 31.
Daniel Morris, senior manager data and systems support at Strategic Insight, said KiwiSaver had seen 5.8 per cent growth over the quarter, bouncing back after a period of lower growth in the December quarter.
"It was probably a bit larger than expected," he said.
The fastest growing provider was the Bank of New Zealand, whose KiwiSaver funds grew 10.5 per cent over the quarter to $1.166b. More>