Quote Originally Posted by SBQ View Post
According to that article, it's very shameful:

"The average KiwiSaver balance is $29,022, with the average balance for a male 20% higher than the average balance for a female – males ($32,553) and females ($27,061).

Those balance are a HUGE difference to the growth in my father's TFSA (link above). $300,000 CDN vs $30,000 NZD ? Contributions to each investment scheme would be similar too as TFSA start in 2009 - $5,000 and grew to now $6,000. Actually the person on Kiwi Saver at the minimum 3% contribution should see 6% total going in - considering a person on $100,000/year (not out of the ordinary living in Auckland), they put in $6,000 towards KS.

Why is there such a huge difference? Psst... Mgt Fees and IRD's invisible hand. Oh also, those differences between 'conservative' and 'aggressive' is of moot interest because for the vast majority of those years from 2009 onwards, interest rates were at record lows so who is the fool to apportion their KS fund to have more fix term interest when they should be going all out in equities?
And many Kiwis will think Kiwisaver will do the job for my retirement, but how many withdraw money for a house deposit, or hardship, or just think "she'll be right"?

How many wake up too late that it is going to be woefully inadequate.

I do suppose there is the element of inheritance/inter-generational wealth that some might be relying on? Inheriting half of the oldies house that they bought for $20k in 1980 and now worth $2.15m......