KiwiSaver Statements Survey 2022
Every two years the FMA undertakes a KiwiSaver statements survey to understand members’ engagement with their annual statement and attitudes towards KiwiSaver. This is the fourth time the FMA has carried out KiwiSaver statements research and the first time that research agency FiftyFive5 has been involved. Previous studies took place in 2016, 2018 and 2020. Throughout this report the 2022 results have been compared to previous studies where relevant and significant differences noted. 2,008 New Zealanders aged 18 years and over participated in the research through an online panel survey that ran between 6th July and 14th July 2022. Of these 1,388 were KiwiSaver members (71%). The margin of error on the total sample is +/- 2.2% (at the 95% confidence level). The data has been weighted by gender, age and region to ensure the sample is representative of the New Zealand population aged 18 years and over.
In 2018, it became mandatory for KiwiSaver providers to include in the annual statements information on total fees paid annually in dollar values, the total amount that an investor’s account grew by over the year and summary transaction figures detailing the money that has gone in and out of the investor’s account over the course of the year.
Further regulations have since been put in place that, from 2020 onwards, require providers to also include retirement savings and income projections in the annual statements. These changes were recommended by the Ministry for Business, Innovation and Employment, the FMA and the Commission for Financial Capability, and policy was introduced by Government to implement the changes. This was with a view to improve KiwiSaver investors’ ability to make positive decisions about their retirement savings.