Financial rating agency Canstar is predicting increased competition over fees for KiwiSaver funds this year. Photo / Thinkstock
Financial rating agency Canstar is predicting increased competition over fees for KiwiSaver funds this year. Photo / Thinkstock
Less than half of Kiwis are very satisfied with their KiwiSaver provider and it is fees and investment returns that bug people the most.
Research by Consumer NZ has found the average rating across all KiwiSaver providers was 48 per cent for those that felt very satisfied.
A further thirdfelt somewhat satisfied.
Fisher Funds received the highest satisfaction rating at 67 per cent followed by the BNZ at 63 per cent and KiwiWealth - a sister company of Kiwibank - rated 60 per cent.
But regardless of provider, fees and investment returns had the lowest levels of satisfaction.
The survey found 20 per cent of people were dissatisfied with the fees their provider was charging.
When asked what their provider could do to improve satisfaction ratings 26 per cent wanted lower fees while 39 per cent wanted better returns on their investment.
But despite fees and investment returns being the biggest cause of annoyance they were not the main reasons people switched KiwiSaver providers.