KEY POINTS:
Two surveys have taken contrary views of the knowledge New Zealanders have of the KiwiSaver superannuation plan .
Today's survey from investment firm ING shows Kiwisaver is still a mystery for many Kiwis, with more than three quarters of adult respondents admitting they know little about the new savings scheme.
Half of the respondents also said they are not saving for their retirement.
Just yesterday AMP's SuperWatch survey found 75 per cent of non-retired New Zealanders surveyed were aware of Kiwisaver, up from 49 per cent six months before.
The AMP survey also found 46 per cent were likely to join the Government's work-based voluntary savings scheme, up from 40 per cent.
ING said its results showed there was a long way to go before New Zealanders were adequately informed about KiwiSaver.
While 62 per cent of those surveyed were aware that a workplace savings scheme was about to be launched, 78 per cent said they knew few details of KiwiSaver.
Only 13 per cent of those surveyed said they felt they had their retirement savings completely under control, while 53 per cent said they currently have no retirement savings plan.
Even those who felt they did know something about the scheme revealed clear knowledge gaps .
Over half believed KiwiSaver contributions would be invested into the New Zealand Superannuation Fund -- the so-called Cullen Fund.
However, ING's general manager of marketing and investor services, Steven Giannoulis, said it was clear Kiwis understood the need for a mechanism to help them save for retirement.
Fifty per cent of respondents favoured or strongly favoured mandatory saving through the workplace, a sea change from the referendum 10 years ago which strongly opposed the idea.
Also, 56 per cent of those respondents whose workplace offered a retirement savings scheme were using the scheme. Only about 25 per cent of those surveyed had access to such schemes.
Two-thirds said they supported the concept of Kiwisaver, while 13 per cent said they were against it.
Both ING and AMP are among the six government-appointed default providers for KiwiSaver, which launches on July 1.
The AMP survey indicated that increasing numbers of people were saving for their retirement, with 62 per cent contributing to a private plan and increases in those using bank or term deposits and managed funds.
Those saving for retirement by paying off their home mortgage fell to 47 per cent from 52 per cent.
- NZPA
