KEY POINTS:
Only a small percentage of the age group which would benefit most from KiwiSaver have opted in to the scheme so far.
Just 7 per cent of people between 20 and 45 have enrolled since KiwiSaver was introduced on July 1.
Nearly half of those who have enrolled (49 per cent) are aged over 45, while 8.6 per cent are aged under 20.
PricewaterhouseCoopers tax partner Brent Goldsack told a KiwiSaver seminar at the New Zealand Institute of Chartered Accountants annual tax conference that the figures indicated many parents and grandparents were enrolling their children.
"Forget about the tax credits they can and can't get. We've talked to a lot of grandparents who are enrolling their grandkids, [thinking that] they could use the money to buy a first home."
The gender split is fairly even, with 52 per cent of those enrolled in the scheme female and 48 per cent male.
Goldsack said that of the 212,794 people who had enrolled in KiwiSaver, 101,748 or 80 per cent had enrolled voluntarily through a provider.
Meanwhile, 67,028 had chosen to enrol through their employer, and 44,018 were automatically enrolled by their employer.
Deloitte tax partner Thomas Pippos said the low number of 20 to 45-year-olds would probably be linked to their likelihood of having a greater debt burden than the other age groups.
"They'll be thinking they're better off paying off their student loans or mortgages."
However, the Government contributions would still be available, so the members of that age group could participate if they had spare cash.
Student debt carried no interest now, so KiwiSaver was an option for indebted students, he said.
It was difficult to assess the KiwiSaver statistics so far. It was still early, there was a degree of apathy towards the scheme, and some people would still be working through the details.
According to Pricewaterhouse, $41 million has been transferred to KiwiSaver providers, $32 million from Government and Treasury, and just $9 million from individual contributors.
