KEY POINTS:
The number of people signed up for KiwiSaver has passed the 400,000 mark far faster than expected.
Finance Minister Michael Cullen today said 414,000 people had now signed up to KiwiSaver - far in excess of Treasury's prediction of 276,000 by July.
"The fact that the surge in the number of New Zealanders saying yes to personal savings continued into January, in the face of turbulent international markets, suggests that New Zealand is undergoing a strengthening in its savings culture.
"KiwiSavers are focusing on the long-term and that is good news for the long-term economic and social well-being of the whole country."
Revenue Minister Peter Dunne said it was encouraging that many young people were entering the government-subsidised savings scheme.
About 22 per cent of participants were aged under 25 and about 56 per cent under 45.
The National Party is yet to say whether it backs the extended version of the scheme, which features a government subsidy of up to $20 a week and compulsory employer contributions, rising to 4 per cent by mid 2011.
- NZPA
