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20 August 2007
Auckland
The proportion of the working population enrolled in a superannuation scheme has increased steadily since the announcement of KiwiSaver in the 2005 budget. Results from the latest Nielsen Consumer Finance Monitor show the proportion of people in paid employment holding a superannuation scheme increased significantly, from 15 percent before the announcement of KiwiSaver, to 20 percent as of June this year. (See Chart 1). This increase is also seen in the take-up of investment products, including unit trusts and managed funds, and term investments and deposits, as well as superannuation, where ownership has increased from 31 to 35 percent over the same period of time.
“The increase could be attributed to the saving incentives offered by the KiwiSaver scheme, as well as the increased media coverage and discussion about savings and retirement generated since its announcement” commented Ms Lindy Osborne, Director, Financial Services Research, The Nielsen Company, New Zealand.
With general awareness of savings and retirement issues increasing, more people are purchasing new investments products. When looking at those who have purchased an investment product in the last 12 months, the proportion of people increases from three percent before the 2005 announcement of KiwiSaver, to seven percent at the end of 2006. This has fallen back slightly to six percent as of June this year, likely as a result of people waiting to register for the KiwiSaver scheme, rather than using other investment products. (See Chart 2).
Early results from the new online Nielsen Consumer Finance Monitor show that awareness of KiwiSaver is close to 100 percent among those in paid employment. Nielsen also found the initial take-up of KiwiSaver to be low, with around three percent of the workforce currently enrolled. “It’s very early days since the scheme was launched. The Nielsen Consumer Finance Monitor will continue to track its take-up, and we expect to see it increase as employer contributions become compulsory in 2008, and people changing jobs are automatically enrolled in the scheme,” said Ms Osborne.
Chart 1: Those holding superannuation
Chart 2: Those opening a new investment product in the last 12 months
About ACNielsen
ACNielsen, a division of the Nielsen Company, is the world's leading marketing information provider. Offering services in more than 100 countries, the unit provides measurement and analysis of marketplace dynamics and consumer attitudes and behaviour. Clients rely on ACNielsen's market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns. To learn more, visit www.acnielsen.com.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions and recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), business publications (Billboard, The Hollywood Reporter, Adweek), trade shows and the newspaper sector (Scarborough Research). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands and New York, USA. For more information, please visit,www.nielsen.com.
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