Switch risk: young KiwiSavers miss out on growth 'boomerang'

Switch risk: young KiwiSavers miss out on growth 'boomerang'
FMA's investor capability manager Gillian Boyes says banks need to improve the way the help customers through market turbulence.
Dan Brunskill
A new report has found younger KiwiSaver customers in bank schemes were much more likely to switch to a low-risk fund during the pandemic than those with non-bank providers.The Financial Markets Authority commissioned PwC’s behavioural science team to examine KiwiSaver switching while markets were reacting to covid-19, from 11 providers’ data.The study found more than 11,700 younger bank customers switched to a lower risk fund between February and April 2020, compared to just 957 non-bank customers.That’s 26 times higher than...

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