250,000 switched Kiwisaver funds during crisis

Thu, 01 Oct 2020

In the past year, $1.5 billion flowed out of growth oriented Kiwisaver funds into more conservative cash funds as more than 250,000 people panicked amid the historic share market crash.The Financial Markets Authority’s annual Kiwisaver review said many of the 256,393 fund switches happened in the last weeks of March as the pandemic spiked investor confidence and caused the sharpest fall in equity prices in living memory.Many who made the switch would have been locking in their losses at the worst possible moment. In mid-March, the NZX 50...

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