KiwiSaver switching is down as members fear losses

KiwiSaver switching is down as members fear losses
New Zealanders were rattled by the market collapse. (Image: Getty)
Dan Brunskill
KiwiSaver account transfers are down about 30% compared with last year, because members seem to be afraid that moving between providers will lock in losses. During 2020, large numbers of New Zealanders were rattled by the market collapse and swapped their investments into conservative or cash funds. This was a mistake, because markets bounced back quickly and those who had moved out of equity funds missed the rally. Financial educators responded with a slew of messaging warning investors not to shift funds in a downturn, lest the...

More Markets

The change of heart behind Arvida’s US private equity buyout
Property

The change of heart behind Arvida’s US private equity buyout

The company’s share price rose 55% after the announcement.

NZ dollar at 11-week low on pending rate cuts, Biden's exit
Economy

NZ dollar at 11-week low on pending rate cuts, Biden's exit

The kiwi was trading below 60 US cents late Monday in Wellington. 

NZ sharemarket down 0.1% amid takeovers
Markets Market close

NZ sharemarket down 0.1% amid takeovers

The S&P/NZX 50 Index closed at 12,309.91, down 15.7 points or 0.13%.

Graham Skellern 22 Jul 2024
Arvida shares up 55% after US private equity buyout news
Property

Arvida shares up 55% after US private equity buyout news

The scheme is unanimously supported by Arvida's board.

Gregor Thompson 22 Jul 2024