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...

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