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

Thu, 17 Jun 2021

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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Markets Market close

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Politics

Media react to Melissa Lee sacking

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Daniel Dunkley 5:10pm

Politics

Govt reshuffle: Lee demoted, Simmonds loses portfolio

Melissa Lee has been stripped of her media and communications portfolio and dropped from the cabinet, prime minister Christopher Luxon announced today.He has given Paul Goldsmith the portfolio after Lee was widely criticised over her public handling of the numerous issues facing...

Staff reporters 1:20pm