According to the NZ Herald:
The boss of state-owned Kiwibank wants people to be compelled to join KiwiSaver, with individual contributions rising gradually over the next decade or two to reach 10 per cent of income.
Kiwibank chief executive Sam Knowles: “There’s still some argument about it, but it is certainly our belief, and I think most commentators’ belief, that New Zealand has a savings problem. Being indebted to the world is not a smart place to be long term, particularly when you have a financial crisis.”
He is calling is for the Government to step up saying that he did not think the level of leadership was coming from the Government on how to reach a 20 per cent savings rate.
“I think the Government needs to step up and present that vision, and then work out what’s a sensible way of stepping towards that vision”.
Considering how Mr Key spoke against KiwiSaver when it was first introduced in 2006 that is scarcely surprising. But let’s hope this helps put retirement savings clearly on the agenda for election policy ahead of next year.
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