MEDIA RELEASE
FOR
IMMEDIATE RELEASE
23 June 1999
SURVEY RESULTS INDICATE THAT THE CALL FOR
COMPULSORY SUPERANNUATION HAS INCREASED
"The latest SaverPulse survey results for the quarter ending
March show that the public are increasingly concerned by the current lack of direction on
savings policies," said Vance Arkinstall, Chief Executive, Investment Savings and
Insurance Association.
"The proportion of people who are saving for their
retirement has fallen from the previous 58% to 54% this quarter," said Mr Arkinstall.
"The survey results continue the consistently strong call
that compulsory saving may be part of the answer to the savings concerns of many New
Zealanders. In the March quarter 61% (up from the previous 57%) claimed to be in favour of
some form of compulsory superannuation scheme. This is the 7th successive
quarter that we have seen this statistic increase. This result mirrors a similar response
to surveys in Australia," said Mr Arkinstall.
"The survey indicates an increasing interest (26%) in using
the internet to make investments with a well known company. But by far the majority of
respondents (68%) say they are not ready to use the internet for making investments."
"One of the worrying key points to emerge from this quarters
SaverPulse survey results is that people are becoming less entrenched in their savings
habits. Twelve months ago 21% of those who had the ability to save had not started; this
has now increased to 24%. The number of those describing themselves as entrenched savers
has decreased from 70% to 61% over the same period. This is a cause of concern to the
industry and should be a signal to Government on the need for immediate action to support
savings," said Mr Arkinstall.
Ends
Vance Arkinstall
Chief Executive
ISI
