Are you happy with your KiwiSaver?

How do you feel about your KiwiSaver?

Do you feel like you’re in the right fund? Are you seeing a good return on investment? What do you think about the customer service? Asking yourself these sorts of questions is really important, it’ll help you figure out if you’re happy with your KiwiSaver.

This is vital since research shows that many Kiwis are NOT satisfied with their KiwiSaver! 

If you’re experiencing this too, don’t worry! We’re here to walk you through what you need to do to get back to feeling great about your KiwiSaver! 

Kiwis aren’t happy with their KiwiSaver providers! 

According to research undertaken by Consumer New Zealand, a lot of Kiwis are unhappy with their current KiwiSaver providers. 

The research examined customer satisfaction rates across all the KiwiSaver providers. It found that banks like ANZ, ASB, and Westpac had the lowest satisfaction rating. ANZ and ASB had the worst scores out of all the providers. This is particularly disheartening as they are the two biggest KiwiSaver providers, so many Kiwis will likely be feeling unhappy with their current funds. Westpac only slightly beat out ANZ and ASB but still had poor scores. 

BNZ was the only bank that scored above average. Even so, they still performed poorly with customer satisfaction scores for average return on investment. 

On the other hand, the top three providers, with the best customer satisfaction ratings, were Simplicity, Milford Asset Management, and Generate. 

These are the satisfaction ratings of the above mentioned KiwiSaver providers: 

  • Simplicity- 77%
  • Milford Asset Management- 67%
  • Generate- 67%
  • BNZ- 64%
  • Westpac- 54% 
  • ANZ- 47%
  • ASB- 47%

It’s clear that many customers with KiwiSaver funds invested with the major banks are not satisfied. So, the banks have a lot to do to lift their performance to ensure their customers will be happy. 

The main reasons Kiwis are feeling frustrated! 

This year has been very difficult for KiwiSaver members! The recent market volatility has resulted in many people seeing their KiwiSaver balances drop. So, this of course, has impacted the satisfaction scores for many KiwiSaver providers. 

However, it’s not just this, that’s causing Kiwis to feel frustrated. The other major reason is the lack of transparency across all KiwiSaver providers. Many providers aren’t being clear about how their funds are performing and what fees customers are actually paying. 75% of the customers surveyed were unsure of what they were paying in fees. 60% couldn’t figure out how their fund was performing compared to other funds. Also, the majority of people felt that it’s difficult to compare KiwiSaver providers. 

So, Kiwis are unhappy that they are only getting limited information on their KiwiSaver funds! 

Recently, many of the providers sent out statements to customers. These statements provided an overview of their fund’s performance and how much they’d have in their account when they turn 65, based on their current savings. Judging from the satisfaction scores for each provider, this information is clearly not enough. Kiwis rightfully want to know more! 

What should I do if I’m feeling unhappy with my KiwiSaver? 

Like many of the Kiwis who were surveyed by Consumer New Zealand, you may be feeling unhappy with your KiwiSaver. Don’t stress though, we’ve got some tips that will help you get back to feeling good about your funds! 

1). Evaluate your KiwiSaver! There are many aspects of your KiwiSaver that need to be tailored to exactly your needs, in order for you to be happy with its performance. So it’s a good idea to brainstorm what you want out of your KiwiSaver, and how you think you can achieve it. 

To start your thinking off, check this out

2). If you’re worried about your balance dropping because of the market volatility, read this! We’ve provided you with a handy guide to what you should do if you’re seeing a dip in your funds. 

Just remember that the market always bounces back, so your KiwiSaver is going to be alright. Just stay calm and be patient! 

3). Angry with the lack of transparency around your KiwiSaver? If you feel like you’re not getting enough information about your funds, then the best thing to do is talk to a financial advisor. They’ll help you find the right KiwiSaver provider for your life!

Talk to National Capital! 

If you’re keen to talk to a financial advisor about your KiwiSaver, then you have to chat to the team at National Capital! 

Our good friends over at National Capital are independent financial advisors that’ll give you great advice on your KiwiSaver! They’ll help relieve your financial worries, allow you to make informed choices and give you confidence in your investments. 

To start with, use their FREE online tool Kiwisaver HealthCheck! It collects some of your information to provide you with tailored advice on which Kiwisaver fund is best for your needs! 

Jump on Money Compare! 

Since you’re already looking into your KiwiSaver funds, why not check out and compare all your other financial plans too!

The best way to do this is by using Money Compare!

At Money Compare, you can compare all your financial plans! This includes your home loan, car insurance, personal loans and much more! 

You’ll save heaps of money and find the perfect plan that meets your needs! 

All you have to do is: Jump on our website, enter in a few details, select filters that match your preferences and hit enter! Then you’ll see all the plans available to you. You can compare them all side-by-side on one page! 

It couldn’t be simpler! 

VISIT MONEY COMPARE

So don’t worry about your KiwiSaver or financial bills anymore. Just follow our tips, check out National Capital and use Money Compare! 

*This is an educational guide only. It is in no means specific financial advice. Please consult a professional financial advisor (like the ones at National Capital) for any specific financial advice you may require.*

Monday, July 25, 2022