KiwiSaver breaks through the half-million mark
25 March 2008
The Prime Minister, and the Finance and Revenue Ministers announced today that half a million New Zealanders were now enrolled in a KiwiSaver scheme.
The milestone was reached late last week, less than eight months after the scheme's launch last year.
Prime Minister said there was already $600 million invested in KiwiSaver accounts, and that KiwiSaver would take another major step forward next week with the introduction of employer contributions and tax credits.
Finance Minister Michael Cullen said more than 100,000 KiwiSaver members were under 25 years old, most of whom would be new savers. Revenue Minister Peter Dunne said the pool of capital being built through the scheme will be a major asset to the New Zealand economy in years to come.
The full statement is on the Beehive website.
Footnote - Details of current KiwiSaver members as at 20 March 2008
| Method of joining | Members |
|---|---|
| Opt in via provider | 212,835 |
| Opt in via employer | 98,192 |
| Automatically enrolled | 190,481 |
| Total enrolment (net of opt outs) | 501,508 |
NoteMembership:
| |
| People who have opted out | 98,641 |
Demographics of KiwiSaver members as at 30 April 2008
| Age band | Members | % |
|---|---|---|
| 0-17 | 42,522 | 8.50% |
| 18-24 | 82,721 | 16.50% |
| 25-34 | 79,423 | 15.80% |
| 35-44 | 88,053 | 17.60% |
| 45-54 | 93,439 | 18.60% |
| 55+ | 104,124 | 20.80% |
| No information | 11,226 | 2.20% |
| 501,508 | 100.00% |
| Gender | Members | % |
|---|---|---|
| Female | 257,057 | 51.30% |
| Male | 240,365 | 47.90% |
| No information | 4,086 | 0.60% |
| 501,508 | 100.00% |
Date published: 19 May 2008
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