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Retirement Savings Confidence Barometer: January - February 2014

Released 12 March 2014

Key figures:

  • Savings targets are now adjusted for inflation.
  • Retirement confidence now at 39% feeling confident of reaching their goals, among those who are saving, planning to save or expecting to have an additional income in retirement, down from 50% in November 2013.
  • 28% of those savings said they would increase their contributions after seeing the impact of inflation.
  • 58% said they would not change their plans now they could see impact of inflation but accepted they would need to save more.
  • Confidence dropped across every age group; however there was little change among 55-64 year olds where confidence moved from 42-45%.
  • 51% chose up to $300 a week for their preferred additional retirement income, down from 56% in November 2013.
  • 27% of those who plan to have a retirement income on top of NZ Super chose $500 or more as their additional weekly income, same as previous survey.
  • 70% of those surveyed are saving for retirement up from 64% in August 2013.
  • 24% of those not saving expect their retirement income to come from other sources like selling their business, an investment property or an inheritance, down from 29% in previous survey. 58% of those not saving now plan to save in the future, up from 53% in November 2013.
  • 5% of all respondents said they intend to live solely on NZ Superannuation in retirement, same as previous survey.

Download the full media release.

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