KIWISAVER DEMOGRAPHICS STUDY 2023
In February 2024, Melville Jessup Weaver (MJW), New Zealand’s largest firm of consulting actuaries, released its annual KiwiSaver Demographic Study for the Retirement Commissioner. This study, now in its third year, aims to collect comprehensive data on KiwiSaver scheme members to guide the Commissioner in making informed retirement income policy recommendations to the Government and to enhance resources on the Sorted website.
The study covered 98% of the total KiwiSaver member base, providing invaluable insights into the diverse landscape of KiwiSaver schemes in New Zealand.
A JOURNEY TO A BETTER RETIREMENT
The Retirement Commissioner’s purpose is to empower the people of Aotearoa New Zealand on their journeys to a better retirement. By leveraging the detailed data collected by MJW, the Commissioner can better understand the demographics of KiwiSaver scheme members and tailor recommendations and resources accordingly.
KEY INSIGHTS FOR THE CHRISITAN KIWISAVER SCHEME
The Christian KiwiSaver Scheme is dedicated to serving Christians and those working in Christian organisations, ensuring that their investments reflect their faith and commitment to God’s purposes. As a participating provider in the study, we received a tailored set of data, revealing where we stand in comparison to other KiwiSaver schemes.
The 2023 study helps us to understand the unique demographics of the Christian KiwiSaver Scheme’s membership.
Age demographics
- The Christian KiwiSaver Scheme has the highest proportion of members aged between 51 and 65 years, at approximately 37%. This is significantly higher than the average of just under 25% across other study participants.
- We also have the highest proportion of members over 65 years, with nearly 20% of our members in this age group, compared to an average of 5% among other study participants.
These figures confirm our strong connection with older savers. Even as they withdraw amounts from their KiwiSaver accounts to support their retirement, our over-65 members continue to benefit from investment returns on their remaining funds. We are blessed to have this demographic continue their financial journey with the Christian KiwiSaver Scheme.
Gender demographics
- Over 60% of our members are female, giving us the highest proportion of female members among all participating providers.
This statistic is a testament to our success in creating a supportive environment for women to save for their retirement in a way that aligns with their hearts and Christian principles.
Balance comparisons
- Our female members have an average balance that is approximately 25% higher than the average female balance across other schemes.
- Similarly, our male members also enjoy higher average balances, approximately 20% above the average for other schemes.
These findings indicate that our members are doing exceptionally well in saving for their retirement, and show the importance of starting saving early into KiwiSaver, to enjoy the benefits later on in life.
SUPPORTING FINANCIAL WELLBEING IN OUR CHRISTIAN COMMUNITY
For the Christian KiwiSaver Scheme, this demographic study highlights a focus on serving older savers, supporting women, and helping our members achieve higher balances. It reflects our commitment to aligning investments with Christian values and promoting financial well-being within New Zealand’s Christian community.
We believe it is important for everyone to take the first step and join a KiwiSaver scheme to make regular contributions towards their retirement. As Christians, we can take an extra step and choose a KiwiSaver scheme that supports our Christian values. And, in doing so we express our dedication and devotion to God through our financial lives.
Matthew 6:21
For where your treasure is, there your heart will be also.
Click the link to learn more about our Ethical Investment Policy and start your journey to a better retirement with us. https://christiankiwisaver.nz/ethical-investing
