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People with mortgages back compulsory KiwiSaver

21 May 14

People with mortgages back compulsory KiwiSaver
Contrary to a columnist's speculation, people with mortgages favour compulsory super

New Zealanders with a mortgage have even more enthusiasm for compulsory KiwiSaver than Kiwis generally, says Financial Services Council (FSC), CEO, Peter Neilson. 

In a Sunday Star Times/Stuff opinion piece (D14, May 18, 2014) it is suggested that the statement “New Zealand does need a compulsory retirement savings scheme even if it means it takes longer for me to pay my mortgage off” might elicit a “whole different outcome” than the 70.7%, or 7 out of 10 adult New Zealanders shown to be supporting compulsory KiwiSaver, in the independent Horizon Research survey undertaken for the FSC in October 2013 

However, the 927 respondents in the survey with a mortgage on their own home, supported compulsory KiwiSaver by 72.6%.  Of the 879 respondents aged between 18 and 64, with mortgages on their own home, 74% supported compulsion.


Survey question answer detail:


Q23. And now that you have thought about it some more, what do you think of New Zealand making KiwiSaver compulsory, where all employees and employers have to contribute? ALL All with mortgages on their own homes 18-64 with mortgages on their own homes
It's a terrible idea and I'd oppose it 6.9% 5.9% 6.4%
It's probably a good idea for New Zealand, but not for me and so I'd oppose it 5.5% 6.2% 5.8%
It's a good idea and I'd support it, with some reservations 29.6% 27.0% 28.0%
It's a good idea and I'd fully support it 35.4% 40.0% 40.0%
I don't know but I'm leaning towards opposing it 3.4% 4.0% 4.1%
I don't know but I'm leaning towards supporting it 5.7% 5.6% 6.0%
I'm neutral at this stage 8.4% 7.9% 6.4%
I really don't know 5.1% 3.3% 3.3%
Total Support 70.7% 72.6% 74.0%
Neutral 8.4% 7.9% 6.4%
Total Oppose 15.8% 16.1% 16.3%
Not sure 5.3% 0.0% 2.1%
N (unweighted) 2767 927 879
Margin of error ±1.9% ±3.2% ±3.3%

Source:  October 2013, Horizon Research survey of 3,060 respondents nationwide aged 18+ Weighted to represent the adult population at the 2013 census. At a 95% confidence level the maximum margin of error is ±1.8%.


A FSC media statement on this result is here.