More people turning to KiwiSaver for hardship

Financial pressures, including lockdowns and job losses have led to a 43 percent rise in KiwiSaver members withdrawing funds for financial hardship.

And an 18.8 percent rise in first-home withdrawals shows more Kiwis are turning to KiwiSaver to help them save for a first home.

A KiwiSaver annual report released by the Financial Markets Authority (FMA) on Tuesday, shows cash-strapped Kiwis withdrew $159.3 million from their KiwiSaver accounts in the year to March 31, 2021, up from $111.5 million the year before.

The reporting period includes the level 4 and level 3 lockdown (March to May 2020) and the rise in unemployment, which peaked at 5.3 percent in the September 2020 quarter. Read more

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News category: New Zealand, News Shorts.

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