KiwiSaver hardship withdrawals double as New Zealanders struggle

Thursday, December 7th, 2023

New Zealanders are withdrawing money from their KiwiSaver schemes to help them through financial hardship at twice the rate of last year – and one supervisor says it’s largely because of rising interest rates.

Data from Inland Revenue shows that there was $21.5 million withdrawn from KiwiSaver accounts for reasons of financial hardship in October, up from $10.3m in October 2022.

That is compared to an increase from $77.7m to $104.7m million over the same period for first home withdrawals. Read more

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News category: New Zealand, News Shorts.

Tags: Financial hardship, KiwiSaver

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