On­line tool for Ki­wiSavers

Auckland City Harbour News - - NEWS -

Ki­wiSaver, Ki­wiSaver.

The coun­try is pretty evenly split be­tween those who have a Ki­wiSaver ac­count and those who don’t.

Of the nearly 4.5 mil­lion of us, 2,202,414 had Ki­wiSaver ac­counts at the end of Septem­ber.

Strip out the over-65s and from Ste­wart Is­land to North­land we’ve long since passed the point where Ki­wiSavers are in the ma­jor­ity.

But though nearly ev­ery­one knows what Ki­wiSaver is, al­most no­body has a good grasp of how the fund their money is in com­pares to the plethora of other funds out there in Ki­wiSaver­land.

And as it money, they should.

I’m not sur­prised re­ally. Most Ki­wiSaver schemes don’t re­ally want savers to know how their fund stacks up.

The in­for­ma­tion they send out is mostly ac­cu­rate but it has no con­text.

I bet none of you have had a com­mu­ni­ca­tion from your Ki­wiSaver provider along the lines of: ‘‘Dear in­vestor, this


is their jolly well year our fund is the low­est re­turn­ing fund of its type on the mar­ket.’’

Or one like this: ‘‘ Dear Ki­wiSaver, thanks for in­vest­ing in our bal­anced fund which has the high­est fees for its type in all of New Zealand.’’ Con­text is ev­ery­thing.

If you could zip back to Vic­to­rian New Zealand and told some­one there about a car in 2013 that could travel up to 55kmh, they’d be pretty im­pressed, but only be­cause they don’t know how fast other cars of the mod­ern age can go.

I’m sorry to say it but most Ki­wiSavers are just like that Vic­to­rian when it comes to know­ing if their fund is ex­pen­sive or cheap, a good per­former or a bad.

But I’m happy to say that as of Fri­day, there’s a very quick way of get­ting a per­spec­tive on how good/bad/in­dif­fer­ent/ ex­pen­sive/cheap the fund you picked is.

That’s be­cause one of the lean­est gov­ern­ment­funded agen­cies (and one I con­sider among the best value for the coun­try) has just launched a fan­tas­tic on­line tool which casts light on Ki­wiSaver where dark­ness now reigns.

The lengthily named Com­mis­sion for Fi­nan­cial Lit­er­acy and Re­tire­ment In­come launched the Ki­wiSaver Fund Fin­der on its pop­u­lar sorted.org.nz.

What it re­ally is is a fund com­parer.

It al­lows hum­ble Ki­wiSavers any­where to type in a fund type and then on a sin­gle page com­pare its re­turns with sim­i­lar funds, as well as its fees, and it gives av­er­ages for that type of fund.

In a sec­ond some­one with money in the ASB Cash fund can see ex­actly how it stacks up against ANZ, or West­pac’s or AMP’s or any other sim­i­lar fund on the mar­ket. Voila. In­stant con­text. Click­ing on parts of the Fund Fin­der screen brings up lots of use­ful in­for­ma­tion on each fund like what the fund is in­vested in and what its top 10 hold­ings are.

In a fairly short time, a user of the tool can get a good start­ing pic­ture of their fund and how it com­pares to oth­ers.

And if you don’t like what you learn, you can de­mand an­swers, ag­i­tate for bet­ter value, or shift to a dif­fer­ent fund, or scheme.

Give Fund Fin­der a try. Learn a lit­tle about where your money is.

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