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More than half of NZers have private super

NZ Newswire logoNZ Newswire 19/04/2017

© Getty Images More than half of New Zealand adults have a private super scheme, with the median value being $10,000.

Statistics NZ says the figures, for the year ended June 2015, are based on household net worth.

The values do not include the government pension for people aged 65 and over.

The figures show that 53 per cent of people aged 15 and over have private super.

About half (48 per cent) are signed up with KiwiSaver, while just 8 per cent are in non-KiwiSaver schemes.

Statistics NZ well-being and housing team manager Litia Tapu says the median value of non-KiwiSaver schemes was $53,000.

This was six times more than the $8000 median value of KiwiSaver schemes.

She says that is to be expected since people have typically been in other schemes much longer than in KiwiSaver, which began in 2007.

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