Talk Money: October 6, 2015

(Paul Henry)
(Paul Henry)

KiwiSaver funds are now collectively worth over $28.5 billion – that's almost as large as the investments managed by the New Zealand Super Fund and by the Accident Compensation Corporation.

A review by the Financial Markets Authority says in the year to June, KiwiSaver funds grew by $7.5 billion – an increase of over 30 percent from a year earlier.

Around $3 billion of that were earnings in the money generated by the funds.

KiwiSaver members contributed $2.4 billion, employer contributions totalled $1.5 billion and the Government contributed $926 million.

Withdrawals totalled $657 million. That was a mix of people retiring ($421 million), first home purchases ($218 million) and people withdrawing money due to financial hardship ($50 million).

Watch the video for the full Talk Money segment.