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KiwiSaver has continued to grow despite market volatility and economic uncertainty caused by COVID-19 , according to the Financial Markets Authority’s (FMA) KiwiSaver Annual Report for the year ended March 2020.
Total funds under management increased 8.7% to $62 billion, compared to 2019 when total assets grew by 17%. Meanwhile, total membership increased 3.1% to 3 million, the same growth rate as 2019.
Many KiwiSaver funds dipped after world markets experienced a sharp decline in the beginning of March 2020. Over the year, KiwiSaver investment returns fell 122% from $3.8 billion to -$820.9 million, this decrease followed several years of double-digit growth in investment returns. Since the end of March markets have recovered.
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