The $200,000 mistake thousands of KiwiSavers made
Thousands of KiwiSaver members who switched their investments into less risky funds when Covid-19 first hit still haven't switched back - and it could cost them hundreds of thousands of dollars.
There was a surge in switching from growth funds to conservative funds in March 2020, when sharemarkets around the world wobbled.
Westpac said it processed 18,140 requests to switch in that time.
Markets soon recovered, but 27%of those KiwiSaver members never switched back to more growth-focused assets, Westpac said.
Another 17% took more than a year to switch back and 12% switched back in between six to 12 months.
If an investor is investing for a long time - such as for retirement - growth funds often deliver better outcomes because they tend to have higher returns, although they are more volatile. Shifting from a growth fund when markets are weak can mean locking in losses.
Morningstar research shows that, as a group, conservative KiwiSaver funds have returned an average 4.1% a year over 10 years, compared to 8.2% for growth funds and 9.1% for aggressive.
Westpac projected that someone with $25,000 in KiwiSaver who switched from a growth fund to a conservative fund on March 20, 2020, would end up with $387,938 in 2054.
But if they had left their money in a growth fund, they would have $615,423 - boosting their final outcome by more than $225,000.
If they had shifted in March 2020 and then moved back a year later, they would have $588,955 in 2054.
Even over a shorter term, the impact can be seen. Someone who shifted on March 20, 2020 and left their money in a conservative fund would have $120,880 in 2034. If they shifted back after a year, they could have $145,693 and if they had not shifted, and stayed in growth, they would have $156,472.
That assumes that person is earning the median wage, getting a 3% pay rise a year, and making 3% KiwiSaver contributions matched by a 3% employer contribution.
Westpac head of KiwiSaver Nigel Jackson said the number of people who had not switched back highlighted the "education gap" for New Zealanders in relation to long-term saving and retirement.
"Being in the right fund is really important and being in the wrong fund will cost you money in the long term."
Westpac has now launched a new high-growth fund that will have 100% growth assets and Jackson said it would be important that investors understood the possibility for volatility, as well as the potential returns available, so that they could stick with it and not switch out at the wrong moment.
"It's one of those challenges, you can tell people it's going to happen but it's still a challenge for them when it does happen. It's critical they understand the possibility is there so they have the context. If they don't have the right information, that's the point of highest risk when they can lock in unrealised losses by transferring to lower-risk funds and experience that loss at retirement."
Westpac NZ general manager of product, sustainability and marketing Sarah Hearn agreed long-term investors who were not in the right fund would probably short-change themselves at retirement.
"The Covid-19 experience and more recent market fluctuations should serve as a reminder to regularly think about your investment goals, whether you're saving for retirement or a first home deposit. That includes checking you're in the right type of fund for you and your stage in life," she said.
"Market volatility is normal and expected. Those of us who aren't nearing retirement will see our balances affected by more economic peaks and troughs before we get there."
The latest Financial Markets Authority annual KiwiSaver report showed growth funds now represent 46% of total funds under management, with $51.4 billion invested, and a total of 1.53 million investors. This is more than double the $24.5b in 2021.
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Poll: 🤖 What skills do you think give a CV the ultimate edge in a robot-filled workplace?
The Reserve Bank has shared some pretty blunt advice: there’s no such thing as a “safe” job anymore 🛟😑
Robots are stepping into repetitive roles in factories, plants and warehouses. AI is taking care of the admin tasks that once filled many mid-level office jobs.
We want to know: As the world evolves, what skills do you think give a CV the ultimate edge in a robot-filled workplace?
Want to read more? The Press has you covered!
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52.6% Human-centred experience and communication
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14.3% Critical thinking
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30.3% Resilience and adaptability
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2.8% Other - I will share below!
Assistant Manager - Restaurant
Date posted: February 20, 2026
Pay: NZ$25.00 - NZ$30.00 per hour
Job description:
Date posted: February 20, 2026
Pay: $25.00 per hour
Job description:
We are seeking an experienced and motivated Assistant Restaurant Managers to help lead operations at our popular Indian restaurant located in the vibrant heart of Milford, Auckland. These full-time, permanent position is ideal for hospitality professionals who thrive in fast-paced environments and take pride in delivering outstanding dining experiences.
About the Role
As an Assistant Restaurant Manager, you will play a pivotal role in supporting the Restaurant Manager in the smooth day-to-day running of the business. You’ll assist in maintaining high standards of food quality, customer service, and operational efficiency while mentoring a diverse and energetic team. You will also contribute to building a welcoming atmosphere that reflects the warmth and authenticity of Indian hospitality.
Key Responsibilities
Support the Restaurant Manager and business owner in planning, coordinating, and monitoring daily restaurant operations to ensure consistent quality and efficiency.
Collaborate with Chefs to plan seasonal and promotional menus, ensuring dishes remain true to traditional Indian flavours while appealing to a broad customer base.
Supervise and actively participate in front-of-house operations, including guest greetings, reservations, service flow, and complaint resolution.
Oversee stock management, cost control, and supplier relationships, ensure accurate ordering, inventory tracking, and waste minimisation within budgetary parameters.
Organise and coordinate special events, functions, and catering services in collaboration with the Restaurant Manager.
Maintain compliance with health, safety, and hygiene standards in accordance with New Zealand food regulations.
Recruit, train, roster, and coach staff members to foster a motivated and customer-focused team culture.
Review customer feedback and identify opportunities for service improvement.
Assist with administrative duties such as cash handling, daily reconciliation, and performance reporting.
Monitor Delivery App side of business, co-ordinate with the service providers to increase the sale.
Skills and Requirements
Minimum 4 year of relevant management or supervisory experience in a busy hospitality environment, or a relevant qualification in Hospitality Management or a related field.
Availability to work 30 – 35 hours per week on a 7-day roster, including evenings, weekends, and public holidays as required.
Strong leadership, communication, and interpersonal skills, with the ability to motivate and guide staff in a team-oriented environment.
Excellent organisational and problem-solving abilities, capable of staying calm under pressure.
Solid understanding of food cost management, stock control, and basic financial reporting.
Genuine passion for Indian cuisine and hospitality, with an eye for detail and customer satisfaction.
A proactive, hands-on attitude and willingness to assist in all areas of service when required.
What We Offer
Competitive pay based on experience and performance.
A friendly, multicultural work environment with opportunities for career development and advancement.
The chance to contribute to restaurant's improvement with loyal customer followings and strong community ties.
Eligibility:
Applicants must be New Zealand Citizens, Permanent Residents, or credentials to seek work visa in New Zealand.
Job Types: Full-time, Permanent
Benefits:
Free food
Professional development assistance
Work Location: In person
The latest product recalls
We are bringing you the latest list of recalled products from across the country. Make sure you aren't using these at home!
Click on the blue text to learn more about that particular product and why it was recalled.
Food and household item recalls:
⚠️Cereulide toxin risk in Nestlé brand Alfamino Infant Formula (0-12 months) recalled due to the possible presence of the toxin cereulide
Nestlé Milo Dipped Snack Bars
BC Hot Water Bottles sold at Bargain Chemist
Product Recalls: Infant care and clothing
Nature Baby Sleeping Gown
Product Recalls: Toys
Sensory Game Controller - sold at Kmart
Product Recalls: Cosmetics
Outside Beauty & Skincare SPF 50+ Mineral Primer (2 batches)
Anessa and Shiseido Anessa sunscreens sold only at Daikoku
Biore and Kao Biore sunscreens sold only at Daikoku
Kose Sunscreens sold only at Daikoku
Mentholatum sunscreens sold only at Daikoku
Pigeon sunscreens sold only at Daikoku
Rohto sunscreens sold only at Daikoku
Product Recalls: Electronics
Harvest Right Freeze Dryer HRFDSBKP-PP sold at Costco
Product Recalls: Other
Michelin X Multi Z and X Line Energy Z, size: 355/50R22.5, load/speed index:156K
UPDATED GASGAS Motorcycles: GASGAS Cross Country and Motocross model motorcycles with BRAKTEC brake system. New VINS added
Check the New Zealand Transport Agency's handy vehicle recall list here.
See past months' recalls. Stay safe, neighbours!
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