A survey has found most KiwiSaver members don't intend to save more in the immediate future for retirement despite evidence of shortfalls in retirement savings.
The latest ASB KiwiSaver survey has found that nearly 70% of those spoken to admit they need to save more for their retirement years, but nearly 90% don't intend to increase their contributions.
Of those enrolled in the savings scheme, 43% surveyed are contributing the default amount and the bank believes this is likely to be down to affordability issues.
Around two thirds of respondents estimate they will need under $50,000 of income per year for each year they are retired, with 43% of all respondents estimating they will need $30,000 per year.
ASB says the gap between members retirement aspirations and actual retirement savings is unlikely to be reduced soon.