A study by Massey University has found that KiwiSaver investors are choosing to opt out of the schemes being run by banks.
The study looked at the annual reports for the five major banks in the year to the end of March, which showed, collectively, more than 28,000 members transferred out of the KiwiSaver funds, and that number represented 60% of members who had transferred into the bank-run funds in that period.
Massey's director of financial planning, Claire Matthews, says the negative flow was a surprise.
She says it could be down to investors monitoring their funds performance online and chasing historical returns when performance is poor.
