3 Jul 2012

Drive to get Maori investing in KiwiSaver

6:30 am on 3 July 2012

The Taupo Moana Group which manages $250 million of iwi, hapu and Maori trust money, has launched a new savings scheme called Iwi Investor.

The group will target businesses and community groups with ties to Maori and Pacific Islanders and aims to sign up about 100,000 new savers.

Investor manager Tina Wilson says Maori are missing out on billions of dollars of KiwiSaver money, because many of them do not understand the scheme and have been slow to sign up.

She says contributions from Maori make up less than 1% of the money in KiwiSaver.

Tina Wilson says the Iwi Investor scheme aims to sign up as many people as possible, while the KiwiSaver $1,000 start up is still available and will educate contributors on how to save for the future.

The Taupo Moana Group has already launched the scheme in Auckland and Wellington, and will roll it out this month in Taupo and New Plymouth.