Appendix
| Question number | Variable | No. of observations (unweighted) | Variable categories | Mean | Median | Notes |
|---|---|---|---|---|---|---|
| 1a | Respondent is a KiwiSaver member | 825 (All respondents) |
KiwiSaver member (1) Non-KiwiSaver member (0) |
0.386 | 0 | |
| 1b | Respondent lives with a partner | 825 (All respondents) |
Partnered (1) Non-partnered (0) |
0.663 | 1 | |
| 1c | Partner is a KiwiSaver member | 505 (Partnered respondents) |
KiwiSaver member (1) Non-KiwiSaver member (0) |
0.353 | 0 | |
| 1e | Dependent children | 825 (All respondents) | 0.875 | 0 | Number of dependent children aged under 18 living in the household | |
| 7a | Age | 825 (All respondents) | 40.22 | 42 |
Age of respondent at interview date Age bands converted to ages by taking the mid-point of the band |
|
| 7b | Expected retirement age | 687 (Respondents aged 25 and over) | 65.82 | 65 | Age bands converted to ages by taking the mid-point of the band | |
| 7b, 7e | Expected duration of retirement (years) | 687 (Respondents aged 25 and over) | 18.75 | 20 | ||
| 16a | Respondent's sex | 825 (All respondents) |
Female (1) Male (0) |
0.513 | 1 | |
| 16b | Respondent's ethnicity | 825 (All respondents) | Prioritised ethnicity | |||
| NZ European (base) | 0.613 | 1 | ||||
| Maori | 0.118 | 0 | ||||
| Pacific Island | 0.068 | 0 | ||||
| Asian | 0.087 | 0 | ||||
| Other | 0.114 | 0 | ||||
| 15a | Risk tolerance | 825 (All respondents) |
Risk tolerance: willingness to accept more risk for higher returns Low (strongly disagree/disagree with statement that willing to accept more risk for higher returns Medium (neither agree nor disagree with statement) High (strongly agree/agree with statement) |
|||
| Low | 0.444 | 0 | ||||
| Medium | 0.208 | 0 | ||||
| High | 0.348 | 0 | ||||
| 16c, 16d, 16s, 16ua, 16ub | Respondent's income ($000s) | 825 (All respondents) | 41.74 | Respondent's adjusted gross annual income based on respondent's income or a portion of household income depending on the respective labour force status of both the respondent and their partner, as well as whether the respondent indicated they were the main income earner. | ||
| 16e | Owns house | 825 (All respondents) |
Yes (1) No (0) |
.538 | 1 |
Respondent is considered to ‘own' the house if the house is owned by respondent and/or partner or house is in a trust
|
| 16ta | Respondent's years of schooling | 825 (All respondents) | 13.65 | 14 | Highest qualification converted into years of schooling | |
| 16tb | Partner's years of schooling | 505 (Partnered respondents) | 13.80 | 14 | Highest qualification converted into years of schooling | |
| 16ta, 16tb | Combined years of schooling | 825 (All respondents) | 13.68 | 14 |
For partnered respondents: average years of schooling of respondent and partner For non-partnered respondents: respondent's years of schooling |
|
| 16ua | Respondent's labour force status | 825 (All respondents) | ||||
| Full-time employed (base) | 0.491 | 0 | ||||
| Part-time employed | 0.185 | 0 | ||||
| Self-employed | 0.106 | 0 | ||||
| Unemployed | 0.088 | 0 | ||||
| Not in the labour force | 0.129 | 0 | ||||
| 16ub | Partner's labour force status | 505 (Partnered respondents) | ||||
| Full-time employed (base) | 0.561 | 1 | ||||
| Part-time employed | 0.131 | 0 | ||||
| Self-employed | 0.141 | 0 | ||||
| Unemployed | 0.065 | 0 | ||||
| Not in the labour force | 0.063 | 0 | ||||
| 16w | Self-rated health status | 825 (All respondents) | Some regressions combine “Fair” and “Poor” into one category due to a small number of observations | |||
| Excellent (base) | 0.438 | 0 | ||||
| Very good | 0.308 | 0 | ||||
| Good | 0.188 | 0 | ||||
| Fair | 0.046 | 0 | ||||
| Poor | 0.019 | 0 | ||||
| 16y | Experienced at least one negative major life event since joining KS | KS families (respondents who are KS members or whose partner is a KS member) |
Yes (1) No (0) |
0.517 | 1 | Experienced at least one of the events listed in q16y, excluding the positive event “A boost to your income” |
| 16q | Respondent's occupation | 825 (All respondents) | ||||
| Professionals (base) | 0.225 | 0 | ||||
| Managers | 0.129 | 0 | ||||
| Technicians and trade workers | 0.128 | 0 | ||||
| Community and personal service workers | 0.100 | 0 | ||||
| Clerical and administrative workers | 0.103 | 0 | ||||
| Sales workers | 0.066 | 0 | ||||
| Machinery operators and drivers | 0.053 | 0 | ||||
| Labourers | 0.087 | 0 | ||||
| Other | 0.108 | 0 | ||||
| 16r | Partner's occupation | 505 (Partnered respondents) | ||||
| Professionals (base) | 0.263 | 0 | ||||
| Managers | 0.130 | 0 | ||||
| Technicians and trade workers | 0.174 | 0 | ||||
| Community and personal service workers | 0.063 | 0 | ||||
| Clerical and administrative workers | 0.101 | 0 | ||||
| Sales workers | 0.069 | 0 | ||||
| Machinery operators and drivers | 0.038 | 0 | ||||
| Labourers | 0.088 | 0 | ||||
| Other | 0.074 | 0 | ||||
| 16fi-16p | Net wealth ($000s) | 825 (All respondents) | 29.13 | 9.4 |
Assets minus liabilities Banded data converted to numbers by taking mid-point of bands. House valuations that were not current were adjusted to 2010Q1 using national house price index Trust assets were measured as the outstanding amount of the loan to the trust |
|
| 12a, 12b | Expect NZS to be main source | 825 (All respondents) |
Yes (1)
No (0) |
0.315 | 0 | Expects NZS to be main source of income in retirement |
| 7f | Has the respondent thought about financial planning for retirement? | 687 (Respondents aged 25+) |
Yes - a lot or a fair amount (1) No - a little or not at all (0) |
0.504 | 1 | |
| 2b | Opt in | 474 (KiwiSaver members) |
Opted in - through employer or provider (1) Auto-enrolled or enrolled by someone else (0) |
0.578 | 1 | Method of enrolment for current KiwiSaver members |
| 1a, 1j | Opt out | 526 (KiwiSaver members and non-members who opted out) |
Opted out (1) Current member of KS (0) |
0.191 | 0 | Did respondent actively opt out of KS? |
| 2a | When respondent joined KS | 474 (KiwiSaver members) |
1 July 2009 onwards (1) 1 July 2007-30 June 2009 (0) |
0.102 | 0 | |
| 13a | If hadn't joined KS, would you have set aside money specifically for retirement? | 521 (KiwiSaver families that is respondents who are KS members or whose partner is a KS member) |
Likely - very or quite likely (1) Unlikely - not that or not at all likely (0) |
0.618 | 1 | |
| 13b | If weren't a KS member, how much of your contributions would you have saved or used to reduce debt? | 521 (KiwiSaver families, that is, respondents who are KS members or whose partner is a KS member) | 6.39 | 7 |
How much, out of 10, would have saved or used to reduce other debt (versus being spent on daily outgoings or “other”) The higher this number, the lower the amount of additional savings (i.e. the higher the degree of substitution) |
|
| 7c | Expect to have a standard of living in retirement that is the same or better than pre-retirement? | 564 (those 25 years old and over and able to specify an expected retirement age) |
Yes -stay the same, increase somewhat or increase a lot (1) No - decrease a lot or somewhat (0) |
0.726 | 1 | |
| 7g-7j, 7r-7v | Size of excess (+) or shortfall (-) in expected retirement income with respect to amount needed to meet basic needs ($) | 376 (Respondents aged 25 and over who had thought at least a little about financial planning for retirement and could provide expected and required retirement incomes) | 5660 | 3120 |
Expected and needed income given as annual, weekly or lump-sum in current dollars figure. Weekly amounts converted to annual by multiplying by 52 Lump-sum converted to annual amount using annuity due formula with 2% rate of return Question was answered for a couple or individual, depending on whether the respondent lived with a partner and whether a partnered-respondent preferred to think of him/herself as an individual or not. Data for a couple was adjusted to make it comparable to that of an individual by multiplying the couple's amount by 0.60 (which is consistent with the difference between NZS married couple and single rates |
|
| 7k-7n, 7r-7v | Size of excess (+) or shortfall (-) in expected retirement income with respect to amount needed to be comfortable ($) | 377 (Respondents aged 25 and over who had thought at least a little about financial planning for retirement and could provide expected and required retirement incomes) | -4912 | 0 |
Expected and needed income given as annual, weekly or lump-sum in current dollars figure. Weekly amounts converted to annual by multiplying by 52 Lump-sum converted to annual amount using annuity due formula with 2% rate of return |
Note:
Missing values and responses of “don't know” or “refused” were imputed. The following variables were subject to imputation: KiwiSaver membership status of respondent's partner, respondent's labour force status, partner's labour force status, whether NZS is expected to be the main source of retirement income, level of risk tolerance, respondent's highest qualification, partner's highest qualification, asset and liability components of net wealth, income, whether or not the respondent has thought about financial planning for retirement, expected retirement age and duration of retirement, expected standard of living in retirement, method of joining KiwiSaver, opting out of KiwiSaver when joined KiwiSaver, respondent experienced at least major negative life event since joining KiwiSaver, what would have been done with the money if hadn't joined KS. Only a small number of imputed values were needed for each of these variables, with the exception of income. Thus, in accordance with Harrell's guidelines (Harrell Jr 2001), a simple hotdeck imputation method was employed for all variables other than income. Hotdeck imputation was used as it is simple, preserves the distributional characteristics of the variable, and performs nearly as well as more sophisticated imputation approaches (Roth 1994). Income had a larger proportion of the sample with missing values (7.8% of the sample for non-partnered individuals and 9.5% of the sample for partnered individuals). Therefore, missing income data was imputed using the multivariate imputation method available in STATA software.
