25 Aug 2011

Slump in number of people signing up to KiwiSaver

5:48 am on 25 August 2011

The number of people joining KiwiSaver slumped sharply in July.

Latest figures from Tower Investments show the rate of new signings fell to the lowest increase since the company started compiling membership data in 2009.

The total number of new members rose just 1%, to 1.8 million.

Tower Investments chief executive Sam Stubbs says this slowdown could show the public's reaction to reduced Government subsidies.