Many KiwiSaver members are planning to blow their money or use it to pay off the mortgage when they turn 65, a new survey has found.

AMP conducted an online survey asking more than 1000 workers about their plans for retirement, and found just over half knew what they wanted to do with their KiwiSaver money once they hit 65 and were eligible to withdraw it.

15 per cent of respondents planned to use it to pay off their mortgage or other debt, 15 per cent plan to withdraw the money and invest it elsewhere, 14 per cent planned to withdraw the money and spend it, and 8 per cent planned to keep their money in KiwiSaver.

The number of people looking to use KiwiSaver to pay off mortgages "wasn't surprising at all" because the high level of housing debt and that many people were taking longer to pay off their mortgages.

Other results from the survey reveal the reasons why KiwiSaver members joined the scheme in the first place. Six out of 10 are using it as a retirement savings tool, while 15 per cent are using it to save for their first home.

Source and full story: Stuff