Almost 30% of Kiwis would choose to automatically up their Kiwisaver contributions every year

Embargoed until: Publicly released: 2021-11-18 10:56

New Zealand

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New Zealand researchers have looked at a proposed way to make it easier to contribute more to our KiwiSavers every year, as research finds that many Kiwis are still not saving enough now to make for a comfortable retirement. Of the 759 Kiwis who participated in the hypothetical experiment, 29 per cent opted into a scheme that automatically upped their contributions every year until they reached their maximum contribution level. The team says offering the scheme didn’t have an impact on what rates people chose to initially contribute to their KiwiSaver, and could substantially increase future contribution rates.