Kiwi Wealth’s campaign to get more New Zealanders actively engaged with their KiwiSaver accounts has been honoured at the 2017 Workplace Savings Awards.
The Kiwi Wealth KiwiSaver Scheme, and its innovative digital tool Future You, won the Best Overall KiwiSaver Member Experience category. Kiwi Wealth was also named supreme winner of the Workplace Savings Excellence in Communication award.
Future You is a digital retirement income planning tool, available to Kiwi Wealth KiwiSaver Scheme members. It makes retirement planning easier by showing people the amount of money, on an annualised dollar basis, their KiwiSaver account is estimated to earn them when they are able to withdraw. It also gives users the power to evaluate the impact of changes to their investments and to see how those changes might help them achieve their desired retirement lifestyle.
Joe Bishop, Kiwi Wealth General Manager Customer, Product and Innovation, said Future You was purposely designed to deal with one of the biggest barriers to retirement savings, making retirement income information more accessible and easier to interpret.
“Evidence shows that people struggle to think properly about their retirement. They just can’t see, or plan, that far ahead into the future.
“The onus is therefore on KiwiSaver providers to help their customers better understand their future wealth and how small decisions now can have a huge impact. That’s precisely what Future You is seeking to achieve.
“For example, Future You users can now set their retirement savings goals, based on their desired lifestyle, and identify if they’re on track to achieve it. People can assess how changes to things like their KiwiSaver contribution rate may bridge any shortfall and implement those changes easily.
“It’s a similar mindset to successful investing – taking a long-term view and adjusting investment settings with a future focus in mind. We want our KiwiSaver customers to be thinking about and planning for their retirement earlier in their lives.”
Launched in April last year, Kiwi Wealth’s Future You tool uses current balance, contribution rates, projected returns and other economic factors like Superannuation to calculate an estimate the lump sum and retirement income. It calculates how changes to factors such as fund type and contribution level could affect the growth trajectory of their investment and members can make those changes, most at the click of a button.
Future You also allows users to model their retirement income requirements using customisable lifestyle line items such as accommodation, food, utilities and even “luxury items” like overseas travel.
“This award is the icing on the cake but the work doesn’t stop. We’re going to keep innovating to add new enhancements and functionality to Future You so that New Zealanders have the best possible information available to make good retirement decisions.”
Richard Klipin, chief executive of the Financial Services Council of New Zealand, said Kiwi Wealth’s innovative approach would help many more New Zealanders make good retirement decisions.
“We’re really impressed with the smarts behind Kiwi Wealth’s Future You tool and its success with helping KiwiSaver members make good retirement decisions. They have raised the bar for how a provider can communicate with its members and, in doing so, have helped improve the financial literacy and confidence of the KiwiSaver community as a whole.”
Its KiwiSaver Scheme, and its innovative digital tool ‘Future You’, won the best overall KiwiSaver Member Experience category. Kiwi Wealth was also named supreme winner of the Workplace Savings Excellence in Communication award.
The Future You tool is available to members aged 18-65 who have not made a transfer from an Australian complying superannuation fund. Kiwi Wealth Limited is the issuer and manager of the Kiwi Wealth KiwiSaver Scheme. The Kiwi Wealth KiwiSaver Scheme currently has more than 180,000 members, with more than $3 billion in funds under management. The product disclosure statement is available here: www.kiwiwealth.co.nz/kiwisaver/.