Kiwibank has launched a new campaign challenging Kiwis to look at their future selves in a bid to encourage them to act before it’s too late.
The campaign is led by a TVC, via Assignment Group and Finch, which shows a man who appears to be in his 30s talking to a much older version of himself in the parking lot of a grocery store.
Kiwibank head of marketing, comms and content Regan Savage says the purpose of the spot is ensure that Kiwis are “taking steps” to ensure that they are as comfortable as possible come retirement age.
Savage says that until now Kiwibank has not offered a tool that allows Kiwis to gauge how much they will be able to save over the course of their working lives.
Kiwibank has now made a move to fill this gap by releasing a new online tool that allows users to estimate how much they are likely to have for retirement.
“Customers can play with a range of scenarios,” says Savage. “For example, you can change your planned retirement age or adjust your appetite for risk to see how this is likely to affect the final sum.”
This service is currently available with full functionality for those enrolled in the Kiwi Wealth Kiwisaver scheme, and a limited version is available to non-customers.
The service is akin to the mortgage calculator tool that allows prospective homebuyers to determine how high their weekly repayments are likely to be.
Savage says there are a number of variables that can determine how much you save, but until now there hasn't really been a tool to help Kiwis make a decision.
“We want our customers to make informed decisions,” he says. “The better people become at using our products, the more confident they feel with the bank.”
From an investment point of view, it also results in many Kiwis leaving their investment in a conservative fund when they could potentially benefit more from something a little more risky.
"It's not only about the balance in your account, but also about what it could grow into," Savage says.
Across New Zealand, the number of Kiwisaver members currently sits at around 2.5 million, declining from 2.61 million in March 2015.
According to its annual report released in the latter part of last year, Kiwibank’s Kiwisaver membership was at 137,000 (up 20 percent from the previous year).