The New Zealand Government has a high-level policy intended to encourage long-term savings in order to increase wellbeing and financial independence. To contribute toward this we are running a series of trials to test whether insights from behavioural economics can improve decision-making and outcomes for KiwiSaver members.
This report describes the results of a trial with Inland Revenue and AMP’s KiwiSaver team to see whether improvements to enrolment communications might:
- Increase the likelihood of members actively choosing a fund as soon as they are contacted by AMP
- Reduce numbers opting out of KiwiSaver
- Reduce numbers transferring to another KiwiSaver provider
Report: Using behavioural insights to improve KiwiSaver outcomes