KiwiSaver is a voluntary work-based savings scheme to encourage New Zealanders to save for their retirement. One of KiwiSaver’s membership benefits is the Government’s annual contribution, also known as a Member Tax Credit (MTC).
Figures from IRD show 573,231 KiwiSaver members didn’t get any of the $521.43 MTC in the year to June 30 2015, because they didn't put money into their account. A further 593,356 people got some of the $521.43, not the full amount because they put less than $1,043 into their accounts over the year*. Over time the number of KiwiSavers missing out on MTC will improve through wider media coverage and repeated communications. There is a core audience who need attention, to influence a change in their behaviour and make the most of the MTC now - the entrenched few whom appear resilient to previous communications.
By conducting a thorough review of the previous campaigns, several areas of focus were identified:
Commitment to finding solutions for complex data queries to send accurate personalised communications to customers
Explicit messaging about the opportunities available to KiwiSaver members
Promotion of the ease and simplicity of taking action in what is often regarded as a complex product
YOY, all campaign measurements and objectives were exceeded.
· increase percentage of members making voluntary contributions by 30% result: 33%
· increase percentage of members who received their full MTC by 10% result: 11%
· decrease percentage of those who missed out on their government contribution by 3% result: 7%
The number of eligible members only increased by 6%. Despite this, the total amount of voluntary contributions made during the campaign period (May-June) was $45.4 million – a 33% increase.
* Source: Parker, T. (2015, October). Kiwis miss out on KiwiSaver millions. http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11523658