Where’s My Money? Season 6, Episode 8
Season 6 of the multi-award-winning podcast Where’s My Money? has arrived to keep bringing you the financial content that helps you be better with your money.
enable.me partners with rova to bring this podcast to life and stimulate the conversation about finances with everyday Kiwis. Where’s My Money? follows the story of Reagan – a man chasing the Kiwi Dream but feeling stuck living month-to-month – and his discussions with the experts about what he may be doing wrong and how to fix it.
One man. One million dollars of debt. One podcast to find a way out.
In this episode, Reagan is joined by Lisa Butler from enable.me to unpack the KiwiSaver changes that took effect on 1 April 2026, and why a shift that looks small on paper could matter a lot more than people think.
The minimum default KiwiSaver contribution rate has increased from 3% to 3.5% for both employees and employers from 1 April 2026, with another increase to 4% scheduled for 1 April 2028.
The change might look small, but it is not nothing
As Lisa puts it, “that’s going to happen automatically if we don’t do anything,” and while that is “all good news because it’s getting a bit more going into our funds,” it will still be felt in the weekly budget. The balance between accepting short-term pressure for long-term benefit is often at the heart of strategic financial planning, where every small action adds up.
Half a percent might not look like much on paper, but over years of working life it starts to matter. “Every little bit counts,” Lisa says, and “especially when you’re doing something over a long period of time, that accumulation really does build up and compounding interest really adds to what you’re getting at the end.”
It’s not just the contribution rate that has changed
It’s not just contribution rates changing, however. Lisa also walks through the government contribution changes that have already taken effect.
The annual government contribution has been reduced to a maximum of $260.72 a year. People earning more than $180,000 of taxable income no longer qualify for it, and 16 and 17-year-olds can now receive the government contribution if they meet the eligibility requirements. Those changes took effect from 1 July 2025.
That matters because it reinforces something people often forget about KiwiSaver: the settings do change. Thresholds change. contribution rules change. eligibility changes. Which is exactly why “set and forget” can be such a risky approach.
Check how KiwiSaver works in your pay before you panic
One of the most practical parts of the discussion is Lisa’s explanation of total remuneration.
For some people, employer KiwiSaver contributions sit on top of their salary or wages. For others, they are built into a total remuneration package. That difference can have a real impact on how this increase feels. If your contribution and your employer’s contribution are both effectively being absorbed within the same overall package, the increase may land harder than you expect.
That’s why this is not something to guess your way through. Before you assume what the new rate will mean for your pay packet, check your contract. Ask your employer. Make sure you understand whether KiwiSaver is being added on top, or whether it is coming out of a fixed total package.
Opting down might help in the short term, but it comes with trade-offs
From 1 February 2026, members have been able to apply for a temporary KiwiSaver rate reduction, allowing them to keep contributing at 3% when the default minimum increased to 3.5% on 1 April 2026. Reagan asks the question: should people opt out for 12 months if money is tight?
Lisa acknowledges that for some households it will feel like a stretch, but encourages Kiwis to find ways to make it work. “Review your budget. Look at where your money’s going,” she says, pointing to utilities, insurance and unused subscriptions as places to start.
That broader strategic thinking comes through again when the conversation shifts to funds, providers and ethical investing. Lisa says New Zealanders have historically been too passive with KiwiSaver.
“I think we need to take a much more active role in reviewing what we’re doing,” checking provider performance, risk level and whether the fund still matches the goal. Both Reagan and Lisa reiterate on a saying we often use at enable.me: “It’s not about timing the market, it’s about time in the market.”
Choosing a fund is about more than performance alone
Lisa talks about the importance of not just choosing a provider and forgetting about it, but understanding where your money is invested and whether that aligns with both your goals and your values.
Lisa’s final concern is the biggest mistake people make when thinking about KiwiSaver: “just leaving it and not thinking about it and just thinking that is going to solve their retirement for them.”
KiwiSaver matters, she says, but “we do need to think of it as part of a bigger plan… because for most people it’s not going to be sufficient on its own.”
That’s where Reagan lands too. The real question is not just whether you can afford the increase. It is what your plan looks like beyond the minimum.
Watch Where’s My Money? episode 8 to benefit from the full discussion:
Disclaimer: The Where’s My Money? podcast and the information shared by host Reagan White and his guests does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.
