FinTech company calls for changes to KiwiSaver for self-employed
New Zealand, 29 October 2019 - New Zealand Fintech company, Hnry, an online service that takes care of financial admin
such as invoicing, payments, expenses and taxes, along with The Commission for Financial Capability (CFFC) is urging for
changes to be made to KiwiSaver to better suit the needs of the self-employed.
The CFFC, an independent government-funded organisation helping people to get ahead financially, has been publicly
calling for changes to KiwiSaver for the self-employed, including increasing the government contribution to KiwiSaver
members’ funds from $521 to $2000 a year, stating that the right incentives and structure aren’t in place within the
current KiwiSaver model.
Hnry says that their customer data backs up CFFCs claim and changes are needed to meet the needs of a growing
independent earner economy. Hnry says nearly two-thirds of their customers are not contributing to KiwiSaver, with only
35.86% contributing, with an average contribution of 4.52%.
James Fuller, Hnry CEO says that without any equivalent of the employer contribution, the majority of independent
earners aren’t engaging with KiwiSaver at all, as they don’t see it as being a valuable investment.
“With about 15% of the population being independent earners, and with that number growing, we believe New Zealand needs
to better encourage and assist self-employed people in planning for their financial future. We know first-hand from our
customers that they often struggle when it comes to getting access to, and getting the most out of financial products
such as KiwiSaver.
The benefits of KiwiSaver tend to be skewed towards those in permanent employment, and therefore a lot of self-employed
individuals simply don’t pay into KiwiSaver, or don’t understand that you can make voluntary contributions without
having a permanent employer,” says James Fuller, CEO, Hnry.
The call for change comes as part of the government’s 2019 Review of Retirement Income Policies, with 2019 marking the
Retirement Commissioner's three-yearly Review of Retirement Income Policies. The aim of the review is to advise
government on options to ensure all New Zealanders have a good standard of living as they age, both now and in the
“It’s important for anyone who is self-employed to be educated about Kiwisaver options and to take an active stance when
it comes to planning for their financial future,” says James Fuller.
Hnry are encouraging their customers or anyone who is self-employed to make a submission to the review before October