Financial advisers want KiwiSaver to get SMarT
Jonathan Parsons, of Spratt Financial, Ali Bazzaz, of One50 Group, Joseph Darby, of Milestone Direct and Clive Fernandes of National Capital are lending their support to a Victoria University report as part of a submission to the Retirement Commissioner’s 2019 review of retirement Income Policies.
They want to make it easier to implement economist Richard Thaler’s Save More Tomorrow (SMarT) plan.
It works by getting people to commit to using their future pay rises to increase their retirement savings contributions. Contributions rise each year until they reach a pre-determined maximum savings rate.
The usefulness of this approach is also being considered in Massey University research.
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