KiwiSaver members want DIY approach

Jonathan Beale said the bank has seen a big increase in the number of people making voluntary KiwiSaver contributions since it allowed them to do so online.

In 2014, the only way that people could make extra contributions to their ASB KiwiSaver account was to go into a branch. That year, about 28 people a day did so.

This year, about 30 a day are still going into a branch to make KiwiSaver contributions but another 233 a day are making KiwiSaver contributions via mobile or internet banking. Beale said contributions ranged from $25 to thousands of dollars.

He said: “It seems to me that’s where KiwiSaver needs to go, with simple tools so people can manage their KiwiSaver themselves. It tells me people want to be able to do it themselves, they don’t want to sit down with someone and get advice.”