Set yourself up for financial growth in 2024


Generate contributor


Grow your KiwiSaver balance in 2024!

As we settle back into routines after the Christmas break many of us will start to think about how we can achieve the goals we’ve set for the year, and work out what needs to be done to set ourselves up for a positive year. 

If any of your 2024 goals relate to setting yourself up for financial success – make sure to consider your KiwiSaver account as part of this! Your KiwiSaver investment shouldn’t always follow a “set and forget” strategy – in fact we recommend checking-in on your account setup every year, or sooner if your employment situation or savings goals change.

A few tweaks to your KiwiSaver account now could make a huge difference to your savings in the long-term – and it doesn’t take long to review your account!

First – use our KiwiSaver Calculator and see how much money your KiwiSaver account is currently on track to save by the time you need it.

Find our KiwiSaver Calculator here

Now let’s consider ways to help boost your projected balance! 

1- Consider increasing your KiwiSaver contributions.

If you are employed and contribute to your account via your wages or salary, you have the option of contributing 3%, 4%, 6%, 8% or 10% of your income to your KiwiSaver account. While the difference between these contribution rates isn’t much, increasing your contribution by just 2 or 3% could make a significant difference to your savings over the long-term. 

To see how much more, you could save for retirement if you increased your KiwiSaver contribution rate, try adjusting your contribution rate in our KiwiSaver calculator.

If you are self-employed or unemployed your contributions are completely up to you. Consider preparing a budget or talking to a financial adviser to see how much money you can afford to contribute to your KiwiSaver account.

2-Check that your KiwiSaver fund type suits your goals. 

If your current KiwiSaver goal is to save for a comfortable retirement and that’s still at least 10 years away, a fund focused on growth is could be a good option for you. At Generate we have two fund options in this category, our Growth Fund and our Focused Growth fund. These funds have the potential to earn more over the long-term, but they could experience more up’s and down’s along the way, which is why they’re generally recommended for those with a long-term savings goal, rather than someone who plans to withdraw their money soon.

If you do intend to use your KiwiSaver savings soon – perhaps for your first house or if you’ll reach retirement in the next few years, then our Conservative or Defensive Funds could be more appropriate, as these funds are generally more stable in the short-term.

Depending on your savings goals and investment timeframe, it might be worth changing your current KiwiSaver fund type. We recommend talking to a KiwiSaver adviser before changing your fund type, as in some situations there are good reasons not to change your fund type.

To talk to a Generate KiwiSaver Adviser, call us on 0800 855 322.

3- Make sure you don’t miss out on the extra $500 from the Government.

Every year KiwiSaver members between 18 and 65 years can get an extra $521.43 from the Government. To be eligible, you need to make sure you contribute at least $1,042.86 to your KiwiSaver account between July 1 and June 30 every year. 

Download the Generate app or log in to your Generate account online to see how much you’ve contributed since the 1st of July 2023 and make sure you’re on track!

Eligibility does apply read more here:

4- Don’t underestimate the value of advice.  

Research shows financial advice adds long-term value to your savings.

More than two thirds of advised New Zealanders say that advice has led to outcomes such as a better understanding of the risks of their financial plan (77%), a better understanding of how to achieve their financial goals (74%), and they are better equipped to actually stick to these financial plans (70%)^.

Our KiwiSaver advisers take pride in providing simple, straightforward KiwiSaver advice to help Kiwis make smart investment choices. We have advisers right across the country available to help you with your KiwiSaver savings goals for 2024 - get in touch to talk with one today. 

We are here to help you set up your KiwiSaver account goals for 2024, you can contact us on 0800 855 322 or email us at