More than $90 million in Government contributions will be missed by ASB's KiwiSaver members this year - and Kiwis are set to lose hundreds of millions overall.
New Zealanders have just over a week to ensure they can get the maximum annual KiwiSaver contribution - 50c for every $1 added to an eligible KiwiSaver member's account, up to $521.43.
ASB Bank's latest data reveals almost half of all of their KiwiSaver members haven't contributed enough, so won't be getting the full Government contribution.
ASB executive general manager for Wealth and Insurance Adam Boyd says ensuring they maximise this benefit should be a priority for Kiwis as "it's free money."
"Even an extra $100 a year into your KiwiSaver account, less than $2 a week, could earn you a bonus $50 Government contribution"
"Currently, ASB KiwiSaver Scheme members are tracking to miss out on around $90 million in annual government contributions for the year; and this trend is likely to be similar across other KiwiSaver providers, which means Kiwis collectively miss out on hundreds of millions of dollars from the government," says Boyd.