Originally Posted by
Isatis
If you aren't familiar with the jargon, you basically choose a percentage of your income to be saved into kiwisaver (3%, 5%, 10%...). Your employer generally puts in a similar amount, and the government will also contribute based on how much you put in (currently max $521 a year as above ^). It's a scheme to help you save, and you can't touch the money in it unless you are buying your first house, reach retirement age or (I think) declare bankruptcy.
Personally I think it's a good idea to talk to your bank once you get it, as they can link it up. This allows you to see how much is in your kiwisaver when you bank online, and you can choose if you want them to invest your money/what kind of fund it's in (i.e. can get some interest!). They often also send you reminders of how much you need to contribute to get the full $521 from the government.
That's interesting, what we are not having currently is "Savings" So it's a great idea to start with kiwi saver.
Thanks for the information.