Eh? You haven’t joined Kiwisaver? Does not compute

Questions to a robotic retirement guru reveal Kiwis take a ‘she’ll be right’ attitude, writes Rob Stock.

Questions asked to a newly-launched Kiwisaver ‘‘chatbot’’ reveal continued ignorance about the statesponsored retirement savings scheme.

It’s been more than 10 years since Kiwisaver changed the investing landscape, but the most common question asked to the new Sorted chatbot is: ‘‘What is Kiwisaver?’’

Many of the other questions asked of the chatbot, which operates using a basic form of artificial intelligence, are also about the basics of the scheme.

‘‘Never underestimate how little people know about Kiwisaver.‘‘ Commission for Financial Capability spokeswoman Jane Luscombe says.

The commission created the Hey Sorted chatbot for its Facebook page.

‘‘We get the same questions over and over again everywhere we go and they are often very basic,’’ Luscombe says.

Given there are more than 2.6 million members, continued lack of knowledge about Kiwisaver appears bemusing, but Luscombe says: ‘‘I guess people have busy lives and it’s not the most fascinating subject to think about – until you want to access your money. Then you wish you’d given it a bit more attention sooner.’’

Chatbots are sometimes described as artificial conversational entities and are designed to engage with people as though they were themselves people.

The Hey Sorted chatbot tees people up for their Kiwisaver questions by asking them for their income, their age, and their Kiwisaver balance, and then tells them what Kiwisaver balance they might expect at retirement.

Luscombe says people have been typically spending 10 to 20 minutes chatting with the chatbot, asking one question after another, sometimes returning to their conversation after popping off to do things like check their balance, or play around on one of the Sorted calculators.

Here’s how the chatbot has been answering questions:

Question: What is Kiwisaver?

Chatbot: Kiwisaver is an easy and affordable way to save for retirement. Your employer and the Government contribute, you’ll earn investment returns, and you can withdraw your money to buy a first home. Easy.

Q: What fund should I be in?

Chatbot: The Kiwisaver fund finder can help you find the right type of fund for you, compare fees and see where and how they invest your money. You can then contact the provider and they’ll help you switch if you want to.

"I guess people have busy lives and it's not the most fascinating subject to think about – until you want to access your money." Commission for Financial Capability spokeswoman Jane Luscombe

Q: Can I withdraw my funds to buy a house?

Chatbot: After contributing to a Kiwisaver scheme for at least three years you may be able to withdraw some or all of your savings to put toward buying your first home. If you’re looking at buying a house, eligible members can withdraw part or all of their Kiwisaver contributions, but must leave at least $1000 in the account. You’ll need to contact your provider to apply for a Kiwisaver first home withdrawal.

Q: What is a member tax credit?

Chatbot: For every dollar you put in (as long as you’re between 18 and 64) the Government will match it with 50 cents, up to a maximum of $521 each year. So to get that full Kiwisaver member tax credit each year, you’d need to put in at least $1043. That works out to roughly $20 a week. Anyone earning $35,000 or more and putting in 3 per cent is already doing this, and will get the full ‘‘member tax credit’’ automatically. However, if you earn less than that as an employee, or if you’re self-employed and aren’t regularly contributing, you will need to top up your Kiwisaver account to get the full $521. But even putting in less than $1043 is worth it – the Government will still match that 50c on the dollar. So for example, if you put in $400, you’ll get an extra $200.

Q: How much do I need to retire?

Chatbot: It can be challenging to know how much you’ll need for retirement, but you can get an idea by estimating the weekly amount you’ll need and then plugging it into Sorted’s retirement planner.

Q: Who can join Kiwisaver?

Chatbot: If you fit into one of these categories: A New Zealand citizen or entitled to live in New Zealand indefinitely; anyone who’s normally living in New Zealand; and less than 65 years old. It’s a great scheme to help you save for your retirement. Plus, your employer and the Government contribute, and you earn investment returns.

Q: What’s my balance?

Chatbot: I can’t tell you what your balance is, only you have access to your account. You’ll need to check with your Kiwisaver provider.

Q: How do I save more?

Chatbot: You can get more

Q: Tell me a joke! (Not everyone has taken the chatbot seriously)

Chatbot: Most people don’t think I’m that funny … Let’s try and figure out how much you’ll have at retirement?

Some people seem intrigued, and seem to think there must be a person answering the questions, instead of an artificial intelligence.