The Superannuation/Kiwisaver expansion is designed to introduce students to the concept of retirement savings and how these systems operate in Australia and New Zealand. It is housed in the same area as the Careers expansion and can only be enabled after the Careers expansion is activated.
Key Concepts
- Introduction to the concept of Kiwisaver (NZ)/Superannuation (AU) and what these are.
- How to review available fund options and critically assess the differences including the fees, portfolios and risk levels.
- Understand the different contribution rates available.
- Enrol in a fund.
How It Works
1. Initial Quiz
Students will complete the Kiwisaver/Superannuation Quiz, earning rewards for correct answers.
2. Review providers
Students will be prompted to enrol in a Kiwisaver/Superannuation fund, but first they will review the available provider and fund options.
They will be presented with a selection of providers offering 4 different funds each.
Each fund will have a different portfolio make up (split across Cash, Bonds, Property and Shares), different risk level and different fees. There will also be a selection of Ethical funds available.
3. Enrol
Once students have reviewed and selected a fund from their chosen provider, they will enrol in this fund.
Superannuation:
Students will confirm their superannuation fund, and will see that their employer contribution is set to 11.5%, in line with current Australian legislation.
Kiwisaver:
Students will first select their own contribution rate, choosing between 3, 4, 6, 8 or 10%.
The employer contribution will be set at 3%, which is standard practice for most NZ companies.
4. Tracking and Adjusting Contributions
Once enrolled, students can:
- View their Superannuation/Kiwisaver fund balance and watch it grow as weekly contributions are added.
- See their contribution amounts clearly displayed on their weekly payslips.
- Change their fund, provider, or contribution rate (Kiwisaver only) through the Superannuation/Kiwisaver section in the Careers expansion.
Teacher Tools
- Kiwisaver/Superannuation overview: Within the Careers Expansion area you will be able to view how an overview of your students, showing how many have enrolled, which funds they have enrolled in, and view all of the available funds.
- See the end of this article for a quick guide on how to find this overview.
Lesson Support
To help guide your class through this expansion, a comprehensive Lesson Plan is available, including:
- Step-by-step instructions.
- Linked worksheets for in-class activities.
- Vocabulary builders to introduce key financial terms.
- Discussion ideas to promote classroom engagement and critical thinking.
- For information on how to enable expansions and access these resources, please see the related article here.