Do you know anyone in that situation who could use a helpful nudge?
Over the life of someone's KiwiSaver experience, we reckon the government money is worth close to $36,000 on average.
The KiwiSaver year runs from July to June, so we need to put that $1,043 in by mid-June each year, basically. Now is a good time to check if we'll be putting in enough by next June.
Last year I left mine to the very last minute. It was not a good feeling. Sure, I wanted that $521, but I didn't want to part with $1,043 all at once at the end of June!
Because the money's going towards my goals for the long term it felt like I was losing it. Even though it was for my future self, that person seemed like a total stranger to me.
Our fits of irrationality are not all negative, and some biases are mental shortcuts that have served our species well.
There were a number of biases at work here, especially one called "loss aversion" - which means we prefer avoiding a loss much more than gaining just as much. In fact, some studies suggest that the feeling of loss is twice as powerful as a gain.
Which suggests that for me to feel comfortable putting in that $1,043, I would have needed an incentive of at least twice that.
One of the remedies for all our biases is training. And by now, having worked in personal finance for a while, I could recognise that I needed to ignore what I was feeling. It wasn't comfortable, but I pulled the trigger and topped up my KiwiSaver account. Whew. Just made it.
Our fits of irrationality are not all negative, and some biases are mental shortcuts that have served our species well. There is one, for example, that may work in our favour this year. It's something called the Zeigarnik effect: people tend to remember uncompleted tasks more than completed ones.
So if we haven't contributed $1,043 by mid-June 2017, perhaps we'll remember more easily to top-up in time.
Get Sorted is written by Sorted's resident blogger, Tom Hartmann. Check out the guides and tools from Sorted – brought to you by the Commission for Financial Capability –
at sorted.org.nz.