‘Money isn’t just maths’: New retirement commissioner David Boyle shares kitchen table financial wisdom
Tuesday, 26 May 2026
“Save a little, spend a little, and, when you can, give a little.”
New retirement commissioner David Boyle used his first official address to call for cross-party political accord on retirement policy.
But he also shared some kitchen table financial wisdom he learnt as a child, which stood in him good stead through his adult life in financial services companies including ANZ bank, and KiwiSaver provider Fisher Funds.
“My first lessons about money didn't come from a textbook. They came from the breakfast table,” Boyle said in his address to the Retirement Commission’s National Strategy for Financial Capability conference in Auckland on Tuesday.
Read more:
KiwiSaver works for full-time workers, but not for part-timers, new research shows
Nicola Willis takes knife to $2.4 billion KiwiSaver subsidies
“As a kid, I remember counting coins and tokens from my dad's milk run and listening to the simple rules that my parents lived by; Save a little, spend a little, and when you can give a little, not just money, but time back to the communities that you live in.
“If you can't afford it, wait until you can. And my personal favourite; if it sounds too good to be true, probably is.”
He said: “That advice has aged remarkably well, especially in a world of crypto tips, investment scams, online identity theft, and continued cost of living crisis that we're all experiencing.
But, Boyle said: “The other thing I learned early on is money isn't just maths. For a lot of people, money is stress.”
The commission’s national strategy involves influencing retirement savings policy, and building financial capability through eduction so people and households can build financial resilience.
“The strategy has four goals; supporting people to grow their money, building resilience for the unexpected, lifting financial capability through education and training, and leveraging our collective impact,” Boyle said.
He was referring to the collective impact of the wider financial sector, from banks and insurers, to KiwiSaver and financial mentors.
“Supporting people to grow their money takes me right back when I started at the Post Office Savings Bank in Ashburton as a teller. We helped children understand the value of regular savings, and the eighth wonder of the world being compound interest, via school banking,” Boyle said.
“At the other end of the spectrum, a few years later, I was showing the impact of compound interest when it came to mortgages, and the benefits of paying a little more over time to save them thousands of dollars in interest.
“Probably not so good for the bank, but really good for the consumers and my customers and their overall financial well-being,” Boyle said.
He said the commission’s 2025 review of retirement income policy included the recommendation for cross-party accord on retirement income policy, and a 10-year retirement income roadmap.
Then, the last retirement commissioner Jane Wrightson called on politicians on both sides of Parliament to follow the examples of Finland and Sweden to create a durable, cross-party accord.
“While some people think this is improbable, I have a feeling there are signs where we may see alignment between parties in certain areas that could pave the way for more long-term certainty than before, and I'm keen to advance these conversations in my role as retirement commissioner,” he said.
Retirement policy needed to be stable, Boyle said.
“If we're honest, KiwiSaver has been tweaked quite a bit from its original foundations. That might keep things interesting for people like me, but it doesn't always help New Zealanders build confidence when trying to plan for the long term,” he said.
Before the conference began, the commission released new research showing about 90% of those earning more than $50,000 a year were benefiting from KiwiSaver.
“This is good news, and it shows that KiwiSaver is working, particularly for those in full-time work,” Boyle said. “Although it doesn't always mean people are contributing as much as they should be, or as much as their future selves might like them to be.”
However, he said: “For those on low incomes, working part-time, contractors, people who are out of paid work, it shows that we need to do more.
“The gender gap persists with the average balance for men 24% higher than women, despite women being slightly more likely to contribute.”
And, Boyle said: “Many households have very little financial buffer, and even small shocks can have lasting consequences. We're seeing that pressure reflected in hardship withdrawals from KiwiSaver.”
In April, Inland Revenue figures show $38.5 million was withdrawn from KiwiSaver account by people in financial hardship, an increase from $37.6m in April 2025.
“These challenges highlight we need to keep strengthen, strengthening the system as a whole,” Boyle said.