Whai Rawa isn't just wonderful in the way that they allow you to put away a small sum of money each week/month/year dependent on what YOU can afford, but also will match your money dollar for dollar.
Hariata Sanders, University Student, (Ngāi te Ruahikihiki) with the iPad she won in Whai Rawa’s 5th birthday celebration competition
There is a well known saying “don’t put all your eggs in one basket”.
This simple yet effective phrase, reminds me of the importance of a scheme such as Whai Rawa. The eggs and basket obviously metaphors for money and investments.
Whai Rawa isn’t just wonderful in the way that they allow you to put away a small sum of money each week/month/year dependent on what YOU can afford, but also will match your money dollar for dollar*. Inevitably, this means, while you don’t notice the sum of money being put into this account, you are also gaining free money in the form of matched savings & distributions from Te Rūnanga on top of it.
Now, imagine you are literally handed all this money; with no advice on what to spend it on, no boundaries. What would you spend it on? I personally, would be out there spending my money frivolously, forgetting my intentions when I started saving it.
This is the great idea formed by Whai Rawa that limits your use of this money unless it is for something important such as your first home, university or polytech costs (which we all know they’re just getting more and more expensive), or a little extra for retirement later on in life!
So while you’re out putting your eggs in other baskets, Whai Rawa has saved a basket full of your eggs for when you really need it.
(written by Hariata herself)
*All adult members, are currently eligible to receive Matched Savings at a ratio of $1 to $1 up to a maximum of $200 (including RSCT) per annum for savings made to their Whai Rawa account. All child members are currently eligible to receive Matched Savings at a ratio of $4 to $1 up to a maximum of $200 (including RSCT) per annum for savings to their Whai Rawa account. Elective members (those aged 65 and older) automatically receive Kaumātua Grants rather than Whai Rawa matched savings and distributions.