Tumahai, who had been elected to the board of Te R\u016bnanga o Ng\u0101i Tahu in 2003, says Whai Rawa owes much to Tahu Potiki, the r\u016bnanga\u2019s chief executive at the time, and former retirement commissioner Diana Crossan, who had been working on tertiary education savings initiatives.\u00a0<\/p>\n
Whai Rawa is, in essence, a reciprocal wealth-building scheme for Ng\u0101i Tahu members of all ages. For adults, the iwi matches any savings they make dollar for dollar, up to $200 a year. But there\u2019s a particular focus on children, who can be enrolled in the scheme at birth. Then, for every dollar that individuals deposit in the child\u2019s account, the iwi contributes $4 \u2013 again up to $200 a year. Children registered before their first birthday also get a $100 kick-start. Members can then withdraw their savings for three wealth-related purposes \u2013 tertiary education, home-ownership, and retirement income \u2013 as well as in cases of hardship and serious illness.<\/p>\n
Tumahai, who went on to chair the Ng\u0101i Tahu board from 2016 to 2023, says Whai Rawa has become \u201ca flagship initiative for the tribe\u201d. Now in its 20th year, it has more than 38,000 members with $200m saved. Some $49 million has already been withdrawn for first-home purchases and the like.<\/p>\n
The reciprocal savings partnership is crucial, Tumahai says. It ensures members are connected to Ng\u0101i Tahu, not just \u201caccepting a cheque in the mail\u201d, she adds. \u201cWhen you have reciprocity, you feel a great level of ownership \u2026 and pride.\u201d<\/p>\n
Some iwi members might prefer to be directly distributed their share of Ng\u0101i Tahu\u2019s wealth. \u201c[But] I think there are enough schemes in New Zealand, creating enough beneficiaries, that we as a tribe shouldn\u2019t go down that pathway.\u201d Affordability can also be an issue. \u201cI always get a lot of people saying to me, \u2018I can\u2019t afford it.\u2019 I think we can all afford $50 a year.\u201d People\u2019s immediate welfare needs, she adds, can be met by the social services provided by Ng\u0101i Tahu\u2019s 18 r\u016bnanga.<\/p>\n
Whai Rawa has been \u201ca huge success, in my eyes\u201d, Tumahai says. Her only regret is that fewer than half the iwi\u2019s 85,000 members have signed up. \u201cI would really have liked to think we would be up around 60% by now.\u201d\u00a0<\/p>\n
Renata Davis and Lisa Tumahai<\/p>\n
That figure is also on the mind of Renata Davis, a current Whai Rawa board member. Some wh\u0101nau, he notes, face \u201cintergenerational barriers\u201d to participating in any savings scheme. They may be disconnected from the iwi, or \u201cdisaffected\u201d with financial services more generally.<\/p>\n
In response, Ng\u0101i Tahu is increasing its communications with iwi members, \u201ctrying to provide more of a helping hand than other institutions\u201d, and seeking to lift membership. Sign-up rates for newer, younger members are higher than for older ones, Davis says: half the scheme\u2019s members are under 25.<\/p>\n
The scheme\u2019s appeal is partly about \u201cbuilding the matauranga of our tamariki \u2013 learning about those [financial] concepts from a young age\u201d. People used to focus on \u201cmoney in the bank for a rainy day\u201d, he says. \u201cNow, everyone is a little bit more financial \u2013 investing in equities and all these types of instruments. This [Whai Rawa] is a doorway into that world for our wh\u0101nau members.\u201d<\/p>\n
As well as boosting individual savings, the scheme has \u201chuge flow-on effects\u201d for the iwi as a whole, Davis says. Being financially secure gives people \u201cfreedom and options\u201d about how they use their time \u2013 and the ability to contribute more of it to their iwi.<\/p>\n
Whai Rawa\u2019s current general manager, Sam Kellar, says the scheme is \u201ctrying to build intergenerational wealth\u201d, consistent with a long-term M\u0101ori worldview. The iwi \u201cwanted to give our people \u2026 a middle-class lifestyle\u201d, lifting aspirations for tertiary education and other achievements.<\/p>\n
Whai Rawa is a rare place of work \u201cwhere we celebrate money going out the door\u201d, Kellar adds. \u201cSuccess is measured by members going to university, or withdrawing money for their first whare, or retiring a bit more comfortably.\u201d\u00a0<\/p>\n
Kellar says \u201cquite a few\u201d members have made withdrawals for both tertiary education and first home purchases. The scheme hasn\u2019t yet hit the \u201ctrifecta\u201d of someone making withdrawals for those two purposes and retirement as well. \u201cBut we\u2019ll definitely celebrate that when we get there.\u201d<\/p>\n
One of the questions facing Whai Rawa\u2019s managers is what makes their investments distinctively indigenous. In some respects, they have to conform to standard western financial practices. Kellar notes that the scheme is \u201cvery regulated\u201d, being subject to anti-money-laundering scrutiny, the need for an Inland Revenue number for membership, and related strictures.\u00a0<\/p>\n