KiwiSaver balances lift but some members left behind
New data from the Retirement Commission shows balances have increased year-on-year, but some people are still being left behind.
Tuesday, May 26th 2026, 6:24AM
The data shows the average balance across KiwiSaver was $41,286 in 2025, up 11.3% on the year before.
Men’s average balance was $47,452 and women’s $38,212.
About a third of members had balances below $10,000 but the number of people with balances above $80,000 was growing, to about 15%.
People who were contributing had much higher average balances than non-contributing members.
Policy lead Michelle Reyers said the gender pay gap was a concern and something that the Retirement Commission wanted to see addressed, with more support for people who were on parental leave.
The largest gender pay gap was among people aged 51 to 65.
The research noted that 90% of those earning $50,000 a year or more were contributing, so low balances were most likely to be held by people who were low-income, working part-time or not in work at all.
Reyers said it would also be more effective to target government contribution, currently $260 a year, to low-income earners, for whom it would make the greatest difference.
Edward Glennie, of Genesis Advice, said making KiwiSaver compulsory or offering tax incentives would help to lift average balances.
“I see so many clients who don't contribute - possibly because they can't afford it or it’s too easy to opt out.
“It’s topical now with all the chat about NZ Super - but if that was pushed back to 67 or means tested I'm sure it would be a catalyst to get people to consider saving more. [A balance of] less than $10,000 is not going to last long.
“The other big thing is people are not taking enough risk - they are in a conservative or default fund and don't realise the opportunity cost of staying in it and missing out on compounding until they get to 65. It’s why there's value in having advice.”
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