KiwiSaver turns 18 with $123 billion under management, but 30% aren't contributing

Samantha Barrass

KiwiSaver has reached a milestone 18 years with funds under management hitting $123.1 billion. Barrass said that like any 18th birthday, there’s a lot to celebrate - but also a lot to think on for the future.

Total funds under management grew by 10.1% to $123.1 billion in the year to 31 March 2025. This was driven by a year-on-year increase of $12.2 billion in contributions and $6.4 billion in net investment returns. The number of KiwiSaver members has reached just under 3.4 million, up 1.5% on the same period last year.

KiwiSaver has also continued to support first home buyers, with nearly $1.8 billion withdrawn by 42,811 members for home purchases. While the number of withdrawals has declined from its 2021 peak, the total amount withdrawn reached its highest level, with average withdrawals now approaching $41,000.

Cumulatively, over $11 billion has been withdrawn for first home purchases since 2010.
Barrass said that there is “probably no other financial product that is so closely associated with the future financial wellbeing of New Zealanders” as KiwiSaver.