The average KiwiSaver balance across all members is now $41,286, up 11.3 percent from 2024, according to Retirement Commission data. Balances range from $3,512 for under-17s to $194,276 for those aged 86-plus, with a persistent gender gap of around $9,000.
The Retirement Commission has released updated data on KiwiSaver balances across age groups, giving one of the clearest pictures yet of how the scheme is performing as it approaches its 20th anniversary. The overall average balance is $41,286, up 11.3 percent from 2024, with almost 450,000 members now holding more than $80,000.
The data shows balances increasing with age, from $3,512 for members under 17 to $194,276 for those aged 86 and over — though the oldest cohort is skewed by a relatively small number of investors. Men's average balance sits at $47,452 compared to women's $38,212, a gap of roughly $9,000 that the Retirement Commission's Michelle Reyers linked to broader workplace inequities rather than scheme design flaws.
Who is falling behind
Reyers said the data showed the scheme was delivering strong results for many members, but also revealed where support was needed. People on lower incomes, those working part-time, or those moving in and out of paid work were much less likely to contribute consistently, and their balances at 65 reflected those reduced contributions.
She noted that roughly 90 percent of employees earning more than $50,000 a year were contributing to KiwiSaver, compared to a lower rate among lower-income and part-time workers. About 70 percent of all members are contributing overall. The number with balances under $10,000 has been shrinking, which the Commission said was a positive sign of a maturing scheme.
The gender gap warrants attention. Reyers said women were slightly more likely to contribute to KiwiSaver, yet still had lower average balances — a reflection of time spent in unpaid work, part-time roles, and lower average wages rather than contribution behaviour.
Where NZ Super fits
Reyers pointed out that NZ Super plays an important role in filling the gap left by lower KiwiSaver balances, particularly for people who spent significant periods in lower-paid or part-time work. Because NZ Super is residence-based rather than contribution-based, it does not penalise people for lower incomes or time out of the paid workforce the way a pure savings scheme would.
KiwiSaver reaches full maturity in about 20 years, and the Commission said the trajectory was positive — the proportion of members with balances over $80,000 has roughly doubled in recent years.
This article is for general information only and is not personalised financial advice. Seek advice from a licensed financial adviser (registered on the FSPR) for guidance specific to your situation.