The average KiwiSaver balance across all members hit $41,286 last year, up 11.3 percent. But a 36 percent gap between men and women in the 56-65 age group, and new Retirement Commission data showing balances by age band, give a more nuanced picture of how retirement savings are distributed.
The Retirement Commission has released its most detailed breakdown yet of how KiwiSaver balances are distributed across age groups and genders — and the numbers reveal a gap that has little to do with how much people are contributing.
What the data shows
The overall average balance across all members is $41,286, up 11.3 percent from 2024. But averages hide a wide range of outcomes across life stages:
- Under 17: $3,512
- 18–24: around $10,000
- 25–34: around $24,000
- In their 30s: around $50,000
- In their 40s: around $90,000
- In their 50s to early 60s: around $120,000
- Over 65: around $125,000 (206,000 members now using KiwiSaver as a retirement investment vehicle, up from 190,000 the year before)
Balances increase with age as expected — older members have had more years to accumulate and, typically, higher incomes to contribute. The average for men sits at $47,452 compared to $38,212 for women.
Where the gender gap shows up most
The average gap between men and women across all ages is 24 percent. In the 56–65 cohort — the years when retirement is most imminent — the gap widens to 36 percent.
Michelle Reyers, policy lead at Te Ara Ahunga Ora, the Retirement Commission, said women were slightly more likely to contribute to KiwiSaver than men, and when they did contribute, they contributed the same percentage of their salary. "They're doing everything right," Reyers said. "But the gender pay gap, time out of paid work, all of those things are reflected in these gender retirement savings gaps."
The difference is structural rather than behavioural. Time spent in part-time work, unpaid caregiving, or lower-paid industries compounds over decades in a scheme that rewards continuous, high-income employment.
What fills the gap for lower earners
People on lower incomes, those working part-time, or those cycling in and out of paid work are much less likely to contribute consistently. Their balances at 65 reflect those reduced contributions — and that is where NZ Super plays an essential role. Because NZ Super is residence-based rather than contribution-based, it does not penalise people for lower incomes or gaps in paid work. It forms the floor of the retirement income system for people whose KiwiSaver balances, regardless of how well they managed their contributions, will not be large enough to fund a comfortable retirement alone.
Reyers said the scheme had another 20 years before reaching full maturity. The trend was positive — the proportion of members with balances over $80,000 had roughly doubled in recent years — and the planned increase in default contribution rates to 4 percent (employee) plus 4 percent (employer) would put more members on a path toward adequacy. But the Commission wants the system to do more for people on paid parental leave, and for lower-income earners whose retirement security depends more heavily on government incentives than on their own contributions.
What this means for your KiwiSaver
Comparing your balance to the averages can be useful context — but the averages include people at every income level, contribution rate, and employer match level. What matters more is understanding how your own contribution rate, employer match, and time in the workforce have shaped your balance, and what NZ Super will contribute on top of it when you retire.
You can use Fat Pocket's KiwiSaver comparison tool to see how different providers and fund types compare on fees and historical returns.
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.