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Average KiwiSaver Balance by Age - What You Need to Know

​Our guide explores the latest data on KiwiSaver balances by age and understand why balances may be insufficient for a comfortable retirement. This guide analyses the comprehensive Melville Jessup Weaver (MJW) study commissioned by the Retirement Commissioner (released in October 2025), covering 97% of all KiwiSaver members.
Updated 9 January 2026
Summary:
  • As the financial strain on households grows, many New Zealanders resort to pausing or withdrawing funds (via hardship) from their KiwiSaver accounts to cover essential living costs.
  • While the increasing cost of living is a concern for almost everyone, how New Zealanders deal with these rising costs can significantly affect our retirement years.
  • For many New Zealanders grappling with these economic conditions, saving for retirement is likely to be a distant thought. However, for these New Zealanders, securing their retirement savings shouldn't be shelved indefinitely. With declining rates of home ownership in younger generations and lower KiwiSaver balances across the board, young New Zealanders might struggle to benchmark their own KiwiSaver balance with what others in their peer/age group are at. 
  • This guide has been published to make sense of government-sourced data and present it in a way to help every New Zealander make an informed investing decision.

​Our Key Findings:

The Headlines
  • Total KiwiSaver members: 3.38 million (IRD data) - 3.29 million surveyed in this study (97% coverage)
  • Total funds under management: $121.86 billion
  • Average balance: $37,079 - up 16.5% year-on-year and up 27.8% since 2021

The Retirement Gap
  • Average balance at retirement (61-65): $69,104 - just 11.5% of the $600,000+ recommended for a comfortable retirement
  • Only 27.9% of those aged 61-65 have $80,000 or more
  • 15.1% are approaching retirement with less than $10,000 - essentially starting over

The Gender Gap
  • Males average $42,664 vs females $34,185 - a 25% gap ($8,479)
  • The gap peaks at 137% for ages 56-60, women retire with $20,842 less on average
  • Women make up 51% of members, but hold significantly less wealth

The Distribution Problem
  • 31.9% of all members (over 1 million people) have less than $10,000
  • Nearly half (46.5%) have less than $20,000
  • Only 11.5% have $80,000 or more

The Bigger Picture
  • KiwiSaver has only existed since 2007 - today's retirees could have contributed for a maximum of 17-18 years
  • The 18-25 age bracket has the most members (442,166) - automatic enrolment is working
  • 5.8% of members are over 65 and keeping their funds invested (up from 5.0% in 2021)

​Our guide covers:
Know This First: What is KiwiSaver? What are the basics of it? How does it work?
KiwiSaver is designed for New Zealand citizens and permanent residents, with enrolment available from birth. When an eligible individual starts a new job, they're automatically enrolled in KiwiSaver, although they can opt out within a specified period. Members can choose between several KiwiSaver providers, each offering a range of funds to invest in. A few key characteristics of KiwiSaver include:

1) Contributions: Employers must contribute at least 3% to their employee's KiwiSaver account. Additionally, the government provides an annual member tax credit for qualifying members.

2) The Three Main Types of KiwiSaver Funds: KiwiSaver funds are typically designed with three risk/reward tolerances: growth, balanced, and conservative. The growth stage aims for higher returns by investing in riskier assets (predominantly shares). The balanced stage provides a mix of growth and income assets, while the conservative stage focuses on preserving capital by investing in low-risk assets like bonds and cash.

3) Retirement Withdrawal: KiwiSaver funds can be accessed when a member reaches the age of eligibility for New Zealand Superannuation, currently at 65 years. Members can withdraw their funds as a lump sum or in regular payments to supplement their retirement income. However, there are certain situations where members can withdraw their KiwiSaver early.

More details:

MoneyHub Founder Christopher Walsh shares his views on KiwiSaver (and the low balances currently invested):

MoneyHub Founder Christopher Walsh shares his views on KiwiSaver (and the low balances currently invested): 
"Our number crunching is designed to make sense of where KiwiSaver (as a program) is at (and where it should be going). I make no apology about being pro-KiwiSaver: I believe it is the only tool to ensure New Zealanders are properly equipped for retirement. For this reason, I believe it should also be compulsory.

However, what matters is where things are now. The good news is that younger New Zealanders (Generation Z and Millennials) have a significant KiwiSaver membership, with the 18-25 age group leading the pack. However, I don't believe KiwiSaver delivers sufficient balances for a comfortable retirement. For example, the average balance for those aged 61-65 sits at around $69,000, arguably a small nest egg.

Life expectancy in New Zealand is increasing, and there are potential discussions about extending the retirement age. Even if we don't see a change to 65, we need to prepare for a longer retirement and, therefore, more retirement savings.

We're in a cost of living crisis - I believe those aged between 40 and 50 will face challenges in accumulating sufficient KiwiSaver savings for retirement due to high household expenses, rising interest rates, and having less time for compounding returns. It's never too late to double down on KiwiSaver contributions, but getting in early makes a difference.

I'm pleased that the government is actively ensuring default KiwiSaver schemes encourage default fund members into more suitable funds. This means there's more hope for more young people to be in growth funds and, over time, maximise their balances.

Ensuring the right fund allocation, consistent contributions, and taking advantage of employer and government contributions are essential strategies for optimising KiwiSaver benefits".
Christopher Walsh
MoneyHub Founder

Why Does this KiwiSaver Analysis and Review Exist? What are the Key Findings?

Disclosures on the MJW Study
  • This guide draws heavily from the Melville Jessup Weaver (MJW) study, one of the most recent comprehensive studies analysing KiwiSaver balances and demographics.
  • However, despite MJW analysing a large sample size (almost 3 million KiwiSaver members), potential biases in the results may exist. Results should be interpreted with this in mind. The MJW study focused on average KiwiSaver balances. Averages tend to heavily skew graphs to the left or right (left-tailed or right-tailed). For example, average wealth or net worth balances tend to skew heavily to the right (right-tailed) due to the small percentage of people with outsized wealth or net worth (usually due to inheritances or other specific events).
  • The MJW study was based on survey data and will come with all the usual caveats when extrapolating from surveys. Note that the data below may not reflect actual KiwiSaver balances.
  • The data referenced in this guide isn’t intended to provide a full picture of everything related to KiwiSaver. Specifically, the MJW study should serve as a useful starting point for financial/saving discussions and prompt to consider their desired lifestyle post-retirement and whether their current KiwiSaver investment strategy will get them close enough to support that lifestyle.
  • Where possible, MoneyHub has attempted to show all sources.
  • Small discrepancies in the MJW dataset may exist as the gender of some members was not disclosed. For example, MJW data sometimes excluded members of unknown gender.
  • KiwiSaver has only been around since 2007, so this may be a potential reason why balances for older New Zealanders are not as large as you would expect under traditional retirement/pension savings schemes (like those in the United States or the United Kingdom).
  • MoneyHub has removed the 80+ age cohorts from the analysis below as the sample sizes were disproportionately smaller than other age brackets.
  • All $ figures are in New Zealand Dollars unless stated otherwise.

Key Findings - What You Need to Know:

Metric Value (December 2024)
Total KiwiSaver members 3,381,547 (IRD) / 3,286,614 surveyed (97%)
Total funds under management $121.86 billion
Average balance (all members) $37,079 (+16.5% YoY, +27.8% since 2021)
Average male balance $42,664
Average female balance $34,185 (20% less than males)
Gender gap $8,479 (males 25% higher)
Members aged 65+ 190,000 (5.8% of total)
Average balance at retirement (61-65) $69,104
Recommended retirement lump sum $600,000+ (Massey University)

The Bigger Picture - 2021 vs 2024

KiwiSaver has experienced significant growth in three years, but the gap to retirement adequacy remains substantial.

​Know This: Despite the 27.8% growth in average balances since 2021, the typical KiwiSaver balance of $37,079 remains a tiny fraction of the $600,000+ (or more per our guidance) recommended for a comfortable retirement. Even those aged 61-65 have an average of just $69,104, much less than what Massey University recommends.
Metric Dec 2021 Dec 2024 Change
Average balance $29,022 $37,079 +27.8%
Total members surveyed 2.84M 3.29M +15.8%
Total funds ~$82B $121.86B +48.6%
Members over 65 5.0% 5.8% +0.8pp
Gender gap (M/F ratio) 118% 125% +7pp
Average balance at retirement (61-65) $54,000 $69,104 +28.0%

KiwiSaver Members by Age Bracket

Key observations: Women make up 51% of total members but have 20% lower balances on average. This gap widens with age, peaking at 37% for the 56-60 age bracket (males have $77,426 vs females $56,584).
Age Total Female Male % Female % Male
17 and under 174,353 83,368 87,780 48.7% 51.3%
18-25 442,166 195,087 199,657 49.4% 50.6%
26-30 338,820 154,185 159,157 49.2% 50.8%
31-35 394,240 179,766 180,983 49.8% 50.2%
36-40 365,079 167,958 164,250 50.6% 49.4%
41-45 313,100 146,256 140,933 50.9% 49.1%
46-50 278,360 133,626 124,144 51.8% 48.2%
51-55 288,331 142,433 127,087 52.8% 47.2%
56-60 263,798 131,995 117,142 53.0% 47.0%
61-65 236,063 119,519 105,183 53.2% 46.8%
66-70 110,067 55,922 49,574 53.0% 47.0%
71-75 54,848 27,832 25,071 52.6% 47.4%
76-80 23,453 12,023 10,761 52.8% 47.2%
Total 3,286,614 1,551,789 1,493,606 51.0% 49.0%

Average KiwiSaver Balance by Age

Balances grow with age as contributions accumulate and investments compound - the gender gap is most pronounced in the 50-65 age range.

​Our View: The peak gender gap at 137% for ages 56-60 reflects career-long differences in earnings, contribution rates, and workforce participation. Women in this age group are approaching retirement with balances 37% lower than their male counterparts - a gap of $20,842 on average.
Age Total Average Female Average Male Average Male/Female Ratio
17 and under $3,286 $3,241 $3,305 102%
18-25 $10,028 $9,433 $11,507 122%
26-30 $19,803 $18,573 $22,135 119%
31-35 $24,075 $22,171 $27,664 125%
36-40 $30,437 $27,878 $35,482 127%
41-45 $39,641 $35,991 $46,210 128%
46-50 $50,192 $44,904 $58,867 131%
51-55 $58,940 $51,879 $69,959 135%
56-60 $65,006 $56,584 $77,426 137%
61-65 $69,104 $60,303 $81,753 136%
66-70 $64,929 $60,570 $72,896 120%
71-75 $66,634 $63,387 $73,190 115%
76-80 $66,505 $61,921 $73,399 119%
All Ages $37,079 $34,185 $42,664 125%

Distribution of KiwiSaver Balances by Age

This table shows what percentage of each age group falls into different balance brackets. A striking 31.9% of all members have less than $10,000 saved​.

​Concerning: Even at the 61-65 age bracket (retirement age), only 27.9% of members have $80,000 or more. Meanwhile, 15.1% are approaching retirement with less than $10,000 - essentially starting over or relying entirely on NZ Super.
Age $0-10k $10k-20k $20k-40k $40k-80k $80k+
17 & under 93.2% 3.5% 1.1% 0.2% 0.1%
18-25 54.6% 21.2% 11.7% 1.7% 0.1%
26-30 32.4% 20.5% 27.6% 11.2% 0.7%
31-35 31.1% 17.5% 23.0% 16.9% 2.9%
36-40 27.9% 15.7% 20.9% 19.1% 7.4%
41-45 24.0% 14.2% 19.7% 20.7% 13.1%
46-50 19.9% 12.5% 19.2% 22.4% 18.5%
51-55 17.3% 11.1% 18.4% 23.9% 22.7%
56-60 15.6% 10.1% 17.9% 24.9% 25.9%
61-65 15.1% 9.6% 17.5% 25.1% 27.9%
66-70 25.9% 11.4% 15.6% 18.9% 24.0%
71-75 29.1% 11.9% 16.3% 17.1% 22.1%
76-80 28.8% 12.1% 20.1% 16.3% 19.7%
All Ages 31.9% 14.6% 18.3% 16.4% 11.5%

Historical Average Balance Trends (2021-2024)

This table tracks how average balances have changed over the four MJW studies - the 2022 dip reflects poor market performance that year.

Know This: 2024's strong returns (average balance up 16.5% YoY) reflect exceptional sharemarket performance. This shouldn't be expected every year. Long-term, KiwiSaver growth funds have averaged 7-9% annually, while balanced and conservative funds average less.
Year (Dec) All Members Female Male M/F Ratio
2021 $29,022 $26,609 $31,467 118%
2022 $27,379 $24,896 $29,852 120%
2023 $31,823 $29,291 $36,605 125%
2024 $37,079 $34,185 $42,664 125%
3-Year Change +27.8% +28.5% +35.6% +7pp

Must-Know Facts About KiwiSaver Segmented By Age

Important: Comparison is the thief of joy. Don’t fret if your KiwiSaver Balance is lower than the average for your age bracket.

Our view:
  • While it can be useful to check in on how you're doing relative to some benchmark (other New Zealanders, medians, averages, etc.) to maintain motivation, the best person you should compare yourself to is you yesterday, not other New Zealanders today.
  • While it can be useful to understand what other New Zealanders in similar situations earn (to ensure you're not getting underpaid), every person will be in a unique financial situation.
  • If comparisons to others are only causing you anxiety and stress, try to focus on comparing yourself to yourself from a few years ago rather than others.
  • Try not to be discouraged when comparing your KiwiSaver balance to others. It doesn't mean you're worse off if you've got a lower KiwiSaver balance than the average displayed in the graphs above. There is a number of reasons why your numbers could be different from the balances displayed:
  1. You contributed a higher or lower percentage (e.g. 3% vs 5% vs 8% vs 10%) during your career.
  2. Your employer contributed the bare minimum of 3% (compared to other employers who may match a higher matching KiwiSaver rate).
  3. You decided to invest in a different investment vehicle (such as a house, share investing platform or term deposit) to grow your wealth outside of KiwiSaver.

Differences between your KiwiSaver balance and the average for your age range based on the graph can potentially be attributed to several factors, including:
  • Withdrawals for first home deposits
  • Withdrawals for hardship
  • Savings suspensions
  • Taking out your KiwiSaver due to moving abroad (then returning to New Zealand and restarting contributions)
  • New Zealanders may not have been participating in the scheme since it launched in 2007

​Remember that KiwiSaver is just one way for you to build your wealth. KiwiSaver is almost always a secondary wealth generation vehicle for New Zealanders (compared to home ownership, investing or term deposits).

To help make sense of our KiwiSaver balance-by-age analysis, our must-know facts and figures are as follows:

1. Prepare to need more KiwiSaver funds to pay for your retirement (when you eventually hit retirement age):

New Zealanders live longer than ever before, with current life expectancy in New Zealand at just over 82 years (and young New Zealanders in the Generation Z or Millennial age brackets are likely to live even longer than that). However, it's also likely that the retirement age of 65 will get pushed out when young New Zealanders ultimately hit retirement age per our Treasury report analysis. This suggests younger New Zealanders will likely live longer than ever and need more money to fund their retirement. 

2. New Zealanders in the 40 - 50 age bracket may be the most challenged age cohort (from a KiwiSaver perspective):

  • ​The data suggests that New Zealanders in their 40s might have difficulty putting away enough KiwiSaver savings for retirement.
  • New Zealanders in their 40s typically deal with high household expenses, with children at home and, if they're homeowners, rising interest rates on their mortgage payments.
  • If they're renters, their rent is likely increasing (coupled with rising food inflation).
  • This group also has less time to benefit from KiwiSaver's compounding returns before retirement compared to younger cohorts in their 20s or 30s. 

3. Most KiwiSaver balances are significantly lower than the suggested amount for a comfortable retirement:

Most KiwiSaver balances across age cohorts <65 average less than $60,000. This figure is well below the New Zealand Retirement Expenditure Guidelines set out by Massey University, which recommends a range of sums for a single-person household to live comfortably and have options in retirement in a metropolitan city.

4. It's common for New Zealanders to "let their KiwiSaver ride" after age 65:

According to 2024 data from ANZ's research division, 71% of individuals who turned 65 in the year leading up to April did not withdraw any funds from their KiwiSaver account. Meanwhile, 17% partially withdrew, and 12% withdrew their entire savings.

5. Regardless of how distant retirement might seem, it’s extremely important to plan your retirement:

The current pressure on many Kiwi households due to rising living costs is not to be overlooked. However, there are a few steps New Zealanders can take to better prepare for their future whilst ensuring stability in the present:
  • Ensure you’re enrolled in the right fund that aligns with your age and risk profile.
  • Aim to contribute as regularly as you can (without sacrificing the standard of living in the present).
  • Take full advantage of any company matching (especially if your company offers >3% match).
  • Don’t miss out on the yearly government contribution.

6. Overseas countries with higher savings rates are likely to have far higher retirement balances:

​While we can't go back in time to introduce KiwiSaver in the early 1990s like Australia did with their superannuation, increasing the base savings rate could be beneficial. Australians have a far higher mandatory contribution (and employer match) rate, and Australia's superannuation system is mandatory for all Australians (compared to the optional "opt-out" for KiwiSaver).

7. Don't be disheartened if you're below your age bracket's average KiwiSaver balance:

Just because your KiwiSaver balance varies from the averages in this guide doesn't mean you're on the wrong track. However, suppose you feel you're not keeping up with peers in your same age bracket and want to grow your KiwiSaver balance faster. In that case, it may be helpful to consider increasing the amount you contribute to your KiwiSaver, changing industries or jobs to get a higher salary, or picking up a side hustle to increase your income.
​
For a deeper dive into these areas, check out our definitive guides:

Frequently Asked Questions Related to KiwiSaver Balances by Age

How much should I have in my investment or KiwiSaver accounts at different ages?

While there's no one-size-fits-all target, these milestones can help benchmark your progress. These assume consistent contributions and are based on having approximately 10x your annual salary saved by retirement.
Age Target (x Salary) Example ($70k salary) Actual Average (2024)
30 1x annual salary $70,000 $19,803 (28% of target)
40 3x annual salary $210,000 $30,437 (14% of target)
50 6x annual salary $420,000 $50,192 (12% of target)
60 8x annual salary $560,000 $65,006 (12% of target)
65 10x annual salary $700,000 $69,104 (10% of target)
Important: These milestones assume KiwiSaver is your primary retirement savings. Many New Zealanders also have home equity, other investments, or expect inheritances. The gap between targets and actual averages also reflects KiwiSaver's relative youth as a scheme.

How can I increase my KiwiSaver savings?

There are several ways to increase your KiwiSaver savings:
  • Increase your contribution rate: Boosting your contribution rate from a minimum of 3% to a higher percentage, such as 4%, 6%, 8% or 10%, can significantly impact your savings over time - you can see how this affects your after-tax earnings by using our PAYE calculator. Evaluate your financial situation and determine how much you can comfortably contribute without compromising your current lifestyle.
  • Make voluntary contributions: Besides your regular contributions, consider making voluntary lump-sum payments or adding regular additional contributions. This will help accelerate your savings growth and take advantage of compounding.
  • Choose the right fund: Ensure that your chosen fund aligns with your risk tolerance and investment goals. Periodically review your fund's performance and assess whether it suits your needs.
  • Maximise government incentives: Contribute at least $1,042.86 per year to your KiwiSaver account to receive the maximum annual member tax credit of $521.43.

Can I access my KiwiSaver funds in case of financial hardship?

In certain circumstances, you may be able to access your KiwiSaver funds if you're experiencing significant financial hardship. To qualify, you must demonstrate that you cannot meet essential living expenses, mortgage repayments on your principal family residence, or the cost of medical treatment for yourself or a dependent.
​
To access your KiwiSaver funds due to financial hardship, you'll need to apply to your KiwiSaver provider, who will assess your application based on the criteria set by the government. Remember that the withdrawal amount will be limited to the minimum required to alleviate your hardship.

Why are women's KiwiSaver balances lower than men's?

Several factors contribute to the 25% gap - the gender pay gap means lower dollar contributions, career breaks for caregiving reduce the number of contribution years, and women are more likely to work part-time. The gap is widest (37%) at ages 56-60.​

Why did average balances drop in 2022?

2022 saw poor global sharemarket performance, which directly impacts growth and balanced KiwiSaver funds. The average balance fell from $29,022 (2021) to $27,379 (2022) - a 5.7% decline. This demonstrates the importance of staying invested through market downturns rather than switching to conservative funds at the wrong time.
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