KiwiSaver Statistics Explained - What 3.4 Million New Zealanders Have Saved for Retirement
Our guide explains KiwiSaver membership, contributions, withdrawals and returns using official IRD and FMA data and outlines what you need to know
Updated 5 January 2026
Summary
To explain what you need to know, our guide covers:
- The Financial Markets Authority (FMA) and Inland Revenue (IRD) publish comprehensive KiwiSaver statistics annually. This guide combines both official data sources - the FMA KiwiSaver Annual Report 2025 (to 31 March 2025) and IRD statistics (to 30 June 2025) - to provide New Zealand's most complete picture of KiwiSaver.
- MoneyHub updates this guide when new data is released - while there are some comparisons to previous reporting years, the focus is on building an understanding of KiwiSaver membership, contributions, withdrawals, and investment performance in the most recent 12 months.
- While this guide is comprehensive, each section is designed to stand on its own - you can read it start-to-finish or jump directly to the parts most relevant to you.
- Important: Minor variations exist between IRD and FMA figures due to different reporting periods (June vs March year-end) and methodologies. Both sources are official government data - this guide uses the most appropriate source for each metric.
To explain what you need to know, our guide covers:
Key Findings - The Headline Numbers
The Bigger Picture - What You Need to Know
- Total KiwiSaver members: 3,405,406 - approximately 64% of New Zealand's population are enrolled in KiwiSaver, up from 1.97 million in 2012
- Total funds under management: $123.1 billion - nearly doubled from $62 billion just five years ago
- Average balance per member: $36,349 - up 8.5% from the previous year, though this masks significant variation between long-term and recent members
- Annual contributions: $12.2 billion - members contributed $7.8b (64%), employers $3.4b (28%), government $1.0b (8%)
- Annual withdrawals: $5.9 billion - retirement withdrawals ($3.0b) now exceed first home ($1.8b) and hardship ($444m)
- The participation gap: 1.6 million members (47%) made no contributions in the most recent reporting period - up from 20% in 2010
- Net investment returns: $6.4 billion - down from $13.1b in 2024 but still positive
- Total fees paid: $868.5 million - representing 0.70% of FUM, down from 1.10% in 2012 (led by the popularity of low-fee index schemes like Simplicity, Kernel and InvestNow's offerings).
The Bigger Picture - What You Need to Know
- KiwiSaver has matured from savings to retirement: With nearly 300,000 members having retired and 85,000 members now aged 70+, KiwiSaver is no longer just about accumulating savings - it's now actively funding retirements
- Almost half of members aren't contributing: This is the scheme's biggest challenge. Of 3.4 million members, 1.6 million made no contributions. While some non-contribution is expected (children, retirees, those between jobs), the FMA foreword explicitly states 30% of members aged 18–65 were not contributing (up from ~20% in 2010).
- Most contributors stick with the minimum: Of those who do contribute, 65% are on the 3% minimum rate. Only 12% contribute 8% or more. This suggests many New Zealanders may be undersaving for retirement.
- New Zealanders have shifted to growth investments: In 2015, 40% of KiwiSaver was in conservative funds. Today it's just 16%. Growth funds have surged from 28% to 48% of all assets - this is a significant behavioural shift toward understanding long-term investing.
- Hardship withdrawals are a warning sign: Financial hardship withdrawals jumped 68% to $471 million (45,870 people). Hardship applications now outnumber first home purchases. This is a stark indicator of economic stress.
- Fees have dropped significantly: Average fees have fallen from 1.10% of FUM in 2012 to 0.70% in 2025. On $123 billion, that 0.40% difference saves members nearly $500 million annually.
- Members are more engaged than ever: Provider transfers hit 175,000 (exceeding new member growth), and 380,000 fund switches occurred as New Zealanders look for the 'best' scheme for their needs.
Key Statistics at a Glance
Key data is presented below, and discussed in detail in the relevant sections:
Key data is presented below, and discussed in detail in the relevant sections:
| Statistic | Value |
|---|---|
| Total KiwiSaver members | 3,405,406 |
| Total funds under management | $123.1 billion |
| Average balance per member | $36,349 |
| Annual contributions | $12.2 billion |
| Annual withdrawals | $5.9 billion |
| Net investment returns (FY2025) | $6.4 billion |
| Total fees paid | $868.5 million |
| Fees as % of FUM | 0.70% |
| Members not contributing | 1,606,752 (47%) |
| Members on 3% contribution rate | 1,164,017 (65% of contributors) |
| Cumulative retirements | 299,087 |
| First home withdrawals (annual) | $1.86 billion (43,600 people) |
| Hardship withdrawals (annual) | $471 million (45,870 people) |
| Provider transfers (annual) | 175,000+ |
| Number of KiwiSaver schemes | 38 |
Understanding Who's in KiwiSaver
KiwiSaver has grown from under 2 million members in 2012 to over 3.4 million today. This represents approximately 64% of New Zealand's total population - one of the highest retirement savings participation rates in the world. The scheme's automatic enrolment through employment has been key to this success.
Membership Growth Since 2012
| Year | Total Members |
|---|---|
| June 2012 | 1,966,444 |
| June 2016 | 2,642,068 |
| June 2020 | 3,054,734 |
| June 2024 | 3,360,043 |
| June 2025 | 3,405,406 |
Which Age Groups Have the Most Members?
Our table reveals all:
| Age Group | Members | % of Total |
|---|---|---|
| 25-34 years | 739,929 | 21.7% |
| 35-44 years | 736,662 | 21.6% |
| 45-54 years | 590,728 | 17.3% |
| 55-64 years | 537,501 | 15.8% |
| 18-24 years | 393,064 | 11.5% |
| 65+ years | 237,634 | 7.0% |
| 0-17 years | 169,409 | 5.0% |
KiwiSaver Participation by Region
When we compare KiwiSaver membership to regional populations, some interesting patterns emerge. Canterbury and Wellington have the highest participation rates at around 73-74% of their population enrolled, while Auckland - despite having the most members in absolute terms - has one of the lower participation rates at 66%.
| Region | KiwiSaver Members | Est. Population | Participation Rate |
|---|---|---|---|
| Canterbury | 433,840 | ~595,000 | 73% |
| Wellington | 358,576 | ~490,000 | 73% |
| Otago | 153,448 | ~215,000 | 71% |
| Waikato | 310,676 | ~450,000 | 69% |
| Bay of Plenty | 211,050 | ~315,000 | 67% |
| Auckland | 1,152,919 | ~1,740,000 | 66% |
| Northland | 112,578 | ~175,000 | 64% |
| Hawke's Bay | 113,110 | ~180,000 | 63% |
Know This: The higher participation rates in Canterbury and Wellington may reflect stronger employment markets, higher average incomes, and greater financial literacy in these regions. Auckland's lower rate could be influenced by higher cost of living pressures and a more transient population.
How Much Money is in KiwiSaver
Total KiwiSaver assets reached $123.1 billion as at March 2025. To put this in perspective: KiwiSaver now represents approximately 28% of New Zealand's GDP ($436 billion). The scheme has nearly doubled in size over just five years.
Growth of KiwiSaver Assets
| Year | Total Funds Under Management |
|---|---|
| 2015 | $33.8 billion |
| 2018 | $50.9 billion |
| 2020 | $62.0 billion |
| 2023 | $96.7 billion |
| 2025 | $123.1 billion |
The Shift to Growth Investments
Perhaps the most significant trend in KiwiSaver over the past decade has been New Zealanders' shift away from conservative investments toward growth funds. This represents a major change in investment behaviour - Kiwis now understand that long-term investors typically benefit from higher-risk, higher-return strategies.
| Fund Type | 2015 | 2025 |
|---|---|---|
| Growth Funds | 28.3% | 47.5% |
| Balanced Funds | 24.5% | 28.1% |
| Conservative Funds | 40.4% | 16.2% |
| Cash/Other | 6.8% | 8.2% |
KiwiSaver Contributions - Who Puts What In
Total contributions reached $12.2 billion in the year to March 2025. Member contributions make up the largest share at 64%, followed by employer contributions (28%) and the government contribution (8%). Annual contributions have grown from just over $1 billion in 2008 to nearly $11 billion today.
Contribution Sources
| Source | Amount | % of Total |
|---|---|---|
| Member Contributions | $7.8 billion | 64% |
| Employer Contributions | $3.4 billion | 28% |
| Government Contribution | $1.0 billion | 8% |
| Total | $12.2 billion | 100% |
What Contribution Rate Do People Choose?
Members can contribute 3%, 4%, 6%, 8%, or 10% of their gross salary. The overwhelming majority - nearly two-thirds - stick with the 3% minimum. Only 12% of contributors have chosen the higher rates of 8% or 10%.
| Contribution Rate | Number of People | % of Contributors |
|---|---|---|
| 3% (minimum) | 1,164,017 | 64.7% |
| 4% | 304,488 | 16.9% |
| 6% | 123,925 | 6.9% |
| 8% | 101,016 | 5.6% |
| 10% | 105,208 | 5.8% |
KiwiSaver Withdrawals - Where the Money Goes
Total withdrawals reached $5.9 billion in the year to March 2025, up 17% from the previous year. As KiwiSaver matures, retirement withdrawals are becoming the dominant category, though first home purchases and financial hardship are significant secondary uses.
| Category | Amount | Number | Average |
|---|---|---|---|
| Retirement (65+) | $3.0 billion | 31,470 | $95,300 |
| First Home Purchase | $1.8 billion | 42,811 | $42,000 |
| Financial Hardship | $444 million** | 44,099 | $10,058 |
| Other* | $0.7 billion | Various | -- |
*Other includes death, serious illness, permanent emigration, and court-ordered withdrawals
**FMA data to March 2025; IRD data to June 2025 shows $471 million for Hardship
**FMA data to March 2025; IRD data to June 2025 shows $471 million for Hardship
The Hardship Warning Sign
Financial hardship withdrawals have increased dramatically - up 68% in the past year alone. Notably, financial hardship applications (45,870) now outnumber first home purchase withdrawals (42,811). While first home withdrawals are worth 4x more in dollar terms, the number of New Zealanders turning to their KiwiSaver in financial distress is a concerning economic indicator.
| Year | Amount | Number of People |
|---|---|---|
| 2019 | $104 million | 16,720 |
| 2021 | $148 million | 19,940 |
| 2023 | $173 million | 20,600 |
| 2024 | $301 million | 32,480 |
| 2025 | $471 million | 45,870 |
Understanding the KiwiSaver Participation and Contribution Problem
The FMA foreword explicitly states 30% of members aged 18–65 were not contributing (up from ~20% in 2010).
Important Context for Tables A and B below
The tables below show contribution activity for all KiwiSaver members (total 3,385,856 as at 31 March 2025). This includes groups for whom zero contributions are normal:
As a result, the overall non-contribution rate of ~40% (including those on savings suspension) is inflated by these legitimate cases and is not the key concern highlighted by the regulator.
The FMA foreword specifically points to 30% of working-age members (aged 18–65) not contributing as the main area for improvement (up from ~20% in 2010). This adjusted figure better reflects the real participation challenge among those who are typically in the workforce and building retirement savings.
Our View: Non-contribution among working-age adults can still occur for valid short-term reasons (e.g. between jobs, parental leave, or overseas). Still, prolonged periods without contributions may impact long-term retirement outcomes.
Important Context for Tables A and B below
The tables below show contribution activity for all KiwiSaver members (total 3,385,856 as at 31 March 2025). This includes groups for whom zero contributions are normal:
- Children under 18 (approximately 5% of members) – most do not contribute as they are not in paid employment.
- Members aged 65+ (approximately 7% of members) – many have retired, are no longer earning employment income, and are eligible to withdraw funds rather than add to them.
As a result, the overall non-contribution rate of ~40% (including those on savings suspension) is inflated by these legitimate cases and is not the key concern highlighted by the regulator.
The FMA foreword specifically points to 30% of working-age members (aged 18–65) not contributing as the main area for improvement (up from ~20% in 2010). This adjusted figure better reflects the real participation challenge among those who are typically in the workforce and building retirement savings.
Our View: Non-contribution among working-age adults can still occur for valid short-term reasons (e.g. between jobs, parental leave, or overseas). Still, prolonged periods without contributions may impact long-term retirement outcomes.
Table A - Who's Contributing vs Who Isn't
| Status | Members | % of Total |
|---|---|---|
| Contributing Members | 2,010,036 | 59.4% |
| Not Contributing (not suspended) | 1,264,451 | 37.3% |
| On Savings Suspension | 111,369 | 3.3% |
| Total | 3,385,856 | 100% |
Table B - Why Don't People Contribute?
| Time Since Last Contribution | Number of Members |
|---|---|
| 1 year or less | 326,478 |
| 1-2 years | 188,067 |
| 2-3 years | 144,595 |
| 3-5 years | 212,094 |
| More than 5 years | 393,217 |
Important: Nearly 400,000 members haven't contributed in over 5 years. Many of these accounts may belong to people who have moved overseas, changed to non-enrolled employment, or simply opted out of contributing.
Investment Returns and Fees
How Have KiwiSaver Investments Performed?
KiwiSaver funds generated $6.4 billion in net investment returns in the year to March 2025. Returns have been positive in eight of the past ten years, demonstrating KiwiSaver's capacity to grow member balances over time despite periodic market volatility.
| Year | Net Investment Returns |
|---|---|
| 2020 | -$2.1 billion |
| 2021 | +$13.5 billion |
| 2022 | -$5.6 billion |
| 2023 | +$4.9 billion |
| 2024 | +$13.1 billion |
| 2025 | +$6.4 billion |
What Do Fees Cost?
Total fees reached $868.5 million (0.70% of FUM). The good news is that fees as a percentage of assets have fallen significantly over time - from 1.10% in 2012 to 0.70% today. On $123 billion in assets, that 0.40% reduction saves members approximately $490 million annually compared to 2012 fee levels.
| Year | Total Fees | % of FUM |
|---|---|---|
| 2012 | $198 million | 1.10% |
| 2016 | $343 million | 0.94% |
| 2020 | $513 million | 0.81% |
| 2024 | $789 million | 0.71% |
| 2025 | $868.5 million | 0.70% |
Frequently Asked Questions
What is the average KiwiSaver balance?
The average (mean) KiwiSaver balance is $36,349 as at March 2025. However, this figure is heavily skewed by long-term members with high balances. A more useful measure might be to consider that someone who has contributed 3% (plus 3% employer) of the median income ($60,000) since KiwiSaver began in 2007 would have accumulated approximately $55,000-65,000 depending on their fund choice - so many newer or intermittent members have significantly less than the 'average'.
Our guide on average KiwiSaver balances explains more.
Our guide on average KiwiSaver balances explains more.
How many New Zealanders are in KiwiSaver?
3,405,406 people are enrolled in KiwiSaver as at June 2025. This represents approximately 64% of New Zealand's total population of 5.3 million. However, only 53% of members (1.8 million) are actively contributing - the rest are children, retirees, between jobs, or have otherwise stopped making contributions.
What percentage of New Zealanders have KiwiSaver?
About 64% of all New Zealanders are KiwiSaver members. If we look only at working-age adults (18-64), the participation rate is approximately 76%. Participation varies by region - Canterbury and Wellington have the highest rates at around 73%, while Auckland is slightly lower at 66% of the regional population.
How much should I have in KiwiSaver by age 30/40/50?
There's no official benchmark, but a rough guide: if you've contributed consistently at 3% (plus 3% employer) since age 18 on median wages, you might have around $25,000-30,000 by age 30, $70,000-90,000 by age 40, and $150,000-200,000 by age 50. These figures assume average investment returns and no withdrawals. First home withdrawals obviously reduce these balances significantly - the average first home withdrawal is $42,000.
Our guide on average KiwiSaver balances by age explains more.
Our guide on average KiwiSaver balances by age explains more.
What's the most common KiwiSaver contribution rate?
The 3% minimum rate is by far the most common, used by 65% of contributing members (1.16 million people). The next most common is 4% (17%), followed by 6% (7%), 10% (6%), and 8% (6%).
What happens to KiwiSaver when I turn 65?
Once you turn 65 and have been a member for at least 5 years, you can withdraw your entire balance tax-free. You can take it as a lump sum, leave it invested, or draw it down gradually. About 85,000 members are aged 70+ and many choose to keep their funds in KiwiSaver as a retirement income stream rather than withdrawing everything at once. In 2025, 31,470 retirees withdrew $3.0 billion - an average of $95,300 each.
Our guide to using KiwiSaver in retirement explains more.
Our guide to using KiwiSaver in retirement explains more.
How do I change my KiwiSaver provider?
You can switch providers at any time with no exit fees. Simply sign up with your new provider and they'll arrange the transfer from your old provider. The process typically takes 10-20 business days and your money remains invested throughout.
What's the difference between growth and conservative KiwiSaver funds?
- Growth funds invest predominantly in shares (typically 70-90%) and are higher risk but historically deliver higher long-term returns.
- Conservative funds invest mainly in bonds and cash (typically 70-90%) with lower risk but lower expected returns.
In 2015, 40% of KiwiSaver was in conservative funds; today it's just 16%, while growth funds have increased from 28% to 48%. This reflects growing understanding that younger members with decades until retirement can typically afford to take more investment risk.
Can I opt out of KiwiSaver?
If you're auto-enrolled through employment, you have 2-8 weeks to opt out. After that, you're locked in (though you can take a savings suspension if you've been a member for 12+ months). About 187,735 people currently have opt-out status. People opt out for various reasons including self-employment, existing retirement schemes, or needing the cash flow.
Where does this data come from?
This guide combines two official sources:
- Inland Revenue (IRD) Annual KiwiSaver Statistics - Data current to 30 June 2025. Covers membership, contributions, withdrawals, demographics, and regional data collected through the tax system. Available at ird.govt.nz
- Financial Markets Authority (FMA) KiwiSaver Annual Report 2025: Data current to 31 March 2025. Covers funds under management, investment returns, fees, provider statistics, and regulatory insights. Available at fma.govt.nz
- Stats NZ population estimates: Used for regional participation rate calculations.
Related Guides
- NZ Household Wealth Statistics
- Favourite KiwiSaver Funds
- PAYE Tax Calculator (including KiwiSaver contributions)
- NZ Super Rates
