By Marcus Wild
Across the country, over 3.4 million people now have a KiwiSaver account, holding a combined $138 billion between them.
That $41,286 figure is an average, not a typical amount. A relatively small number of large, long-held balances pull it upward, so most people's actual balance sits lower.
If yours is under $41,286, you're not alone — which is exactly why the breakdown by age below is more useful than the national number on its own.
What’s the average KiwiSaver balance by age in NZ?
Your age is the single biggest factor in what a 'normal' KiwiSaver balance looks like, because balances build through years of contributions plus compounding investment returns. The chart below shows the average KiwiSaver balance by age band in New Zealand, as at 31 December 2025:
Why do KiwiSaver balances increase so much with age?
Compounding investment returns and time invested in the scheme are the two forces driving higher balances among older KiwiSaver members. Investment returns earn further returns year after year, and the longer your savings have been invested, the more time they've had to compound. Older members have also generally been contributing for longer, often since KiwiSaver launched in 2007.
Compounding is the more powerful force over the long run, which is why the gap between age bands widens rather than staying constant: a balance that's been invested for 25 years has had far more time to compound than one invested for five.
It's also why starting early matters so much. The contributions you make in your twenties have decades to grow, so they often do more heavy lifting than contributions made later in life, even if the dollar amounts are smaller.
To illustrate: using Hive's KiwiSaver Calculator with a consistent scenario — a $72,000 starting salary growing at 3.5% each year, a growth fund, the minimum contribution rate, retiring at 65, in today's dollars — someone starting at age 22 could reach an estimated $488,446 by 65. Wait ten years to start and you're down to an estimated $427,233 — about $61,000 less. Wait twenty years, and it drops to an estimated $339,444 — roughly $149,000 less.
That's the cost of lost time, not lost effort. Even with a higher salary, the later starters can't make up for the lost years of contributions and compounding.
| Starting age | Estimated balance at 65 (today’s dollars) |
|---|---|
| Start at 22 43 years of contributions |
$488,446
|
| Start at 32 33 years of contributions |
$427,233
−$61,213
|
| Start at 42 23 years of contributions |
$339,444
−$149,002
|
Source: Hive KiwiSaver Calculator. Illustrative example only, based on a $72,000 starting salary increasing at 3.5% each year, growth fund, minimum contribution rate, retiring at 65, with inflation taken into account (today's dollars). This is a projection, not a guarantee — actual investment returns will vary, and past or projected performance is not a reliable indicator of future performance. See more about the calculator and its assumptions here.
Is there a gender gap in KiwiSaver balances?
Yes, as at 31 December 2025, the average male KiwiSaver balance was $47,452, compared with $38,212 for women — a 24% gap, or $9,240. Restricted to working ages 18–65, the gap widens slightly to 26%.
The gap isn't fixed — it grows through people's working lives. It starts small at 3% for members aged 17 and under, climbs through the 20s and 30s, and peaks at 36% for the 56–60 age band (a $22,607 difference), before gradually narrowing again after 65.
This tracks closely with gendered differences in earnings and paid-work patterns — including career breaks and part-time work — that compound over time, even though women are actually slightly more likely than men to be contributing at all (71.3% versus 68.8%).
The KiwiSaver gender gap by age
On average, men’s balances are 24% higher than women’s ($47,452 vs $38,212). The gap grows through working life, peaking at 36% for ages 56–60.
View the data
| Age band | Women | Men | Gender gap |
|---|---|---|---|
| 17 and under | $3,466 | $3,557 | 3% ($91) |
| 18–25 | $10,035 | $12,116 | 21% ($2,081) |
| 26–30 | $20,014 | $23,891 | 19% ($3,877) |
| 31–35 | $24,279 | $29,991 | 24% ($5,712) |
| 36–40 | $30,328 | $38,430 | 27% ($8,102) |
| 41–45 | $39,498 | $50,000 | 27% ($10,502) |
| 46–50 | $49,355 | $64,145 | 30% ($14,790) |
| 51–55 | $58,221 | $77,614 | 33% ($19,393) |
| 56–60 | $63,556 | $86,163 | 36% ($22,607) |
| 61–65 | $68,108 | $91,810 | 35% ($23,702) |
| All ages | $38,212 | $47,452 | 24% ($9,240) |
How is the wider KiwiSaver system tracking?
New Zealanders contributed $13.2 billion into KiwiSaver (up 8.2%), while members withdrew $6.8 billion (up 15.7%) — largely for first homes and retirement.
Zooming out from individual balances, the FMA's KiwiSaver Annual Report 2026 (year to 31 March 2026) tracks the money moving through the system as a whole. More went in than came out this year — exactly the direction we want to see.
The schemes generated $10.7 billion in gross investment returns (returns before fees and tax) over the year, up from $6.4 billion the year before. Members paid a total of $978.2 million in fees across all providers.
NZ KiwiSaver: key statistics at a glance
KiwiSaver reached a record $138.8 billion, and $6.4 billion more went in than came out.
- Funds under management
- $138.8b
- Up 12.8%, a record high
- Members
- 3.44m
- 112,471 new members joined
- Contributions
- $13.2b · up 8.2%
- Withdrawals
- $6.8b · up 15.7%
- Net inflow
- +$6.4b
- More went in than came out, keeping KiwiSaver in its growth phase.
- First homes
- $2.2b
- More than 50,000 members, a record
- Retirement (65+)
- $3.3b
- Just over 30,000 members made a full withdrawal
- Investment returns
- $10.7b
- Before fees and tax, up from $6.4bn last year.
- Fees paid by members
- $978.2m
- Up 12.6%, across all providers
Is my KiwiSaver balance 'on track'?
The honest answer is that 'average for your age' is a starting reference point, not a target. What actually matters is whether your balance is on track for your goal — whether that's a first-home deposit in a few years or a comfortable retirement decades away.
Two people the same age can have very different goals, and different timeframes to reach them, so there's no single 'right' balance to aim for.
A more useful approach is to set a specific goal with a timeframe and track your progress toward it. Hive is built around exactly this: tracking your KiwiSaver balance alongside clear goals so you can see where you stand and adjust as life changes. If you're unsure whether you're on track, this is a good moment to talk to an Adviser.
How can I grow my KiwiSaver balance faster?
The main levers within your control are how much you contribute, your fund choice, and capturing the government contribution.
Contribution rate
If you're an employee, increasing your contribution rate — from 3.5% up to 4%, 6%, 8%, or 10% of pay — directly adds to your balance. If you're self-employed or not currently earning a wage or salary, you can still grow your balance by making voluntary contributions directly into your account.
Fund choice
Fund choice makes a bigger difference than many people expect. Using Hive's KiwiSaver Calculator with a consistent scenario — a $72,000 salary, 3.5% contribution rate, starting at 22 and retiring at 65 — the projected balance ranges from an estimated $264,412 in a Defensive fund up to $613,784 in an Aggressive fund, with Balanced and Growth landing in between.
Funds with more growth assets tend to earn more over the long run, but with more ups and downs along the way — so the right fit depends on your timeframe and your comfort with that movement.
| Fund type | Projected balance at 65 (today’s dollars) |
|---|---|
| Defensive |
$264,412
|
| Conservative |
$320,453
|
| Balanced |
$393,238
|
| Growth |
$488,446
|
| Aggressive |
$613,784
|
Source: Hive KiwiSaver Calculator. Illustrative example only, based on a 22-year-old member with a $72,000 starting salary, minimum contribution rate, retiring at 65, with inflation taken into account (today's dollars). This is a projection, not a guarantee — actual investment returns will vary, and past or projected performance is not a reliable indicator of future performance. See more about the Calculator and its assumptions here.
Government contribution
Then there's one of the easiest wins of all (although eligibility criteria do apply): contribute at least $1,042.86 of your own money each KiwiSaver year, and the government adds up to $260.72 on top — effectively free money added straight to your balance.
KiwiSaver by the numbers: FAQs
How many people are in KiwiSaver?
3,432,341 members as at December 2025, according to Inland Revenue.
What is the average KiwiSaver balance in New Zealand?
$41,286 as at 31 December 2025, according to Te Ara Ahunga Ora Retirement Commission's KiwiSaver Balances policy brief (May 2026).
Is the average KiwiSaver balance the same as the typical balance?
No. The $41,286 figure is a mean, which is pulled up by high-balance members. The median (typical) balance is generally lower.
Why is my KiwiSaver balance lower than average if I'm young?
Younger members have had fewer years of contributions and compounding growth, so lower balances are completely normal. Time is your biggest advantage.
Does starting KiwiSaver earlier make a big difference?
Yes. Someone starting at 22 could reach an estimated $488,446 by 65 — compared with $427,233 starting at 32, and $339,444 starting at 42 (based on Hive’s KiwiSaver Calculator). The gap comes down to time, not effort.
Is there a gender gap in KiwiSaver balances?
Yes. The average male balances were $47,452 versus $38,212 for women — a 24% gap overall, widening to 36% at ages 56–60 as at 31 December 2025.
How much was paid in KiwiSaver fees nationally?
$978.2 million across all providers in the year to 31 March 2026, according to the FMA. It is important to understand what your fees cover, and that KiwiSaver fund performance is typically shown after fees have been taken into account.
Did KiwiSaver balances grow last year?
Gross investment returns were $10.7 billion, up from $6.4 billion the previous year, alongside record contributions of $13.2 billion (FMA, year to 31 March 2026).
How can I grow my KiwiSaver balance faster?
The main levers are your contribution rate, your fund choice, and the government contribution. Employees can increase their contribution rate (from 3.5% up to 4%, 6%, 8%, or 10% of pay); self-employed or non-earning members can make voluntary contributions. If you’re eligible, contributing at least $1,042.86 a year also unlocks up to $260.72 in government contribution.
Does fund choice affect my KiwiSaver balance?
Yes, significantly. Using the same calculator scenario, a defensive fund projects to an estimated $264,412 by 65, compared with $613,784 in an aggressive fund — a difference of over $349,000.
This article is general information only and not personalised financial advice. Balance-by-age and gender-gap statistics are sourced from Te Ara Ahunga Ora Retirement Commission's KiwiSaver Balances at 31 December 2025 policy brief (May 2026). System-wide contribution, withdrawal, and fee figures are sourced from the FMA's KiwiSaver Annual Report 2026 (year to 31 March 2026). KiwiSaver account balance projections are sourced from the Hive KiwiSaver calculator. Projections are not guaranteed — actual investment returns will vary, and past or projected performance is not a reliable indicator of future performance. See more about the calculator and its assumptions here.
