No shift on KiwiSaver balance gender gap
The average KiwiSaver balance at Dec 31 2023 was $31,823, an increase of 16.2% ($4,444) from the previous year, shows research by Melville Jessup Weaver (MJW) for Te Ara Ahunga Ora Retirement. The increase reflects the strong recovery the financial markets experienced over 2023.
The average balance for men grew 16.2% (by $5,109) and 16.6% (by $14,147) for women. However, the gap between the average balances of men ($36,605) and women ($29,291) remained at 25% ($7,314).
Te Ara Ahunga Ora policy lead Dr Michelle Reyers says the results are disappointing and highlights the importance of closing gender pay gaps and the impact they have for KiwiSaver balances and retirement. She says it's good to see the gap didn’t widen as it did in 2022 from 20% to 25%.
Men and women in their 40s and 50s continued to display the widest breach. On average, women in their 40s had approximately 32% ($11,000) less KiwiSaver than men, while women in their 50s had about 36% ($17,000) less.
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