What researchers found when they looked at 3 million KiwiSaver accounts

Data gathered from almost three million members of KiwiSaver has highlighted the gender gap in Kiwis’ balances in the retirement savings scheme, and how overall both sexes are lagging behind where they would have expected to be at this point.

Te Ara Ahunga Ora Retirement Commission engaged Melville Jessup Weaver (MJW) actuaries to collect previously unknown data about KiwiSaver balances across age groups and gender.

The MJW report contains data on 2,944,050 members with total balances of $85.44 billion as at 31 December 2021, representing approximately 93% of the total KiwiSaver member base.

The average KiwiSaver balance is $29,022, with the average balance for a male 20% higher than the average balance for a female – males ($32,553) and females ($27,061).