Note: All national average balance data in this article is sourced from the MJW KiwiSaver Demographic Report March 2026, using data to 31 December 2025. Generate KiwiSaver Scheme data is for the same period.
KiwiSaver balances can vary significantly depending on factors such as age, contribution rates, employment type, investment choices and how long you've been saving. While everyone's circumstances are different, comparing your KiwiSaver balance to national averages can provide a useful benchmark and help you understand whether you're on track to meet your long-term retirement goals.
According to data as at 31 December 2025 1 , the average KiwiSaver balance across New Zealand was $41,286, while the average balance for Generate KiwiSaver Scheme members was $46,152. This means the average Generate member had $4,866 more in their KiwiSaver account than the national average – an 11.8% higher balance.
Understanding how your balance compares can be a helpful first step in identifying opportunities to grow your retirement savings over time.
What is the average KiwiSaver balance in New Zealand?
KiwiSaver balances generally increase throughout a person's working life as regular contributions and investment returns accumulate over time. According to data as at 31 December 2025, the average KiwiSaver balance in New Zealand was $41,286 across all age groups.
The national data shows a clear pattern of balance growth through the working years. New Zealanders aged 18–25 had an average KiwiSaver balance of $10,567, increasing to $21,308 for those aged 26–30, $26,231 for ages 31–35 and $33,070 for ages 36–40. This reflects the benefits of making regular contributions and allowing investments time to grow.
Average balances continue to increase during many people's peak earning years. The average KiwiSaver balance rises to $43,187 for those aged 41–45, $55,010 for ages 46–50, $65,873 for ages 51–55, $72,861 for ages 56–60 and reaches $77,927 for those aged 61–65. During this stage of life, many New Zealanders are benefiting from higher incomes, longer periods of investment growth and decades of KiwiSaver contributions.
As the chart shows, Generate members have higher average KiwiSaver balances than the national average across every age group from 18 to 65.
Age
Generate member average balance ($)
NZ average balance ($)
17 & under
3,216
3,512
18-25
14,838
10,567
25-30
27,814
21,308
31-35
34,306
26,231
36-40
42,804
33,070
41-45
52,587
43,197
46-50
62,746
55,010
51-55
73,408
66,873
56-60
78,361
72,861
61-65
82,711
77,927
Average all ages
46,152
41,286
While these figures provide a useful benchmark, they don't necessarily indicate whether someone is on track for retirement. Your ideal KiwiSaver balance will depend on factors such as your retirement goals, contribution rate, investment strategy and any other savings or investments you may have.
Is your KiwiSaver balance on track?
One of the most common questions New Zealanders ask is whether their KiwiSaver balance is on track. While comparing your balance to national averages can be a useful starting point, there is no single balance that is right for everyone.
Whether you're on track depends on several factors, including:
- Your retirement goals
- Your age
- Your KiwiSaver contribution rate
- The lifestyle you hope to have in retirement
- Whether you have other savings or investments outside your KiwiSaver account
For example, someone planning for a modest retirement may need a very different level of savings than someone hoping to travel regularly or retire early. Likewise, a person with investments outside their KiwiSaver account may not need to rely on their KiwiSaver savings to the same extent.
The national average KiwiSaver balance can provide a helpful benchmark to see how your savings compare with other New Zealanders at a similar life stage. However, it should not be viewed as a retirement target. The most important question is whether your current savings strategy is helping you work towards the retirement lifestyle you want.
Why KiwiSaver balances differ
No two KiwiSaver journeys are the same, which is why balances can vary significantly between individuals of the same age. Factors such as how much you contribute, how long you've been invested, your choice of fund, market performance and whether you've made withdrawals can all influence the size of your KiwiSaver balance.
One factor that may help people build larger KiwiSaver balances is receiving advice. Research suggests that investors who receive financial advice often achieve better financial outcomes because they are more likely to choose a fund aligned with their goals, contribute appropriately for their circumstances and stay focused on their long-term plan during periods of market volatility2.
Personal engagement can also make a difference. People who regularly review their KiwiSaver account, check their contribution rate and ensure they are invested in a fund that matches their investment timeframe may be better positioned to stay on track towards their retirement goals.
Investment performance is another important consideration. While past performance does not guarantee future results, stronger long-term returns can have a meaningful impact on account balances over time.
Ultimately, KiwiSaver balances are influenced by a combination of factors. Regular contributions, an appropriate investment strategy, long-term investing and staying engaged with your savings can all play an important role in helping build wealth for retirement.
How Generate members compare to the national average
As at 31 December 2025, the average Generate KiwiSaver member balance was $46,152, compared with the New Zealand average of $41,286. That's a difference of $4,866, or 11.8% higher than the national average.
Generate members also had higher average balances than the New Zealand average across all age groups from 18 to 65.
The difference is particularly noticeable among younger members, with Generate members aged 18–25 holding an average balance of $14,838 compared with the national average of $10,567.
The difference between Generate and national average balances remains evident throughout the peak earning years. For those aged 41–45, the average Generate member balance was $52,587 compared with the New Zealand average of $43,187 – a difference of $9,400. Among those aged 46–50, the gap was $7,736 ($62,746 versus $55,010), while members aged 51–55 held an average balance of $73,408 compared with the national average of $65,873. By ages 61–65, the average Generate member balance was $82,711, compared with $77,927 nationally.
While every person's KiwiSaver journey is different, two key factors may contribute to these differences for Generate members.
1. The power of advice
Advice is a key part of the Generate experience, with more than 90% of members receiving KiwiSaver advice before joining the scheme3.
Understanding your investment options, contribution settings and long-term goals can help you make more informed decisions about your retirement savings and avoid common mistakes that can impact long-term outcomes.
Getting advice can help you understand the importance of fund choice, and why a growth fund is often the best option for a long-term savings goal like retirement.
More than 80% of Generate KiwiSaver Scheme members are invested in growth funds (the Generate Growth Fund or Generate Focused Growth Fund), compared with approximately 50% of KiwiSaver members nationally4.
2. Investment performance
While past performance does not guarantee future results, consistent long-term performance can help investors benefit from the power of compounding over time, resulting in higher balances.
Generate's original KiwiSaver funds (Moderate, Growth and Focused Growth) have ranked among the top three funds in their respective Morningstar categories (moderate, growth and aggressive) for 10-year returns more than 90% of the time since becoming eligible for 10-year rankings in 20235.
Some KiwiSaver providers tout their short-term results or only talk about the most recent quarter. These KiwiSaver providers often move in and out of the rankings, while only a very small number, including Generate, have consistently remained at the top.
This level of consistency is difficult to achieve, but it’s what ultimately makes the biggest impact for long-term investors.
Short-term market movements are a normal part of investing and KiwiSaver balances will rise and fall over time. However, history shows that maintaining a long-term perspective and staying invested through different market conditions can be an important part of building wealth for retirement.
How to improve your KiwiSaver balance
There are several practical steps that can help improve your KiwiSaver balance over time. Small changes made today can make a meaningful difference to your retirement savings in the future.
Consider your contribution rate
The amount you contribute to your KiwiSaver account can have a significant impact on your long-term balance. Increasing your contribution rate, even by a small amount, may help grow your savings faster while also allowing you to benefit from the power of compounding over time.
Review your investment fund
Being in a KiwiSaver fund that matches your goals, investment timeframe and tolerance for risk is important. Someone saving for retirement decades away may have different needs from someone planning to access their savings in the near future. Reviewing your fund regularly can help ensure it remains aligned with your circumstances.
Read more: What is a growth fund?
Stay invested through market volatility
Market ups and downs are a normal part of investing. While it can be tempting to react during periods of volatility, history has shown that long-term investors who remain focused on their goals are often better positioned to benefit when markets recover.
Check your KiwiSaver regularly
Regularly reviewing your KiwiSaver account can help you stay on track. Checking your balance, contribution rate and investment settings can help ensure your savings strategy continues to support your long-term goals.
Seek advice if your circumstances change
Major life events such as buying a home, changing jobs, starting a family or approaching retirement can all affect your KiwiSaver needs. Seeking professional advice can help you understand your options and make informed decisions about your retirement savings.
How to plan for retirement
One of the biggest retirement planning mistakes is assuming that reaching the average KiwiSaver balance means you're automatically on track for retirement. While national averages can provide a useful benchmark, they shouldn't be viewed as a retirement target.
The amount you'll need in retirement depends on your personal circumstances and the lifestyle you want to enjoy. Some people plan for a modest retirement close to home, while others may want to travel regularly, support family members, pursue hobbies or continue living a more active lifestyle. The retirement you want will play a major role in determining how much you may need to save.
It's also important to remember that retirement is changing. Many New Zealanders are living longer, healthier lives and spending more years in retirement than previous generations. Some choose to stop working completely at 65, while others continue working part-time or remain involved in business, volunteering or other pursuits. Retirement is becoming more flexible and personal than ever before.
When planning for retirement, consider:
- The age you hope to retire
- The lifestyle you want in retirement
- Your expected living costs
- Whether you'll own your home mortgage-free
- Any savings or investments you have outside your KiwiSaver account
- How long your retirement savings may need to last
The good news is that it's never too early – or too late – to start planning. Regularly reviewing your KiwiSaver balance, contribution rate and investment strategy can help ensure you're progressing towards your goals. As your circumstances change, your retirement plan may need to change too.
If you're unsure whether you're on track, speaking with a Generate adviser or using our KiwiSaver calculator can help provide a clearer picture of what your future retirement income could look like and whether any adjustments are needed today.
FOOTNOTES
1) MJW KiwiSaver Demographic Report, April 2026, using data to 31 December 2025. Generate KiwiSaver Scheme data is for the same period.
2) There are multiple studies that suggest this – we have collated many of them here.
3) As at 31/03/2026.
4) FMA KiwiSaver Annual Report 2025.
5) Based on results from all Morningstar KiwiSaver 360 Reports from June 2023 to March 2026 (the period when all three funds were eligible for 10-year returns). See Disclaimers section for more.