Why aren’t more New Zealanders getting KiwiSaver advice? We look at what’s holding people back, why advice can matter, and how getting support could help Kiwis make more informed KiwiSaver decisions.
KiwiSaver is often one of the biggest investments many New Zealanders build over their lifetime. Yet when it comes to making decisions about it, how many people are getting expert help – and how many are working things out on their own, or worse, just ignoring it?
Generate recently surveyed 632 people through social media to better understand how Kiwis approach financial decisions and their experiences with KiwiSaver advice.(1) The results suggest there isn't one simple reason people don't seek advice. Lack of awareness, knowing where to start, confidence in money decisions and views about how accessible advice is all play a part.
These themes are also reflected in wider research from the Financial Markets Authority (FMA), which has looked at how New Zealanders access financial advice and what could make it easier to get support.(2)
Most respondents have never received expert KiwiSaver advice
Nearly two-thirds – 63.5% – of survey respondents said they had never received expert KiwiSaver advice.
That's a big advice gap.
This result doesn't tell us why someone hasn't received advice. They may be very savvy and comfortable making their own decisions, they may not know advice is available, or they may have considered it but decided it wasn't right for them. Let’s take a look at these factors in more detail.
READ MORE
Awareness may be part of the problem
Among Generate survey respondents who hadn't received KiwiSaver advice, 77% of this group said they either didn't know it was available or had never been offered it.
These are two different issues. Not knowing advice exists is different from knowing about it and choosing not to use it.
The result doesn't mean everyone in this group wants KiwiSaver advice. But it suggests that awareness and exposure may be part of the challenge. If people don't realise expert support is available, they don't get the opportunity to decide whether it could be useful for them.
KiwiSaver often sits quietly in the background of everyday life. Contributions may come out of your pay automatically, your balance builds over time and, unless you're buying a first home, changing jobs, approaching retirement or actively reviewing your finances, there may be little prompting you to revisit the decisions you've previously made. If you can’t even remember what provider you originally signed up with, you’re not alone!
The FMA's 2026 research (3) into access to financial advice identified similar themes. It found uncertainty among consumers about what financial advice is, how to access it and how much it costs.
What stops New Zealanders from seeking financial advice?
Awareness is only one part of the picture.
The FMA's Access to financial advice in New Zealand review found that just 28% of New Zealanders aged 18 and over had accessed financial advice in the previous 12 months. Its research identified a range of possible barriers, including reliance on informal information sources, limited understanding of what financial advisers do, lower engagement among some demographic groups and concerns about affordability.
While this research covers financial advice generally rather than KiwiSaver advice specifically, it still shows helpful context for understanding why getting advice may not always be simple.
Knowing where to start
There's a difference between knowing advice exists and knowing what to do next.
People might be thinking:
- Do I actually need an adviser for this?
- What type of adviser should I speak to?
- What information will I need to show the adviser?
- What will the conversation be about?
- How do I know if the person I'm talking to is licensed and legitimate?
The FMA's research found consumers rated their confidence in understanding what a financial adviser does at an average 3.6 out of 5 – a moderate level of confidence. But it also found that this perceived confidence didn’t necessarily mean someone actually had a clear understanding of what regulated financial advice involves.
When it’s hard to know where to start, doing nothing can be the easiest option.
The FMA also found that many New Zealanders turn to family and friends or search online when making financial decisions. While that can be useful for general information, it’s not necessarily advice tailored to your own goals, timeframe and circumstances. Everyone has unique needs when it comes to advice.
Confidence in making financial decisions
How much support someone wants may also depend on the decision they're making.
Choosing what to do with a relatively small amount of money may feel manageable. Making a decision involving an investment that could grow over decades can feel more intimidating.
Confidence can vary too. Someone may feel comfortable checking their KiwiSaver balance or changing their contribution rate but be less certain about questions like how much investment risk is appropriate, whether their current fund still suits their timeframe or what to do in a market downturn.
Human behaviour will often affect investment decisions. When markets move sharply, the fear of losing money can make it tempting to react quickly. But changing your investment in response to short-term market movements can have long-term consequences.
READ MORE
That's one very good reason that understanding your goals, timeframe and attitude towards investment volatility can be useful before difficult moments arrive.
Is financial advice seen as accessible?
Another potential barrier is the idea that financial advice is only for people who are already rich and have complicated investments. It can be intimidating.
The FMA's research suggests affordability is a big challenge. Some respondents didn’t want to pay for financial advice, while many said they were unsure about how much advice costs in the first place.
The mystery around price can discourage people from taking the first step. It’s a bit like that feeling you get when things don’t have a price tag in an expensive store - you might feel embarrassed to ask the price and just leave.
In reality, the price of advice should be clear. Advisers are required to explain relevant fees and costs and how they are paid.
Every Generate fund has a different fee, and you can see them all here.
Annual Fund Charges are charged as a percentage of the net asset value of each Fund. They are made up of:
- Base fund management fee which includes normal operating costs such as our investment management services, Supervisor fees, custodial fees and administration expenses,
- Third party underlying fees (only charged for specific funds – see link above).
You can see more about Annual Fund Charges on page 16 of the Generate KiwiSaver Scheme Product Disclosure Statement.
As well as the Annual Fund Charge there is a membership fee. This fee is used to pay for the administration of your investment and is charged monthly in arrears ($3 per month). Investors under the age of 18 are not charged the $36 membership fee.
Both of these fees are automatically deducted from your investment; you are never given a bill to pay. When you look at your KiwiSaver account on the Generate app and see your returns, these returns have already had the fees taken out (they’re net of fees).
Worried you don’t have the budget to get advice?
Fees are deducted from your investment – you will not have to pay up-front for an advice session with Generate. Not having to pay up-front makes getting an advice session more accessible to everyone.
If you decide to have your first advice session with Generate, there is no obligation to join Generate.
Another barrier can just be the idea of going to a fancy, formal office building and having a meeting about your (perhaps) relatively modest KiwiSaver balance.
But that’s not what modern, everyday KiwiSaver advice is all about – today it’s much more accessible. You could meet with an adviser face to face in your home or a local cafe, talk by phone or over Zoom, or use a digital advice service.
How involved do people want to be in their financial decisions?
Getting financial advice doesn't necessarily mean handing complete control of your financial decisions to someone else.
Generate's survey suggests people want different levels of involvement.
When asked about their preferred approach to financial decisions:
- 36.9% preferred receiving advice while remaining involved in the decision
- 31.2% felt confident managing smaller amounts themselves
- 14% preferred a fully hands-off approach
For some people, advice may simply help them understand their options and feel more comfortable making the final decision themselves. Others may want a recommendation and more support putting it into action. It might depend on the amount of money involved - some people are fine managing straightforward decisions but prefer professional input when the amounts or consequences become more significant.
The right level of involvement will be different for everyone.
What does KiwiSaver advice actually involve?
KiwiSaver advice isn't about someone predicting what investment markets will do next.
It’s simply about looking at your own circumstances and working through the decisions that may affect your KiwiSaver investment.
An adviser may explore questions such as:
- What are you using your KiwiSaver investment for? Are you primarily saving for retirement, or could a First Home Withdrawal be part of your plan?
- How long until you expect to access the money? Your investment timeframe is an important consideration when thinking about fund choice.
- How comfortable are you with investment ups and downs? Different types of investments have different levels of risk and can fluctuate differently over time.
- Does your current fund align with your timeframe and goals? A fund that suited you several years ago may not necessarily remain appropriate as your circumstances change.
- How much are you contributing? Your contribution decisions can influence how much you accumulate over time.
- Have your circumstances changed? A new job, buying a home, starting a family, changes to income or getting closer to retirement can all be reasons to review your approach.
A good KiwiSaver advice conversation should be all about you: your situation, your goals and the decisions you’re trying to make. The adviser should then give advice that fits your circumstances.
If you're not ready to speak with someone yet, a risk quiz or digital advice tool can be a useful starting point. It can help you think about your investment timeframe, goals and how comfortable you are with fluctuations in the value of your investment.
Have a go with Generate’s digital tools here:
How can someone get KiwiSaver advice?
There are several ways to learn more about your KiwiSaver options.
You could start with general information from trusted sources such as the FMA, government websites or your KiwiSaver Scheme provider.
The FMA recommends being clear about what you want to achieve and checking that the Financial Advice Provider you choose can meet your needs. For example, some financial advisers offer insurance or mortgage advice, but not KiwiSaver advice.
Financial advisers must also meet standards around treating clients fairly, acting with integrity, having appropriate competence and giving suitable advice that clients can understand.
At Generate, there are two ways to access KiwiSaver advice.
- You can talk one-to-one with a Generate adviser, either face to face in most locations, over the phone or online. An adviser can talk through your goals, investment timeframe, comfort with risk and contribution options, answer your questions and provide a recommendation based on the agreed scope of advice.
- Or, if you prefer to work through the process yourself, Generate also offers a digital KiwiSaver advice tool. It asks you questions about your circumstances and provides a personalised fund recommendation and next steps.
You can learn more about the different ways to get support on our KiwiSaver advice page - explore Generate's KiwiSaver advice options.
You can also find out more about Generate and the Generate KiwiSaver Scheme on our Why Generate page.
Whether you want to be closely involved in every decision or simply want some help understanding your options, the first step can be as simple as asking the questions you've been meaning to ask.
(1) Generate social media survey of 632 respondents conducted in April 2026. Survey findings reflect the respondents to the survey and should not be interpreted as representative of all New Zealanders.