Average KiwiSaver balance cracks $40k
New Zealand's KiwiSaver retirement scheme has reached a milestone with average balances exceeding $40,000. However, the Financial Markets Authority noted that over a million members are not contributing regularly, highlighting a need for better member engagement.
Why it matters
The report reflects broader economic trends regarding retirement savings and the financial health of the New Zealand workforce.
New Zealanders' average KiwiSaver balance has ticked over $40,000 for the first time, but there are still more than a million members not contributing to the scheme at all.
The Financial Markets Authority has released its latest KiwiSaver report, which shows there were 3.4 million members in the year to March, with an average balance of $40,340.
FMA head of investment management Emelie Jensert said that was a milestone for the scheme, but it came with responsibilities for providers and members.
"As average balances, as well as the overall balance, goes up, what we expect from providers is that they have good governance, they have clear disclosures and the members understand what they are getting out of KiwiSaver.
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