Westpac NZ data shows 53% of eligible Westpac KiwiSaver Scheme members haven't yet contributed enough to their investment over the past year to qualify for the full Government "bonus payment" contribution.
That figure is up on the 49% of eligible members who missed out in 2025 and 48% in 2024. This is also the first year that 16- and 17-year-olds are eligible to receive the payment, but the Westpac data shows 96% of this cohort are on track to miss out because they haven't themselves contributed enough.
In order to receive the maximum Government payment of $260.72, eligible KiwiSaver members need to have contributed at least $1,042.86 of their own money between 1 July 2025 and 30 June 2026.* Prior to this year, the Government would contribute $521.43, meaning the contribution has halved this year. This is also the first year that those with an annual taxable income of $180,000 or above won't receive the contribution.
Andrew Twidle, CEO BTNZ, the Westpac KiwiSaver Scheme provider, says people still have time to make a voluntary lump sum payment before 30 June to receive the bonus.
"Cost of living pressures are impacting many households and we know there are a range of reasons why people might not have contributed enough over the past year. Some members may be on a savings suspension or not working full-time, while others may be on parental leave.
"In particular, the majority of that 16- and 17-year-old cohort are likely to be still in school so if they are working, it's probably on a part-time basis, meaning they may not be able to contribute large amounts.
"People may not realise they can make voluntary contributions and receive a partial or full Government contribution, so we encourage anyone who can to consider making that investment in their savings so they're eligible to receive the Government contribution.
"If you're a parent whose teenage child has a KiwiSaver account, helping them to get to that $1,042 amount is also a meaningful way to support them to save for a future first home deposit," Mr Twidle says.
The data also showed that in a number of age groups, women are more likely than men to have not contributed enough to receive the Government contribution.
The largest gender gap is in the 18-24-year-old cohort, where 70% of eligible female Westpac KiwiSaver Scheme members haven't contributed enough, compared to around 62% of men.
"If we look at just those members in employment, the gender gap becomes more prominent, with women accounting for about 60% of all working KiwiSaver members who are currently on track to miss out on the Government contribution," Mr Twidle says.
"We know there's a persistent KiwiSaver gender gap in New Zealand, with women typically contributing and saving less through the scheme than men.
"This is something that starts early on and we think more work needs to be done to address this."
Mr Twidle says even though the Government contribution is a lower amount this year, over time those extra dollars can make a big difference.
"No matter what stage in life you're in, it's always a good time to be thinking about saving for retirement and making sure you're in the right fund for your circumstances.
"If you're not sure about any aspect of your KiwiSaver account, come and talk to us."
*To be eligible you must be aged 16-64, mainly live in New Zealand and have an income of $180,000 or less. To get the full $260.72 contribution you must have been eligible for the full year ending 30 June 2026. The government contribution is pro-rated if you are eligible for part of a year.
BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is a distributor, of the Westpac KiwiSaver Scheme (Scheme). The information above is subject to changes to government policy and law, and changes to the Scheme from time to time. The product disclosure statement for the Scheme is available at westpac.co.nz/kiwisaver
Investments made in the Scheme do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac Group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac Group of companies, The New Zealand Guardian Trust Company Limited (as supervisor), or any director or nominee of any of those entities, or any other person guarantees the Scheme's performance, returns or repayment of capital.
