Women Urged to Be Bolder With KiwiSaver Choices

Choosing a higher growth fund could be one of the keys to women closing the retirement savings gap with men, according to Westpac NZ KiwiSaver data.

While the average KiwiSaver balance between men and women narrowed from 17% in 2020 to 14% in 2025, men are still contributing and saving significantly more through the scheme, even though women live on average 3.4 years longer* so it is even more important to stay on track for retirement.

At 31 December 2025, men enrolled in the Westpac KiwiSaver Scheme had higher average balances across all age groups over 18, with the biggest gap in the 30 to 39-year-old group, where the average balance for men was $27,992 - 29% higher than for women with $21,740.

While the gap between men and women is impacted by the existing gender pay gap, men are also taking on more risk with their fund choice, with men having 37% of their total balances invested in Growth and High Growth funds, compared to 32% for women, who hold more of their KiwiSaver in Moderate or Conservative funds.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says it is important that Kiwi women stay on track for retirement, and don't short-change themselves.

"Westpac research showed that taking a more defensive KiwiSaver strategy earlier in life could mean missing out on tens of thousands of dollars over several decades.

"Historically women have made more conservative fund choices, but if they're saving for the long term - at least 13 years - and are comfortable seeing larger up-and-down movements in their balance over time, I'd encourage them to consider what type of fund they're in," she says.

"So now is the perfect time to take five minutes to check out the Westpac KiwiSaver Scheme Fund Chooser and Calculator, or equivalent tools, that will help make sure you're in the right fund to achieve maximum benefit," she says.

Ms Hearn also encourages women to connect and share with their friends more about money.

"Ask them what their KiwiSaver fund returned last year and compare notes. You've worked hard for your money, you deserve to have it work hard for you," she says.

The Westpac KiwiSaver Scheme Growth Fund was recently named #1 performing fund over 1 year by MorningStar's December 2025 KiwiSaver Survey. Its High Growth, Moderate and Conservative funds were ranked #2 in their categories over the same period.

Average annual gap across all ages

Average balance of Westpac KiwiSaver Scheme members by gender and age

Note: As at of 31 Dec 2020 and 31 Dec 2026.

*Stats NZ

As of January, 2026, the Westpac KiwiSaver Scheme has 411,772 members, with $13.0bn funds under management.

BT Funds Management (NZ) Limited is the scheme provider and issuer, and Westpac New Zealand Limited is a distributor, of the Westpac KiwiSaver Scheme.

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.

A copy of the Product Disclosure Statement is available at westpac.co.nz. The information in this release is not a recommendation or an opinion in relation to the Westpac KiwiSaver Scheme.