Women Urged To “Accelerate Action” With KiwiSaver Ahead Of International Women’s Day

Women are slowly closing the retirement savings gap, but men are still contributing and saving significantly more through KiwiSaver, according to Westpac NZ KiwiSaver data.

Men enrolled in the Westpac KiwiSaver Scheme have an average balance that is 16% - or $4,431 - higher than women. That’s narrowed from 21% in the six years since before the COVID-19 pandemic, but based on that trend it would still take 15 years for the gap to close.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says Kiwi women live 3.5 years longer than men on average*, making it even more important for them to stay on track for retirement.

“We need to make sure we don’t short-change ourselves and miss out on the retirement we want,” Ms Hearn says.

“There are some reasons women tend to trail men in their KiwiSaver balances, such as the gender pay gap and taking career breaks to care for children.

“While there is no silver bullet to resolve these issues, contributing at a higher rate, or the primary carer continuing contributions while on parental leave, can both reduce the gap.

“It’s also important to regularly check your KiwiSaver fund choice and contribution rate to make sure you are getting the most out of your savings.

“Taking five minutes to check out theWestpac KiwiSaver Scheme Fund ChooserandCalculator, or equivalent tools, will help you make decisions that put you on track for a more comfortable retirement.”

Ms Hearn says the Westpac KiwiSaver Scheme High Growth Fund has been hugely popular since its launch last September, but has attracted more men than women.

“Research we shared at the time of launch suggests that unless you’re nearing retirement or planning to use your KiwiSaver to buy a home, taking a more defensive KiwiSaver strategy could mean missing out on tens of thousands of dollars over several decades,” Ms Hearn says.

“Across all age groups, as of February 2025, 25% of women have some or all of their investments in the Growth or High Growth Fund, compared to 27.8% of men. The smallest gap is in the 40-49-year-old age group, where 28% of women have opted for the Growth or High Growth Fund compared to 29.8% of men.

“Our High Growth Fund could be a great option for New Zealanders who aren’t planning to withdraw their funds for at least 13 years, provided they’re comfortable seeing larger up-and-down movements in their balance over time.

“We hope this year’s International Women’s Day theme of ‘Accelerate Action’ encourages more women to engage with their investments and to seek expert advice, if they’re not sure they’re on the right track.”

Average annual gap across all ages

Average balance of Westpac KiwiSaver Scheme members by gender and age

Note: Aged 18 and over as of 31 Dec 2019 and 31 Dec 2024.

*Stats NZ

As of February, 2025, the Westpac KiwiSaver Scheme has 387,000 members, with $11.8bn 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. 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. 

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