Gender retirement savings gap revealed

While many Kiwis are steadily saving for retirement, our nest eggs tell a worrying story. As of 2025, women’s KiwiSaver balances are 25% on average less than men— – and the gap widens with age, peaking at 37% among those aged 56 - 65. In dollar terms, it means women have about $20,000 less for their later years.

So what’s behind the imbalance in retirement savings?

For many women, saving for retirement isn’t just about dollars and cents - it’s shaped by life’s responsibilities, career choices and how we balance it all. These real-life factors can lead to a gap in KiwiSaver balances between women and men. Here’s why: 

• The gender pay gap: Nationally, this sits at 8.2%—. Over a 40-year career, that adds up to a staggering $229,000— less in earnings – equivalent to women working more than 21 days unpaid every year, impacting how much goes into KiwiSaver over time 
• Time out of the workforce: Women are more likely to take time out of paid work (or reduce hours) to care for tamariki, whānau or loved ones. These pauses, while deeply meaningful, often mean greatly reduced KiwiSaver contributions during those years
• Approach to risk: More men choose growth or aggressive KiwiSaver funds—, which involve more risk but have the potential for higher returns.

Not saving enough can limit the choices, freedom, and lifestyle available to us later in life. Women tend to live longer than men, so they often need more set aside to support a comfortable and secure retirement.

There is good news. Growing your KiwiSaver balance isn’t always about earning more – it’s about making smart choices with what you already have. Even small actions can make a big difference. 

Here are four simple ways to get started.

Keep track of your finances and set a clear savings goal for the lifestyle you want in retirement. A target gives you something to work toward – and helps you measure your progress along the way. It also helps you balance your day-to-day needs with your long-term goals, so you can enjoy today without sacrificing tomorrow. 

It’s never too late to review your retirement savings plan and make changes to stay on track.

Your choice of KiwiSaver fund plays a big role in how your savings grow – so it’s worth checking whether you’re in the right type of fund for your life stage. If you’re not sure which KiwiSaver fund is right for you, our Fund Chooser Tool can help. 

Once you’ve chosen a fund, it’s a good idea to review your choice each year to make sure it’s still a good fit – especially as your goals or risk appetite may change over time.

Could you contribute more than the minimum 3%? Find out how much you and your employer are contributing to your KiwiSaver account – some employers may even match higher contribution rates, making it even more worthwhile. See if you can afford to sacrifice a little more today for your retirement. Your future self will thank you. If you’ve got a side hustle or freelance income, even small voluntary contributions can help grow your balance over time.

And don’t forget about the annual Government contribution of up to $260.72. Contributing just over $20 a week is enough to get the full amount - even if you’re not currently employed.

If you're unsure, don’t wait to ask for help. Getting advice early on can help you feel more confident and close the gap between what you know and what you need to know.

While the gender retirement gap is real, so is the opportunity to close it – and you don’t have to be a financial genius to set yourself up for the future. The key is focusing on what you can control. Taking a few small steps now can help you feel more confident about your retirement – and keep you on track for the lifestyle you want.