How do your savings compare to other New Zealanders your age? This is one of the most common personal finance questions — and one of the hardest to answer, because official NZ data on household savings is limited and often several years old. What follows draws on Stats NZ household surveys, RBNZ financial stability reports, and KiwiSaver fund data.
Most New Zealanders under 40 have very little in liquid savings outside of KiwiSaver. The median NZ household has savings equivalent to roughly 1–2 months of expenses. KiwiSaver is the dominant savings vehicle: members aged 61 to 65 had an average balance of $77,927 at 31 December 2025, according to the KiwiSaver demographic study compiled for the Retirement Commissioner.
Average KiwiSaver Balance by Age
The most detailed figures come from the KiwiSaver demographic study that Melville Jessup Weaver (MJW) compiled for the Retirement Commissioner from aggregated provider data, as at 31 December 2025 (MJW KiwiSaver demographic study 2026). It publishes average (mean) balances, not medians:
| Age group | Members | Average KiwiSaver balance |
|---|---|---|
| 17 and under | 158,539 | $3,512 |
| 18–25 | 447,401 | $10,567 |
| 26–30 | 339,237 | $21,308 |
| 31–35 | 398,049 | $26,231 |
| 36–40 | 384,280 | $33,070 |
| 41–45 | 328,701 | $43,187 |
| 46–50 | 285,132 | $55,010 |
| 51–55 | 291,257 | $65,873 |
| 56–60 | 269,530 | $72,861 |
| 61–65 | 242,731 | $77,927 |
| 66–70 | 115,199 | $72,503 |
Across all ages the average balance is $41,286. An average is pulled up by a smaller number of large balances, and the study’s balance bands show how many members hold much less: 1,454,288 of the 3,044,926 members counted in the bands (just under half) have less than $20,000.
Non-KiwiSaver Savings — What the Data Shows
Outside of KiwiSaver, NZ households hold savings in bank accounts, term deposits, shares, property equity, and other assets. Stats NZ’s Household Economic Survey data (most recent available) suggests:
| Household type | Median liquid savings (cash/bank deposits) |
|---|---|
| Under 30, renting | $2,000 – $5,000 |
| 30–44, renting | $5,000 – $15,000 |
| 30–44, homeowners | $10,000 – $30,000 |
| 45–64, homeowners | $20,000 – $60,000 |
| 65+, homeowners | $30,000 – $80,000 |
These are estimates — NZ doesn’t publish granular household savings data by age the way Australia or the UK does. The ranges are wide because savings vary enormously based on income, housing costs (particularly Auckland), and family situation.
Savings by Age — Rules of Thumb
These targets are widely cited in NZ personal finance planning:
| Age | Savings target (multiples of annual salary) | NZD example (on $75,000 salary) |
|---|---|---|
| 25 | 0.5× | $37,500 |
| 30 | 1× | $75,000 |
| 35 | 2× | $150,000 |
| 40 | 3× | $225,000 |
| 45 | 4× | $300,000 |
| 50 | 5× | $375,000 |
| 55 | 7× | $525,000 |
| 60 | 8× | $600,000 |
| 65 | 10× | $750,000 |
These targets include KiwiSaver. If you’ve been contributing to KiwiSaver consistently, your KiwiSaver balance alone should approach 2–4× salary by your 40s — with additional savings on top.
Why Most NZ Under-40s Fall Short
Several structural factors make savings accumulation harder in NZ than in comparable countries:
Housing costs: Renting in Auckland or Wellington consumes 35–50% of take-home pay for many under-40s. High rent leaves little to save.
Student loans: NZ student loans are interest-free (for NZ residents) but mandatory repayments of 12% on income over $24,128 reduce take-home pay significantly in your 20s and 30s.
Low employer KiwiSaver rate: At a 3.5% minimum employer contribution (from 1 April 2026, up from 3%; vs Australia’s 11.5%), NZ workers accumulate retirement savings much more slowly.
High house prices: Many under-40s direct savings toward a house deposit rather than investment accounts — which is rational, but reduces liquid savings.
How to Catch Up on Savings
If you’re behind the benchmarks:
Increase KiwiSaver contributions: Moving from the 3.5% minimum to 6% or 8% is the highest-return savings action available to most NZ employees — employer contributions continue, and PIE tax rates are favourable.
Open a high-interest savings account: See savings accounts compared: bonus saver accounts paying 4–5% are available from most banks.
Invest outside KiwiSaver: Platforms like Sharesies, InvestNow, and Kernel allow NZ investors to access low-cost index funds from as little as $1. See our investing guides.
Reduce debt: High-interest debt (credit cards, personal loans) destroys savings. Eliminate these first — see how to pay off debt NZ.
How Much Do You Need to Retire in NZ?
The New Zealand Retirement Expenditure Guidelines, produced by Massey University’s Financial Education and Research (Fin-Ed) Centre and supported by Financial Advice New Zealand, measure what retired households actually spend. The edition released in January 2025 (costs to 30 June 2024) puts a two-person “choices” household at $1,739.85 a week in a metropolitan area and $1,210.18 a week in a provincial area, and a two-person “no frills” household at $909.90 (metropolitan) and $1,031.85 (provincial) (Massey University). Over a year, the “choices” figures come to about $90,472 (metropolitan) and $62,929 (provincial). NZ Super currently pays a couple about $44,412 a year combined after tax, so the difference has to come from savings or other income.
See our full how much do I need to retire in NZ guide for detailed calculations.