Westpac data reveals ongoing gender disparity in retirement savings

Women are making progress in closing the KiwiSaver retirement savings gap, but at the current rate, full equality is still 15 years away.
This is according to the latest data from Westpac NZ. Findings revealed that women are gradually closing the KiwiSaver retirement savings gap, but men still maintain higher balances and contribution rates.
Men enrolled in the Westpac KiwiSaver Scheme have average balances 16% higher than women – a difference of $4,431. While this represents improvement from the 21% gap recorded six years ago, the current rate of progress would take approximately 15 years for the disparity to disappear completely.
"We need to make sure we don't short-change ourselves and miss out on the retirement we want," said Sarah Hearn (pictured above), Westpac NZ general manager of product, sustainability and marketing. "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."
The gap appears across all age groups but varies in size. Among members aged 30-39, men's balances exceed women's by 30% ($5,897), while those over 65 show a narrower 5% difference ($3,014).
With New Zealand women living an average of 3.5 years longer than men, the need for adequate retirement savings becomes even more critical. Hearn suggests several strategies to address the imbalance:
- Contributing at higher rates when possible
- Continuing contributions during parental leave
- Regularly reviewing fund choices and contribution rates
- Considering growth-oriented investment options when appropriate
"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," Hearn said.
The release of this data coincides with International Women's Day's 2025 theme of "Accelerate Action," which Hearn hopes will encourage more women to engage actively with their investments and seek expert advice when needed.
The Westpac KiwiSaver Scheme currently serves 387,000 members with $11.8 billion in funds under management.