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The 2026 Informed Investor KiwiSaver Survey – powered by InvestNow – reveals a group of investors who are engaged, cost-conscious and comfortable taking risk. For many, KiwiSaver is no longer something that simply happens in the background – it is one part of a much broader investment strategy, as Joanna Mathers explains.

In March this year, Retirement Commission released a KiwiSaver Demographic Study, with data sourced from 3,351,406 members – 98 per cent of the total KiwiSaver base.

The fifth report of its kind, commissioned by Retirement Commission and undertaken by actuary firm Melville Jessup Weaver, provides an extremely useful backdrop for analysing the results of our latest Informed Investor KiwiSaver survey – powered by InvestNow.

According to the Retirement Commission study, the average KiwiSaver balance across all ages and genders was $41,286. The percentage of active KiwiSaver contributors (those who had contributed in the 12 months of 2025) sat at 69.9 per cent of members.
Our survey results reveal that our readers are older, far more active, and have significantly more invested in KiwiSaver than the total KiwiSaver base.

While we can’t extrapolate an exact average KiwiSaver balance from the survey, due to the nature of the answer options, we can make an informed guess based on basic assumptions.*

An extremely conservative estimate would put the average KiwiSaver balance of respondents at $73,000. And while 35 per cent of our respondents have taken a KiwiSaver contribution break at some stage, 94 per cent of respondents are actively contributing.
The respondents to our survey were older and more experienced than the general population of KiwiSaver members – 64 per cent are aged between 45 and 64, while 72.3 per cent have been in KiwiSaver for more than 10 years. And their knowledge and commitment to investment is being rewarded by greater financial security – and higher KiwiSaver balances – than the wider pool of KiwiSaver users.

Our 2026 survey paints a picture of investors who are actively choosing providers, watching fees, monitoring performance and embracing growth assets – which is reflected in high KiwiSaver balances.

They are also investing beyond KiwiSaver, suggesting the scheme is increasingly being viewed as one component of a broader wealth-building strategy.

Active investors

Perhaps the clearest indication of engagement is provider choice. A striking 94.9 per cent of respondents said they had chosen their own KiwiSaver provider, compared with just 5.1 per cent who remained with a default provider. This is similar to last year’s results, which saw 94 per cent choose their own provider.

Low fees were the most commonly cited influence on provider selection, chosen by 61.6 per cent of respondents. Performance came next at 52.1 per cent, followed by provider reputation at 38.5 per cent. These three choices mirror exactly the results from the 2025 survey.

Recommendations influenced 20.1 per cent, while ethical or sustainable considerations were cited by just 9.7 per cent when selecting a provider.

This suggests respondents are approaching their accounts as investors, rather than savers. They are looking at the factors they might consider when choosing any managed investment: costs, returns and the credibility of the manager.

Most appear happy with the decisions they have made. Respondents gave their KiwiSaver providers an average rating of 4.25 out of five, with almost 87 per cent giving them either four or five stars.

They are keeping an eye on performance too. More than two-thirds – 67.9 per cent – said they reviewed their KiwiSaver portfolio throughout the year (although this is less than last year, where 70.85 per cent checked throughout the year). Another 20.5 per cent reviewed it annually, while just 4.1 per cent said they never checked performance (this sat at 3.35 per cent last year).

The high level of engagement is reflected in how people assess their own knowledge. Two-thirds described themselves as either very or extremely confident in their KiwiSaver knowledge, while only around 5 per cent said they were not very confident or not confident at all.

Prepared to take risk

For long-term investors, the choice of fund can have a major influence on eventual retirement outcomes. The survey suggests many respondents are comfortable accepting volatility in exchange for the potential for higher long-term returns.

Around half indicated they had money in growth funds (49.62 per cent), while just over half selected aggressive funds (50.89). As the responses across fund categories add to more than 100 per cent, some respondents appear to hold more than one type of fund.

By contrast, just 3.3 per cent selected conservative funds and less than 1 per cent defensive funds.

That appetite for growth needs to be considered alongside the age and experience of respondents. More than 70 per cent have been members for at least a decade and almost half reported KiwiSaver balances above $100,000. In total, 71.2 per cent had balances of $50,000 or more.

KiwiSaver is only part of the portfolio

One of the most revealing findings is how engaged respondents are with investing. A huge 97 per cent stated that they invest in assets outside the scheme (nearly the same total as last year, at 97.5 per cent).

Exchange-traded funds were the most popular, held by 73.6 per cent of those answering the question. Managed funds and direct shares followed at 56 per cent and 55.7 per cent respectively.

More defensive investments also feature heavily. Some 41.5 per cent held term deposits, while 10.9 per cent invested in bonds.

Property remains important, although perhaps less dominant than might once have been expected. Residential property was held by 29.3 per cent, while 3.7 per cent had exposure to commercial property.

Crypto was owned by 14.5 per cent. The total investment in crypto has dropped significantly from last year – which saw 19.89 per cent holding these digital assets.

Just 5 per cent invested in other assets. These include businesses, Māori authorities, forestry, peer-to-peer lending, bullion – even whiskey.

The results reveal a diversified investor mindset. Rather than treating KiwiSaver as their entire retirement strategy, respondents are combining it with liquid investments, managed products, property and cash-based assets.

That diversification can become increasingly valuable as balances grow. KiwiSaver has significant advantages as a disciplined long-term savings vehicle. But the restrictions also mean investors may want accessible investments for goals before retirement.

Contributions reflect real life

High engagement does not necessarily mean contributions continue uninterrupted. More than a third of respondents – 35.5 per cent – said they had stopped contributing to KiwiSaver at some point, even temporarily.

Respondents listed travel, changes in circumstances, financial pressures, job changes, parental or caregiver leave, property purchases and putting money into a business as reasons for taking a contribution break.

Most who stopped eventually resumed contributing, although a smaller group said they had not restarted. Twelve per cent resumed contributions in less than one year; with 10.22 per cent resuming within two years.

Only 6 per cent of those who had taken contribution breaks had not started again.

This is a reminder that long-term investing rarely occurs in a straight line. Household finances change, careers are interrupted and other priorities compete.

But it’s important to note that even short contribution breaks have a long-term opportunity cost; investors lose not only the amount they would have contributed, but the returns those contributions could potentially generate over decades.

Support for higher contributions

The current government’s announced move towards a 4 per cent default KiwiSaver contribution rate in 2028, for both employer and employee, appears to have broad support. (This will increase to 6 per cent for both in 2032 – but is dependent on National getting back into power.)

Some 62.4 per cent said they were satisfied or extremely satisfied with the changes. Just 15.4 per cent were dissatisfied to some degree, while 22.2 per cent did not have a strong opinion.

Current contribution behaviour is more mixed.

The largest group, 39.9 per cent, reported contributing 3.5 per cent. Another 18.7 per cent contributed 4 per cent, while smaller groups contributed 6, 8 or 10 per cent. Almost a quarter selected “other”, suggesting contribution arrangements are more varied than the standard rates indicate.

Proposed higher default matters because small differences in contribution rates can become substantial over long investment periods. For members who never actively adjust their settings, the default can have an outsized influence on the amount they eventually accumulate.

Values matter – but returns still lead

Ethical investment considerations also appear to occupy a middle ground.

Around 58.6 per cent said ethical considerations were at least somewhat important when choosing a scheme. However, only 17.7 per cent described them as very or extremely important, while 41.4 per cent said they were either not very important or not important at all.

When considering the provider-selection results, the picture is reasonably clear: investors may care about where their money goes, but fees and investment performance remain the most powerful drivers of behaviour.

Nearly two decades after KiwiSaver was introduced in 2007, the survey suggests its role is maturing.

For our survey respondents, KiwiSaver does not disappear into the background until retirement. Investors are choosing providers, assessing fees, monitoring returns, selecting higher-growth investments and combining KiwiSaver with ETFs, shares, managed funds, property and other assets.

As KiwiSaver balances grow, decisions around fees, contribution rates, risk and fund selection become more consequential. And the investors who took part in our survey seem to understand this.

*Almost half of the respondents (48.47 per cent) have more than $100,000 saved, so we made an estimate, using the midpoint of each range and treating “$100,000 plus” as $100,000. This is a very conservative estimate, as we do not have the data around the exact amounts in respondents’ KiwiSaver accounts.