Most New Zealanders back higher KiwiSaver contributions despite market volatility.
Upcoming KiwiSaver contribution increases are winning broad public support, with many New Zealanders planning to lift their savings rates.
From 1 April 2026, default contribution rates for both employees and employers will rise from 3% to 3.5%, then to 4% from April 2028, although members can apply to remain on the lower rate temporarily.
New ASB research shows 51% of respondents plan to move to the new 3.5% default, while another 19% are already contributing at that level or higher. A further 5% intend to increase above 3.5%, suggesting a solid lift in long‑term retirement saving.
“We know from previous research that about two thirds of Kiwi believe they need to be saving more for retirement, so it’s really positive to see that many are already making higher voluntary contributions to their KiwiSaver accounts, which shows confidence in long term saving goals despite short term uncertainty,” ASB senior economist Chris Tennent‑Brown said.
Support holds up despite uncertainty and awareness gaps
The survey was carried out in March 2026 against a backdrop of renewed geopolitical tensions, with economists warning KiwiSaver members to expect fresh bouts of market volatility and higher fuel costs as global energy prices react to conflict‑related disruptions.
Even so, sentiment towards the changes is broadly positive: 52% of New Zealanders surveyed are supportive, only 9% are negative, and the rest neutral.
“Even in uncertain times, people recognise the value of staying the course,” Tennent‑Brown said. “KiwiSaver is designed to reward long-term commitment, and these changes help strengthen retirement outcomes over time.”
Awareness, however, is uneven. While 57% of respondents know both that the KiwiSaver changes are coming and when, 17% are unaware of any changes and 26% know something is shifting but not the details. Among 18–24‑year‑olds, about one in four had no idea the new settings were on the way.
Younger savers confident, but detail matters for advice
Despite the knowledge gap, younger New Zealanders still show strong faith in the scheme.
As Tennent‑Brown explains, “younger New Zealanders show strong confidence in KiwiSaver as a way to build long-term wealth, even if they’re not across every detail of the policy changes.”
However, not all younger members are benefiting equally. Recent KiwiSaver data from ANZ and Westpac show women falling behind men on balances from their late teens, and more likely to sit in conservative or moderate funds – a pattern Westpac’s Sarah Hearn warns can mean “taking a more defensive KiwiSaver strategy earlier in life could mean missing out on tens of thousands of dollars over several decades.”
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