New data from the Financial Services Council shows New Zealanders now have nearly $60 million in their KiwiSaver accounts.
The FSC said the total pool was now $58.53b, up $1.26b over the last quarter and 16.5 per cent in a year.
“The growth of the KiwiSaver pie is very encouraging news for New Zealanders, as it helps create long-term wealth for the 2.85 million Kiwis that are in the system,” said chief executive Richard Klipin.
“Recent changes introduced by the government, including the changes in contribution rates, new options for over 65’s and savings suspension are all contributing to improving the scheme.
"The figures show average individual KiwiSaver balances growing to just under $19,250, up around $500 over the quarter. These additional savings combined with a sustained period of market growth in New Zealand means now is the time for Kiwis to save for their future."
He said the financial services sector had the responsibility of helping New Zealanders build, manage and protect their welath.
“With other changes in the pipeline, such as the KiwiSaver Default Provider Review and CFFC Review of Retirement Income Policies coming later in 2019, these results are encouraging, as they show the individual wealth of those in KiwiSaver is growing," he said.
“Joining means that you can choose your level of saving, receive contributions from your employer and up to an additional $521.43 a year from Government which together mean your savings will grow quicker."