KiwiSaver Industry Spotlight March 2025

The FSC gathers industry data on KiwiSaver and publishes quarterly spotlights for the sector.

This spotlight is a quarterly snapshot for KiwiSaver as at 31 March 2025.

Please note that the increase to Funds Under Management is due to an increase of reporting providers.

Key insights include:

• Funds Under Management, excluding growth from new participants, has reduced by $1.4bn this quarter, breaking three years of consistent growth of between $3-5bn per quarter.
• Quarterly contributions continue a downward trend, with March 2025 being the lowest since December 2021.
• Total withdrawals are at an all-time high ($1.56bn) driven by a 17% increase of withdrawals for over 65 and other withdrawals (serious illness, death, life threatening condition) having more than doubled.
• Hardship and first home buyer withdrawals remain in the higher ranges.

Click here for the downloadable version of the March 2025 industry spotlight.