Summarised by Centrist
From first homes to retirement, Kiwis are dipping into their savings like never before, with around $5b pulled out in the 2024 financial year.
While the funds keep growing, reaching $111.8b under management, more and more New Zealanders are tapping into their savings for immediate needs.
$3b came from over-65s cashing out for their retirement. However, first home buyers withdrew $1.2b—a 34% jump compared to the previous year, though still shy of the 2022 peak.
Notably, hardship withdrawals rose by 60% compared to last year, with 29,242 members withdrawing an average of $9,000 each due to financial troubles.
Permanent emigration withdrawals shot up 37%, with $70m leaving KiwiSaver accounts as members sought a fresh start overseas.
