Men’s KiwiSaver retirement savings are 20% higher than women’s

Men’s KiwiSaver retirement savings are 20% higher than the average woman’s, according to a new study.

The report, released by the Pension Commission on Wednesday, looked at data for 2,944,050 KiwiSaver members of all age and gender groups with total balances of $85.44 billion as of December 31, 2021.

It showed the average man’s KiwiSaver balance at $32,553, while the average woman’s balance was $27,061. The gap widens to 32% for women in their fifties.

MindTheGap campaign co-founder Dellwyn Stuart, whose campaign aims to close the pay gap, said the figures reveal a “real need to urgently close the pay gap not just for women’s everyday lives , but also to make sure they have enough to retire.” ”.

The pay gap between men and women has been 9 to 10% for a decade.

Stuart said the figures show that women being paid less than men “not only impacts their day-to-day lives, but has very real implications for their retirement”.

She added that while “women’s standard of living will be lower than men’s,” it also means that a lower percentage will be contributed to their KiwiSaver retirement fund, which “amounts to tens of thousands of dollars. less”.

“The fact that women are statistically likely to live longer than men means that this problem is even more serious in terms of the long-term impact on women’s lives.”

KiwiSaver Screenings.

She noted that while the commission was unable to break down the KiwiSaver gap by ethnicity, it is “likely to be even larger because the pay gap for ethnic groups is much higher than ‘between men and women’.

Stuart is calling on the government to introduce ‘compulsory’ pay gap reporting and work alongside businesses to create ‘standardised measurement and coverage of all employers’, adding that it is ‘long too late to close the gap. ‘pay gap’.

File picture.

It also asks employees to ask their employer about their pay gap and companies to publicly register their pay gap.

“These are very real, tangible actions that we know will make a difference to the pay gap – and therefore to people’s lives.”

More than 50 companies have registered in the pay gap register.

About Ian Crawford

Check Also

Retirement savings on PIP: How can I provide a pension for my daughter who is applying for a PIP | Personal finance | Finance

“I have a 40 year old daughter who is autistic (high scale) currently on PIP. …