KiwiSaver withdrawals are having their moment as more are tapping into their funds

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.

Read more over at Interest.co.nz