Consumer NZ’s Annual KiwiSaver Survey Reveals Satisfaction Rising But Questions Remain

Strong returns and fewer issues helped lift sentiment, even with some investors disengaged, although that may be about to change.

“Consumer NZ’s People’s Choice award recognises products and services whose customers are highly satisfied,” says Consumer chief executive Jon Duffy.

Results from the nationally representative annual KiwiSaver satisfaction survey highlight the strengths and weaknesses of different retirement savings scheme providers.

“KiwiSaver customer satisfaction has improved noticeably in 2025. The sector’s overall satisfaction rating climbed to 57%, up from 52% in 2024,” says Duffy.

However, the coming years will test both the trust in and communication from providers, with Trump’s tariffs serving as one example of the immediate pressures contributing to ongoing global economic uncertainty.

Returns still rule, but interest in ethical investment is growing

Performance remains the strongest driver of satisfaction in the KiwiSaver space. Good returns are behind low switching rates, but concerns persist in areas such as fee fairness, accessibility and transparency.

“Ethical investment continues to attract high interest. Many New Zealanders say they care about whether their funds are invested in undesirable sectors, but few know the details of where their money goes.

“Many rely on trust in their provider. Around 40–50% believe providers are making genuine efforts to invest ethically, while a similar proportion remains unsure,” says Duffy.

Top KiwiSaver providers of 2025

Customer satisfaction leaders this year were small outfits again, more agile providers, recognised for offering strong investment returns, communication, fair fees and ethical investment options.

Generate – 80%

Milford Funds – 75%

Simplicity – 69%

People’s Choice standouts

Generate earned the People’s Choice award this year, for ease of access and the features of its digital platform.

Milford Funds extended its winning streak to eight years, thanks to strong communication and customer confidence in investment returns.

Simplicity featured for the sixth year in a row, widely praised for fee fairness and ethical focus.

Bottom of the pack – 2025's lowest-rated providers

Larger providers continue to lag, especially in terms of measures like communication, fee satisfaction and keeping customers informed. The biggest gripetends to be fees.

ANZ – The largest provider continues to see a decline in satisfaction year on year, with consistently poor performance on transparency and fees.

Smart – Struggles with engagement and customer support.

Mercer – Lowest-ranked overall, with concerns about service quality and value for money continuing to dominate feedback.

The Treasury staff published an analytical note in September 2024, highlighting that as New Zealand’s population ages, life expectancy increases, and fertility rates decline, there is mounting pressure to ensure retirement savings can support individuals throughout their extended retirement years. This highlights the growing importance of KiwiSaver for the financial wellbeing of New Zealanders, both now and in the future.

For these reasons, it is important that consumers engage with their investments, rather than staying passively in default schemes, to improve their returns and build greater financial security for their retirement.

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