Women have 22% less than men in their KiwiSaver account

Employers are being urged to do more to close the gender pay gap as figures released to 1News show women have far less squirrelled away in their KiwiSaver accounts than men.

The gender pay gap sits at about nine per cent, but KiwiWealth KiwiSaver data released to 1News shows the average balance of an account owned by a woman is 22 per cent less than that of a man.

And women are far more likely to invest conservatively.

Twenty per cent fewer women than men were in a growth fund.

KiwiWealth CEO Rhiannon McKinnon says it’s yet another area where the gender pay gap rears its ugly head.

“There are a few interventions we can make in terms of KiwiSaver, maybe making sure employers are still contributing during periods of parental leave as an example,” she said.

Of the main centres, the biggest gap (26 per cent) is in Hamilton and the smallest gap (20 per cent) is in Wellington.

The type of roles women work in can also impact their funds.

Hatch co-founder Kristen Lunman says women are starting to take control of their funds, but there’s a long way to go.

“Unfortunately part of the bias [with] women and investing that we've grown to accept is that we're not good with money, we spend too much, we're risk averse, the industry was built by men, for men, so women have felt excluded.”