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Your KiwiSaver fund explained in two minutes

No matter your KiwiSaver provider, your KiwiSaver fund will be made up of a mix of investments. The mix will vary depending on your type of fund and should change over time as your goals do as well.

We break it all down in the video below:


Handy tip: If you are using KiwiSaver to save for a first home, you should double check your fund type. The balance of growth funds can quickly change potentially leaving you with less than you need when you're ready to buy.

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The nitty gritty of KiwiSaver

KS Mix Cash

A KiwiSaver fund usually consists of different types of investments including:

  • Cash
  • Bonds & Term Deposits
  • Shares

Each fund has a different mix of these investments and most KiwiSaver providers offer a number of mixes (e.g. Growth, Balanced and Conservative funds).

As you get older, or if things change, so should the mix of your KiwiSaver.


Did you know? Most KiwiSaver providers will buy shares from companies across the world. Your KiwiSaver fund could have shares in anything from Tesla to Spark. What shares and how many they buy of each depends on your provider and fund type.

Types of Investments

cash (002)


Similar to a personal savings account, KiwiSaver providers put a portion of cash into a savings or transactional account that earns interest.

Cash is a low-risk investment and as you get older, you want more of your KiwiSaver invested in it.



Shares are a piece of a company. As they make money, you get some of the profits. To reduce the risk, your KiwiSaver provider buys shares in multiple companies (known as diversification).

Shares have the highest risk when investing but also generally the highest returns. If you're 10+ years away from retirement, or not using KiwiSaver for a first home, most of your KiwiSaver should be invested in shares.

bonds & term deposits

Bonds/Term Deposits

A cash investment as well. The difference is that cash is invested in a bank or company for a set period of time, and then returned with interest at the end of the period.

Like cash, these are lower-risk investments that you want more of your KiwiSaver invested in as you get older.

Check in on your KiwiSaver

Now you know what's in a KiwiSaver fund, it's time to check you're in the right fund for your stage of life.

If you're with Kiwi Wealth, you can use our digital advice tool. Login to your online account to access it.

If you're not with us, we'd love to have you on board. Find out more about our KiwiSaver funds or join us online.

Want to learn more before you decide? Subscribe to Kiwi Wealth news:

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