Sandwich generation balances mortgages and parents while chasing retirement returns
ANZ's Gen X KiwiSaver members are moving into riskier funds, and some older members are lifting their savings rates, even as many juggle mortgages, children, and ageing parents, according to fresh ANZ Investments data.
About 50.4% of ANZ's Gen X KiwiSaver members, those born between 1965 and 1980, are invested in its High Growth, Growth, or Balanced Growth funds. Over the past three months, more than half of Gen X members who switched funds chose a more growth-oriented option.
David Otero-Lambert (pictured), head of investment risk and governance at ANZ Investments, said the so-called sandwich generation is bucking a long-held pattern, as "they are challenging the assumption that investors get more conservative as they get older."
Mortgages, children, and retirement collide
For advisers, the data points to a cohort under pressure from several directions.
Otero-Lambert said New Zealanders are starting families later, carrying mortgages, and working further into later life, while also spending more years in retirement than earlier generations.
Older savers lift contributions
Some members nearing retirement are also lifting their savings rates. Of members aged 55 and over who asked ANZ to change their contribution rate in the past three months, nearly a third opted for the 10% maximum.
"Small adjustments to your contribution rate can make a meaningful difference over time," Otero-Lambert said.
He cautioned that lifting contributions remains difficult for many households, saying "increasing contributions remains a challenge for many people."
Returns reward a higher-risk stance
The shift comes after a strong year for growth-weighted portfolios. In the year to 31 August 2026, the ANZ KiwiSaver Scheme's High Growth Fund returned 16.23% after fees and before tax. The Growth Fund returned 13.61% and the Balanced Growth Fund 11.02%.
The Growth and High Growth funds are designed for members chasing stronger long-term gains who can tolerate sharper short-term swings, according to ANZ.
ANZ said it favours broad diversification over concentrated bets, with holdings ranging from Nvidia and Apple to Fisher & Paykel Healthcare and Auckland Airport.
ANZ Investments urged members to review their contribution rates and fund settings regularly, particularly those saving towards a first-home withdrawal or retirement.
KiwiSaver's role as a deposit source is growing. More than 50,000 members withdrew a record $2.2 billion for first-home purchases in the year to 31 March 2026, according to the Financial Markets Authority's 2026 KiwiSaver Annual Report.
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