Boutique providers have taken out the top spots in Consumer New Zealand’s KiwiSaver survey with Generate awarded People’s Choice.
Receiving a satisfaction rating of 80% Generate topped the survey, with customers liking the manager’s ease of access and features of its digital platform.
Milford Asset Management comes in second with 75%. Customers cited strong communication and their confidence in returns as reasons they are happy with their provider. Simplicity rounds out the top three with a 69% satisfaction rating from customers, recognised for its fair fees and ethical focus, the survey finds.
At the other end of the scale, both in size and satisfaction rating, New Zealand’s largest KiwiSaver provider, ANZ, has seen satisfaction fall once again with consistently poor performance on transparency and fees, according to the survey.
The bank comes in 11th out of 13 providers ahead of only Smart and Mercer. The survey finds Smart struggles to engage with and support customers, while Mercer customers shared concerns about the quality of the service and value for money.
KiwiSaver providers must work to maintain trust
Consumer New Zealand says while customers’ satisfaction in their provider is growing, the coming years will be a test of how well providers communicate, amid ongoing global economic uncertainty.
“KiwiSaver customer satisfaction has improved noticeably in 2025,” says Jon Duffy, Consumer New Zealand chief executive.
“The sector’s overall satisfaction rating climbed to 57%, up from 52% in 2024.”
Performance is still the key driver of how satisfied customers are, the survey finds, with recent positive returns behind low switching rates. Customers are still worried about whether they are being charged fair fees, how accessible a KiwiSaver provider’s product is and transparency around where their savings are being invested.
“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,” says Duffy.
“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.”
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