An advocacy group says the male dominance of the KiwiSaver industry is contributing to poorer retirement outcomes for women.
The Government has canned the $1000 KiwiSaver kickstart programme. Photo: 123RF
Data collected by Women in Super indicates that 92 percent of the key personnel associated with KiwiSaver funds are male.
The figures were drawn from 32 KiwiSaver Schemes quarterly update, which required them to disclose the directors and employees who have the biggest impact on investment decisions.
Women in Super chair Tracey Cross said the lack of women within the industry meant that the specific needs and challenges women face might not be considered.
A recent report from the Institute of Economic Research, that was commissioned by Kiwi Wealth, highlighted the disproportionate outcomes women experience in KiwiSaver.
It found that women could be $318,000 dollars worse off come retirement when compared to men, due to the setbacks of motherhood and the gender pay gap.
Cross said diversity within the financial services industry could help to push back against these issues by maximising returns for women over the lifespan of their KiwiSaver.
"We know from copious research that gender diversity is good for business, it leads to better performance in the long-term," Cross said.
"If you are part of a diverse team, men and women come together for a better result.
"So, we want the maximum result through that investment process, so we get the best result for women."
She said women had also been shown to invest differently, have different values, and were less impulsive.
A recent report from the global asset manager Fidelity Investments supports this suggestion.
It found that women investors outperformed men by 0.4 percent a year, over a 10-year period.
It was also important for women to see more women in key positions within the financial services industry, she said.
"[This is so] they really see some career opportunities in the industry for them and gives them more confidence that women are good at investing."
Cross said more reporting was needed on gender pay gaps within companies, because what was measured, could be managed.
