The Financial Markets Authority has identified a significant gap in financial guidance for New Zealanders reaching 65 and accessing their KiwiSaver savings, with head of financial advice Romil Ghelani telling RNZ that professional advice is commonly available only to high-net-worth clients.

"That's one of the hardest financial transitions that someone can make in their life," Ghelani said. He noted that while products exist to help people draw down retirement savings, they are less common in New Zealand than in other countries, and most ordinary savers rely on general information rather than personalised professional advice.

Some of the largest KiwiSaver providers are responding. ANZ Investments said it contacts members one year before they can access their funds at 65, offering free financial advice and reminders of their options both before and after their savings become available, with contact repeated six weeks before funds become accessible, RNZ business (NZ) reports.