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A new survey of retirement confidence shows that while New Zealanders are generally good savers, many are not putting aside as much as they will need for their retirement.
ANZ's retirement savings confidence barometer surveyed 1000 people about the level of income they would like to have in addition to their superannuation.
Half of them felt they were saving enough to pay for the retirement they wanted.
ANZ wealth and private banking managing director John Body says when people are shown the lump sum they need to maintain the lifestyle they want in retirement, their confidence drops.
"For example, in order to receive an additional income of $100 per week for a 20-year period, they need to have saved around $83,000 by the time they reach retirement.
"For an extra $300 per week, the lump sum rises to $249,000. These are sobering amounts of money for most people."
Men and younger people who have just started saving were most confident, with the least optimistic being women and those closest to retirement.
Mr Body says the survey also showed New Zealanders are generally good savers, with 62% of those aged under 65 having some sort of retirement savings.
"This has been helped enormously by KiwiSaver. It will, over time, increase the confidence that people can reach their savings goals."
The survey comes as the Financial Services Council suggests young New Zealanders need to save more out of their own pocket because they can't expect to access universal superannuation at current levels without massive tax hikes.