KiwiSaver enrolment numbers are still soaring, with the Government saying more than 70,000 new members joined the super scheme last month.
Total numbers have now passed 670,000, with an average 2,300 signing up every day during May.
The May stats are down from the 78,000 who joined inApril, when employer contributions were first introduced.
"KiwiSaver has shattered expectations from day one," said Finance Minister Michael Cullen. "270,000 New Zealanders were expected to sign up after the scheme's first 12 months - 11 months in that number has been exceeded by over 400,000.
"It is especially gratifying to see so many young New Zealanders starting a savings habit as a result of KiwiSaver. Over 180,000 KiwiSavers are under 25 years-old - no one would have predicted that a year ago."
Cullen said there could be more than three quarters of a million KiwiSaver members by the end of winter.
Revenue Minister Peter Dunne thanked the nation's employers, saying the success of KiwiSaver was "down in large part to the cooperation of employers over the past year. KiwiSaver has quickly become part of the New Zealand workplace, especially for workers starting a new job."
"We have laid the groundwork for a major assault on New Zealand's poor savings record and everyone who has played a part in KiwiSaver - workers, employers, scheme providers, and Inland Revenue - should be pleased with what has been achieved."
