More than half of Kiwis believe they need to save more for retirement but exactly how much they will need to live off year to year varies widely.

Research by KiwiSaver provider ASB bank found 62 per cent of people surveyed said they needed to save more for their golden years while another 18 per cent were unsure.

But exactly how much they would need per year in retirement ranged from under $30k to over $50k.

One in five people believed they would need less than $30k per year while 31 per cent believed it would be between $30k and 50k.

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A further 25 per cent believed they would need over $50k per year.

Average balances for KiwiSaver are currently around $17k after 11 years of the scheme being in operation.

Even those close to retirement believed they needed more with 56 per cent of over 60 years thinking they needed to save more.

Chris Tennent-Brown, chief economist at ASB bank, said as people got older a slightly higher proportion believed they were on track.

"...but even then, the latest survey shows that only 30 per cent of respondents over 60 think they don't need to save more.

"That leaves 56 per cent of respondents thinking they need do need to save more for retirement," he said.

The research also questioned people on what they planned to use their KiwiSaver money for.

One in four people under 30 planned to use it to buy a property.

Across all ages, 40 per cent hoped to use KiwiSaver for day to day living expenses while 11 per cent will leave the money in the scheme when they retire.

A further 11 per cent plan to use it to pay off a mortgage or debt. But some 22 per cent were unsure how they would use KiwiSaver.

Tennent-Brown said the uncertainty was highest for those in their 50s with a third unsure or undecided how they will use their KiwiSaver money.