Kiwis aren't confident they will reach their retirement saving goals, according to the ANZ's retirement savings confidence barometer.
New Zealanders' retirement confidence fell five per cent in August to 56 per cent, compared to the ANZ April survey.
"The deepening debt crisis in Europe and prolonged patchy growth in the New Zealand economy have probably contributed to the drop in confidence," ANZ Wealth and Private Banking managing director John Body said in a statement.
A report by the Financial Services Council in June concluded young New Zealanders won't be able to access universal superannuation without facing significantly higher taxes or cutting pensions entitlements.
People at or near retirement age should keep their entitlements, but younger generations will need a new savings system where they make a bigger personal contribution to retain New Zealand superannuation, the lobby group, which represents fund managers and life insurers said.
That's a similar conclusion to last year's report from the government-appointed Savings Working Group, which said the pension couldn't survive in its current form, and people under the age of 45 don't have security for their retirement.
In April, the government decided to delay automatically enrolling all workers into KiwiSaver in a bid to save $514 million over four years, having already halved its subsidy to the scheme and increased the minimum employer and employee contribution from next year.