Percentage fees tend to be higher for riskier funds like growth funds but that isn't always the case, according to money help website Sorted which has a tool allowing people to compare the fees of the different KiwiSaver funds.
Over a life-time of savings fees can add up to thousands of dollars.
David Mustard, a senior research consultant with Key Research, said the KiwiSaver scheme was still relatively new compared to Australia's super scheme and people's level of engagement was low.
"It has been sold as a set and forget. But as people get more funds they will undoubtedly take more notice. I think the dynamic will change."
KiwiSaver average balances are currently around $10k.
Mustard said he did not know what the "magic number" would be that would encourage people to take more notice of their savings but said for many people $50k in KiwiSaver would be the biggest amount of money they had saved.
Only 10 per cent of the people it surveyed had $50k or more in their accounts.
Mustard said once people had a significant amount in their accounts they would probably look for tools on how to compare the performance of the funds.
The survey is the first in a quarterly series of research undertaken by Key Research on Kiwis' savings habits.
It has been sold as a set and forget. But as people get more funds they will undoubtedly take more notice. I think the dynamic will change.
Along with KiwiSaver it asked people about their savings and found only half the adult population had sufficient money saved to survive more than a few months without an income.
Of those surveyed 60 per cent only considered the major banks when making investment decisions with few considering shares, managed funds or PIE accounts.
KiwiSaver Findings:
• Two thirds of people had checked their balance in the last few months
• One in four people did not know the type of fund they were invested in
• Only 13 per cent knew exactly how they paid their KiwiSaver provider fees
source: Key Research