A record number of people have taken a bite out of their Kiwisaver to satisfy financial hardship

New Zealanders took more than 109-million-dollars out of their KiwiSaver accounts last year.

The Financial Services Council's Richard Klipin says withdrawal numbers would be expected to naturally grow alongside Kiwisaver membership.

But he says people have valid reasons for needing the money - and those struggling to manage finances often look for money where ever they can.

Klipin says the fund is meant for retirement savings - so accessing it earlier will impact the long-term outcome.