Some KiwiSaver members are living with a false sense of security, according to a new nationally representative survey of 750 people.

UMR Research has found 56 percent of KiwiSaver investors know nothing or very little about the scheme. Almost half believe their investments are guaranteed by the Government and a third have no idea if there is a guarantee or not.

UMR's executive director Tim Grafton says there may be a lack of information, or KiwiSaver members are just not heeding the warning from other investment failures.

He believes investors should be checking out whether their savings are guaranteed.

Around 34 percent of Kiwis, or more than one million people, are signed up to the scheme.