Not a Mechanic, Don’t Have a Commerce Degree.
Savings? How -Where? With What?
A customer enters a car sales yard with a basic knowledge of a car, knows how to drive it , has a degree of trust and faith in the sales person and the reputation of the company. There is no expectation for a customer to have a degree in mechanics, studied the industry for years and be qualified to follow through with the purchase.
In the financial market with the angst of KIWI SAVER the constant catch words are “customer responsibility” customers should understand the products which are presented: many are in a complex dossier of words that would take either a lawyer or preferably a qualified person with a commerce degree to even understand the basics.
The question is: The New Zealand Government had boldly stepped out to announce that people should choose, take self responsibility for their savings and future retirement and not save by compulsory means for Government Superannuation, answer KIWI SAVER: however with recent rorts, financial institutions misleading the public with untrue accounts of performance already emerging, to the willing “want to save for my retirement “ the customer/investor ( who do not have a commerce degree) who is going to repay the investor their money saved lost on the stock exchange, portfolios gone sour, fraud, mismanaged managed funds, bonds losing value? The Government?
What about the older population that have saved for years, where did the consolidated fund go? Or those that lost everything at the hands of failures by the professionals and financial institutions, mis – managed funds. Is it just ‘tough luck’ ? Or is it the customer did not read enough, understand enough, maybe it was their fault they did not have a commerce degree!!!
To regulate, put in a ‘watch dog’ is just like opening a new pack of expensive cards of over-paid bureaucrats. For such a small populated country a simple percentage of money earned should go into a government superannuation fund that is held, not spent/squandered by the government, that earns interest. Just like a bank.
Ain’t a mechanic and don’t have a commerce degree, perhaps granny was right, put it under the mattress, might not earn interest but at least you have not lost everything.
( Whistlers Mother painting by James McNeill Whistler 1871 )
Granny
