What can we do

[ManDownUnder]

As for investing in finance companies during a recession:

Agreed - but do the words Kiwi Saver mean anything to you?

[Mikkel]

Agreed - but do the words Kiwi Saver mean anything to you?

Yep - it's a retirement fund AFAIK. Most other socialistic western countries have had one for near on 50 years.

Or are you talking about the 2nd coming of Christ?

[MadDuck]

The weather forecast for this Sunday has been predicted to be a nightmare with high winds and heavy rain. Not recommended that you take the boat out or ride the bike over the harbour bridge that day.

Now if a person decides not to heed this warning and does take the boat out or ride over the bridge and gets hurt….do we all say oh you poor thing here let me help you?

I certainly wouldn’t. There’s people out there hurting far worse and they haven’t actively decided to put themselves and their money at risk.
Dont get me started on KiwiSaver MDU....no I havent invested!

[ManDownUnder]

Yep - it's a retirement fund AFAIK. Most other socialistic western countries have had one for near on 50 years.

Yeah - just the wee aspect of it being a compulsory investment in the vehicle of your choice (Hanover anyone?)... not being protected.

Which investment co is going tits up next do you reckon?

[Mikkel]

Yeah - just the wee aspect of it being a compulsory investment in the vehicle of your choice (Hanover anyone?)... not being protected.

Which investment co is going tits up next do you reckon?

Oh, I didn't think Kiwi Saver was compulsory... Retirement funds are compulsory many other places though - which sucks IMHO.

Which investment company is going tits up next? Dunno - but I sure as hell wouldn't consider throwing my money at anything that deals with financing.

[ManDownUnder]

Oh, I didn't think Kiwi Saver was compulsory... Retirement funds are compulsory many other places though - which sucks IMHO.

I personally see the definition of "you can't get your money back once you've started" and "choose any investment institution you like" and pretty much compulsory

Which investment company is going tits up next? Dunno - but I sure as hell wouldn't consider throwing my money at anything that deals with financing.

Agreed - hence my Kiwisaver swipe. How many Pollys are relying on Kiwisaver for their retirement do you think?

[MadDuck]

Which investment co is going tits up next do you reckon?

I will put a box of beer up that I know which one will be next. I wont name it here though....

[Mikkel]

I personally see the definition of "you can't get your money back once you've started" and "choose any investment institution you like" and pretty much compulsory

I haven't looked into how Kiwisaver works because it isn't relevant for me. I just know that you have more choice in the matter in NZ than some places I could think about.

The thing is - it is worthwhile for a government to make a retirement fund lucrative for the individual either by providing tax relief on what you put away or by subsidising the contribution to some degree.

The fact that you can choose NOT to use Kiwisaver means it is NOT compulsory in my book.

Agreed - hence my Kiwisaver swipe. How many Pollys are relying on Kiwisaver for their retirement do you think?

I don't know. But AFAIK noone is going to get anything from Kiwisaver unless they put something in... The amount of growth you'll see on your investment will then depend upon how capable the investment fund is. A capable retirement fund will never invest in anything except secure investments - security is the first objective - growth the second. I can't imagine that the people who are in charge of Kiwisaver will not realise this.

Of course all of this doesn't prevent the investment company from being opaque and screwing around with their clients... It certainly doesn't in Denmark. Oh, how I hate bureaucrats!