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Speaker 1: Now kei We Saver as a newsmaker. Of course, it's

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Speaker 1: making news at the moment because of the so called

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Speaker 1: hardship withdrawals. Bad news is an easy headline, of course,

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Speaker 1: that's why it's getting covered so much. But what is

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Speaker 1: less covered or covered less is the bulk of the

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Speaker 1: Kei We Saber story, i e. Lots of people or

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Speaker 1: in the returns are growing and for most people it's

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Speaker 1: a half decent way to save for the long term basis,

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Speaker 1: but also in the latest quarterly statements. This is for

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Speaker 1: the December quarter. By the way, is a fun fact

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Speaker 1: that those who like to fixate on competition or lack

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Speaker 1: of it could do with looking at now Kiwi Saber

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Speaker 1: and those who run the various funds. Is not a

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Speaker 1: lot different too, if you think about it banking or supermarkets,

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Speaker 1: or air lines or telcos of power companies. In other words,

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Speaker 1: if you want to, you can ask some questions around competition.

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Speaker 1: This government, like the last one, has been fixated with

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Speaker 1: competition or lack of it. They've investigated it, jawboned it

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Speaker 1: threatened it sometimes introduced rules and laws to change it,

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Speaker 1: and yet punter's choice rarely gets given. The waiting it

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Speaker 1: deserves or should. In Kiwi Saber there are about twenty

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Speaker 1: five providers right, and yet as it turns out, five

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Speaker 1: have the bulk of our money. Why is the lack

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Speaker 1: of competition clearly not? In fact, three of the top

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Speaker 1: five are the banks or the irony we hate the book? Well,

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Speaker 1: we hate the banks. The banks rip us off. The

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Speaker 1: banks are to be treated with the utmost suspicion. If

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Speaker 1: only we had more competition with banks and in Kiwi Saber, ah,

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Speaker 1: hold on, we do, and yet we can't flock to

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Speaker 1: the banks fast enough with our life savings. Now. The

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Speaker 1: lesson here, I think if any of us want to

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Speaker 1: learn it around power companies and banks and insurance is

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Speaker 1: basically we're lazy. Moaning is easier than doing something about

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Speaker 1: our problem. Now. The laziness is never better exemplified in

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Speaker 1: Kiwisaber than with the ridiculous number of default accounts. Of course,

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Speaker 1: people who can't even be bothered picking a fund. Twenty

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Speaker 1: five providers, five of them have sixty five percent of

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Speaker 1: the business. That's ninety billion dollars of the one hundred

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Speaker 1: and forty five billion under stewardship. Are we exercised? Are

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Speaker 1: we worried. Do we even realize, don't look now, but

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Speaker 1: they actually do quite a good job as well. Five

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Speaker 1: billion was added in the past quarter our. Unless you're

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Speaker 1: in bitcoin, of course, then more fall you over the

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Speaker 1: past decade. If you were in the right fund. These

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Speaker 1: figures tell us yesterday. If you're in the right fund,

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Speaker 1: you've been getting about nine percent every year fourteen years.

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Speaker 1: Almost sounds like a model at works. Could be the

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Speaker 1: competition For more from the Mic Asking Breakfast, Listen live

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Speaker 1: to news Talks at B from six am weekdays, or

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Speaker 1: follow the podcast on iHeartRadio.