Waikato pensioners are starving and raiding their KiwiSaver accounts to pay back mounting credit card debt.
This is a badly written story. It takes an assertion of a financial adviser and reports it as fact. It should report it as an assertion and credit it to the financial adviser.
Hamilton Budgeting Advisory Trust manager Clare Mataira said financial abuse of the elderly is a growing problem and she is pushing for banks to tighten their lending policies.
“We’re seeing people use credit cards for living expenses.
“I’ve seen more superannuitants in the last four to five years using credit cards for living expenses than in my whole career,” she said.
Not sure why, as the pension has increased well beyond the rate of inflation. Every year the purchasing power of NZ Superannuation tends to increase. We have the most generous superannuation scheme in the world – universal, linked to the median wage, no means or asset testing etc.