SOS: save our savings from Cullen’s sorcery

The Kiwisaver scheme, proudly introduced by Michael Cullen when Clark and her coven were running the shop, was supposed to perform the alchemy of lifting the nation’s savings

Guess what?

Black magic. The savings habit has been shrunk.

The number of New Zealanders saving regularly has dropped in the past four years despite more than a quarter of adults joining KiwiSaver.

A Retirement Commission survey carried out in March and April has found that only 49 per cent of adults aged 18 and over are now saving regularly, down from 53 per cent in the commission’s first survey in 2005.