Although this article does promote the very valid need and reason for superannuation, it fails to accept that superannuation has failed the majority of people it was supposed to help. When superannuation was first released in 1992 at 3% I built my business on it and advised and guided many people. Yet figures from the ABS state that the average mean of the greatest financial asset in most dwellings is superannuation at 131,000 and half of those people had less than $60,000. Yet 50% of Australians arrive at retirement carrying over mortgage and personal debt which further diminishes the accumulated value.What's left over is likely to last far less than 10 years and the pension needs to be used as a supplement rather than a privilege which means more and more retirees are needing to remain in the workforce where possible or eventually consider living in poverty. Something Bob Hawke championed when he said 'by 1990 no child will be living in poverty.' But he didn't say anything about retirees.Superannuation as an idea hasn't failed, but the financial industry has raped,pillaged and plundered the members contributions for fees, commissions, and bonuses for their own corporate gain and greed. And it continues today!Financial literacy which is touted but never seen or heard of. The government trots out well known names who all talk big and shine bright in the limelight, but continue to profit from the very same people they supposedly serve.The only reason using super for buying a house is stupid is because it will provide a deposit for those who can ill afford it.Most people in their 30's to mid 50's are stuck paying off debt given to them by the very same institutions which control their retirement funds. It's like having Dracula in charge of the blood bank. The government profits form the (declared) profits of these institutions who are bleeding dry the consumers of this country.This is the problem which is not being addressed by government. There is no widespread financial literacy program or education on how people should pay down debt before committing to living like the Joneses, all promoted by banks lending out on equity - again! Banks who virtually throw credit cards at consumers like confetti and then suck them into refinancing the debt and the home.Too many people are on the edge of losing their homes, for which the finance is controlled by the banks.The world is changing and jobs are being lost without being replaced by new ones. The financial planning industry sells insurance (bank) company policies but doesn't give financial advice.Consumers suck up whatever rubbish they are fed by the banks and funds that keep control over their money.Don't worry about donkeys, mules or asses because the financial industry continues to control the mushrooms!Kept in the dark and fed manure! This isn't what advisers sell, but it's what they controlled to sell. And then forced into more education for no good reason other than it satisfies the limited intelligence of those who hold paower in government and need to be seen to be doing something.The greatest problem this country faces is the ever increasing debt problem fuelled by government and credit and housing. It is this problem which will help to solve the future crisis of people living in poverty and drawing on an ever-strained and diminishing public purse to pay social security and pensions.All the time politicians continue to hand themselves lifetime benefits for part-time contributions. Another rort, but there's no public accountability or further education they are required to undertake to prove they are worthy to serve and receive current and future benefits. It's a bit like upfront commissions and trail when they leave.Teach your children well, and teach them about eliminating debt and be money masters rather than become money slaves to the banks. Then they might have money to buy their own house, as long as they are prepared to travel 2 hours to get to work and then back home again!
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