In a week where the peccadilloes/shenanigans of public servants are in the spotlight, I am pleased to say that the more mundane work of Bill English and Craig Foss has delivered a series of sensible decisions about the future default providers of KiwiSaver. It's all here .
This is clearly not big, exciting and sexy news to most. When the public were asked for submissions about snapper fishing or tobacco branding, tens of thousands of people chimed in. When it came to asset sales, a whopping 327,000 people signed up to force a citizens' referendum.
When the Government asked about KiwiSaver default provider requirements, there were 29 responses. 29. Twenty-nine.
But let's be positive. When people think about KiwiSaver, is it because they are thinking wholesome, soothing thoughts? Quite possibly. While day to day financial challenges are frustrating and stressful, KiwiSaver members have seen their long term savings continue to build up.
People who invest lump sums aggressively for a quick gain seem to let money run their lives. Anxious eyes dart over streaming online numbers, hearts miss a beat due to something unfathomable happening to the markets. If I remember my school Bible "studies" correctly, it is the love of money that is said to be the root of all evil.
It should be simple and stress-free. KiwiSaver is not meant to be a white knuckle ride, unless you want it to be. This is why I am pleased that people are not going to be defaulted into high risk funds without their informed permission.
Another good development is that impartial financial education is now to be a requirement of a default KiwiSaver provider from July 2014. Yay.
I know real people that have used KiwiSaver to help buy their first home. Others have started to enjoy the money that they have saved. I met a young father at a factory, who got me to look into whether he was in KiwiSaver. He then found that he had $8,000 saved! He - literally - jumped for joy. It's not an idea any more, it's part of our lives and it is really working.
It's a big, fluffy onesie and everyone should have one.
