Older investors a key concern: Commission
David Boyle, general manager of funds management at ANZ, has been hired by the commission to look at the needs of New Zealanders aged over 50.
Commissioner Diane Maxwell said that demographic was a key concern.
She said the industry had traditionally been a bit like a Hollywood movie that ends with a wedding. “Actually that’s just the start. We talk a lot about accumulation and invest a lot in getting people saving to get to that [retirement] point but then we walk away.”
But she said investors who had reached 65 and were drawing down their savings were at an important time when they needed good advice and products. “One of the worries is seeing more people losing money as did the David Ross investors. You’re at a vulnerable moment, you can’t get that money back if you lose it. If you’ve stopped working or are working part time and your income has dropped, if you lose it you can’t recover. Decisions at that point are critical.”
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