Australians do not trust banks to manage their super

Seven out of 10 Australians do not trust banks to manage their super.

Australians do not trust banks to manage their super

A new poll shows that seven out of 10 Australians do not trust banks to manage their super, with consumers saying that they want their interests looked after rather than those of the shareholders.

The Essential poll over 1000 people was conducted on behalf of Industry Super Australia. Results of the poll revealed that just 31 per cent of Australians have any trust that banks could ensure that the superannuation system works fairly. Two-thirds of those surveyed want super to operate on a not-for-profit basis, with all returns going to fund members.

The poll also revealed that 38 per cent of those questioned trust the Federal Government with their super, compared to a whopping 69 per cent who trust Industry Super Funds.

The results of the poll send a clear message that, when it comes to super, Australians want their interests to be the sole focus of their funds, rather than a profit-making venture for banks. In fact, 58 per cent of respondents believe that the banks would use the superannuation system to exploit fund members.

“When it comes to super, the banks are legally required to act in the best interest of their customers; most Australians don't believe they do," said Industry Super Australia Chief, David Whiteley.

“Consumers know aggressive cross-selling of advice, insurance and super is designed to boost shareholder profits rather than leave them better off.

“The banks’ relentless lobbying to remove consumer default protections could result in people ending up in under-performing funds and a nest egg that’s tens, even hundreds, of thousands of dollars short.

“Australians have told us what they think – they don’t trust the banks and believe their culture and profit motive are at odds with the purpose of super.”

Two-thirds of respondents said that the banks were already too powerful and that giving them power of superannuation would make the situation worse.

“Public opinion clearly runs counter to the banks’ efforts to change the super system to suit their vertically integrated business models. Astute policymakers will be listening,” said Mr Whiteley.

Opinion: What have banks done to earn our trust?

The results of this survey should come as no surprise. Think rate cut delays, dodgy financial advice and limited customer service and ask: what has my bank done to earn my trust?

The 2016 Global Consumer Banking Survey already revealed that just 22 per cent of people actually trust their bank to give them unbiased advice. Hardly a sign of confidence, wouldn’t you say?

It’s become a sore point for many Australians that the Reserve Bank of Australia drops the cash rate, but banks wait two or three weeks, sometimes longer, to drop the rates for customers who have mortgages and loans – and then not always passing on the full cut.

It’s a well-known fact that, as a result of these rate cut delays, banks consistently pocket millions at the expense of their customers. Now, how is that earning anyone’s trust?

Add to that sneaky account charges resulting from convoluted fine print, often limited customer service and questionable financial advice from many bank advisors, and you have a few more examples of the type of poor practice for which many of Australia’s banks are becoming known.

And the fact that these banks are openly ‘in it for the money’, well, the idea of handing them the reins to our superannuation system seems ridiculous.

Many Australians move into retirement with limited super providing their income. So, every dollar counts. Splitting those dollars with major shareholders and bank CEOs is not a viable option for most Australians. They simply can’t afford it.

And when we take into account that industry super funds regularly outperform bank and retail funds, there seems little argument about where your life savings are better positioned.

It is a sentiment reflected by many Australian retirees. In the YourLifeChoices Retirement in Australia 2016 survey, members reported that they had their super managed in the following manner:

  • industry super fund: 36 per cent
  • retail super fund: 16 per cent
  • self-managed super fund: 10 per cent
  • other (such as defined benefits scheme): 15 per cent
  • no super: 23 per cent

With twice as many respondents having their money in industry super funds than retail funds, how the banks are even in the running to have more power over super is simply bewildering.

And yet it seems that, not only is the Government unwilling to hold the banks accountable for dodgy practices and bad behaviour, it may actually be considering handing them this added power.

Do you think the big banks should keep their snouts out of super? Do you trust your bank? Would you trust it with your super? Should the Government even be considering handing the banks increased power over the superannuation system?

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    COMMENTS

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    dougie
    7th Mar 2017
    10:19am
    The thing is people do not trust banks or at least their Financial Advisers to work for them. They are employed by the bank - paid by the bank and governed by the bank. In the good old days you used to be able to visit your Bank Manager and have discussion with him as a friend in many cases,today that is rare. Do local branches have managers or just some faceless person behind a computer in an office somewhere in the world.
    I guess that I am lucky having some financial acumen and knowledge and I only use the banks to park what money I have, but I make the decisions and do that which I wish to do.
    Financial Advisers, not likely, they still get their share no matter what and if they lose the lot - too bad so sad.
    Not a Bludger
    7th Mar 2017
    10:36am
    Fair dinkum, unbelievable.

    They don't trust the banks - but do run with leftie, anti-bank propaganda.

    They do trust Industry super funds - allowing them to be controlled by rent seeking union bosses to their own benefit.

    What on earth happened to commonsense and "natural caution".
    Tom Tank
    7th Mar 2017
    12:25pm
    Industry funds are NOT controlled by "union bosses". A little research coupled with an open mind could prove beneficial.
    If they are run to the benefit of union bosses how come they outperform all other super funds?
    Tom Tank
    7th Mar 2017
    12:25pm
    Industry funds are NOT controlled by "union bosses". A little research coupled with an open mind could prove beneficial.
    If they are run to the benefit of union bosses how come they outperform all other super funds?
    Not a Bludger
    7th Mar 2017
    2:03pm
    Problem is, Tom Tank, that union bosses accessing super fund member statements, personal details etc have been hauled in front of Corruption Commissions and later various courts.
    Not a Bludger
    7th Mar 2017
    2:03pm
    Problem is, Tom Tank, that union bosses accessing super fund member statements, personal details etc have been hauled in front of Corruption Commissions and later various courts.
    Rae
    7th Mar 2017
    3:04pm
    We are about to find out what the effects of handing control to the business council, mineral council and IPA and other lobby groups will do. These wonderful business associations will be making a lot of decisions on our behalf thanks to the stacking of them in everything.

    Even though the unions must have cost you something not a bludger I seriously doubt these business associates, councillors or commissioners have your back. Time will tell I suppose.
    Janus
    7th Mar 2017
    11:11am
    The bank I use charges me fees, will not notify me of cheaper or simpler ways to do things, and offers me biased advice (which I don't use).

    I completely trust them to do this, so where is the problem? As long as they are making a profit, I don't care because I am also a shareholder. The share of their profits I get pays all of my fees etc.

    Just play the system...
    buby
    16th Mar 2017
    11:55am
    really you shouldn't have to play the system.
    My bank does not charge me fees, and i do save well and i'm sure they still get good earnings off their savers, Using their card sometimes instead of using cash is handy
    and sometimes i use Cash instead of card. NO worries, NO problems
    Old Geezer
    7th Mar 2017
    11:27am
    I have no problem with any of the banks I use to do banking.

    As far as super and investing are concerned there is only one person that has my interests and that is me.

    Banks do have shareholders and they have to make them money or they desert the sinking ship.

    Financial advisors may know the theory but unless they have done it themselves they have little idea of how it really works. So what you need to is find one that walks the talk. If you can let me know as I haven't found one yet myself. Looks at it this way if financial planners were successful themselves why would they be still a financial planner? Nothing legislation or anyone can do to change the that.

    If for example a financial planner felt that financial markets may be about to collapse would they get their clients out? I doubt it because they have then lost their business and livelihood.
    KSS
    7th Mar 2017
    1:16pm
    And many of those bank shareholders are superfunds!
    jackie
    7th Mar 2017
    11:41am
    Why trust any unregulated industry that charges you fees while profiteering from your money and not sharing those profits equally? It used to pay to save with banks when they were regulated.
    Adrianus
    7th Mar 2017
    11:44am
    What is meant by "trust" in the decision making process of a commercial contract? In what capacity does this "trust" form the basis of any agreements? Is it possible to love a bank? I think love is a strong word. Is it possible to trust a bank? That tends to bring into question people's understanding of the meaning of the word itself rather than being a disparaging remark about a financial institution.
    dougie
    7th Mar 2017
    1:14pm
    Frank,
    Great question - what is trust?

    A gentleman that I used to work for many years ago spoke to me of trust and credit. And believe me Credit was a big thing in my game.

    He said to me - "That man wants you to extend to him credit to buy our product up to $10,000-00, would you trust him to lend him that much of your money with no real security ? If you would you are a fool and should look somewhere else for a job. If you don't then that is trust." In other words where money is concerned there is no trust."

    A lesson in life well learned and well remembered. Giving your money to a bank is like trusting someone with your life savings.

    Why is it when you borrow money from a bank security to more than cover your borrowing is required however when you invest {loan} money to a bank they give you nothing in the way of security. Who trusts who?
    Adrianus
    7th Mar 2017
    2:56pm
    Interesting story dougie. I liked that.
    grounded
    7th Mar 2017
    12:05pm
    Bankster's......a necessary evil! How do you control, and contain a dangerous evil....by keeping our collective, wide ranging legislative hob nailed boots squarely across their throats.....with the downward pneumatic pressure of a 100 tonne vice....starting with the lovely old granny with a parcel of ASX listed Bank shares squirreled away in her top duchess drawer.....to the most lowly teller....and every last insidious villain deriving an income; in any form, from this most evil of industries....excluding depositing clients.

    Spoken like a true socialist you might think/say. No voted 'tory' all my life.

    Just fully awake to the fact that all life forms carry poisonous life cells within our structure.....just more so with those of us who are attracted to the Banking industry....in what ever guise, as a means of 'employment'.

    Always remember what old JC himself thought of the 'Money Changers' and their Temples of Enterprise.....!
    Old Geezer
    7th Mar 2017
    12:11pm
    Without profits even the business of Australia is not profitable so no welfare. So if you are on welfare then your life depends on profits.
    Adrianus
    7th Mar 2017
    12:22pm
    grounded, JC obviously passed on that lack of trust, because it still exists today. Especially within the Muslim community, who refuse to pay interest. At least a couple of banks have agreed to change their method of operation to facilitate this. It is interesting how Muslims buy houses I think.
    grounded
    7th Mar 2017
    12:29pm
    @Old Geezer....As I stated, a necessary evil. I am not one wit opposed to Banks realising a healthy profit.

    I fully understand how the National, and Global Banking industries/cabals/cartels work.

    Within the terms of real life endeavour...banks per se, put very little, to nothing into the advancement of humankind....aside from renting Office space...(yes, most of those 'ivory towers' are owned by the speculative class), and employing a handful of people....by comparison to their 'gigantic' income/profit model of operating.

    I can never hope to alter or change any persons mind. People...if interested need to go and research the subject for themselves. Needless to say, with evil greed being the fuel that banks are driven by, Bankster's will be around for a long time to come...

    I hold my steadfast opinion...which I expressed. Sorry Old Geezer....I don't draw a Welfare payment....too much bloody money I have....which I hate sharing some of with lowlife bankers/gangster's....in the name of "fees".
    Old Geezer
    7th Mar 2017
    12:32pm
    I hope you haven't got your money invested anyway because if you have then the banks will be profiting from it.

    I pay no banking fees myself but I love my bank dividends.
    grounded
    7th Mar 2017
    12:42pm
    Couldn't agree more with you Frank. I was in Melbourne late last year...and just in the course of a days roaming, I came across a Islam approved 'banking institution'.

    Wondered...and still wonder, how they exist...or can doll the loot out, without interest payments. Obviously they have one of those rare old 'money trees' out the back somewhere....or a direct debit arrangement with Centrelink....Centrepay, to recoup a more inflated initial principal sum....from the voluminous number Islam devotees who receive welfare as their only source of income.

    Old Mohammed might be onto something...!?
    grounded
    7th Mar 2017
    12:53pm
    @ Old Geezer....Yes, I do have a bit of it invested...as most do these days. No, I am not opposed to Banks turning a reasonable shilling - profit, on my invested dollars.....just heartily sick of obscene size of their margins....profits, advertised each six months.

    You are obviously a smarter man than myself OG....I would normally defy any person to tell me how they make a quid - dividend out of the banks...without paying a fee.

    (I do know of very protracted, convoluted ways...though they also can lead to further hassles)

    The very best of luck you to old mate....(now tell me how you do it....I want in)
    Old Geezer
    7th Mar 2017
    12:59pm
    Muslims use what is called a lease to own arrangement where they pay rent to t third party who pays their interest. Just another step in the lending process.
    grounded
    7th Mar 2017
    1:12pm
    Thanks OG...Since Frank mentioned it, I've just started looking on line how the Muslims structure this 'interest free' method of financing...Cheers
    Old Geezer
    7th Mar 2017
    1:29pm
    Rent to own is also used by people who can't get a loan themselves. I know people who make a living out of doing this so maybe the banks are onto a goldmine with Muslims and their beliefs.
    Adrianus
    7th Mar 2017
    3:00pm
    I think the Islamic council has it's cash flow increased from the halal tax as well.
    Eve
    7th Mar 2017
    12:48pm
    I have always trusted the banks to be fundamentally honest - BUT then they got so heavily involved with flogging shonky insurance. Sold whatever souls they had, and they have finally lost my trust. they are in too powerful and TRUSTED a position in this country to play the cheap and nasty insurance scam game, but that's business for you. "Nothing personal, it's just business" fundamentally demonstrates capitalism can't actually be trusted. Just took me a long time to really work that out. Bring on the regulation!
    grounded
    7th Mar 2017
    12:56pm
    Hear, hear Eve. Bring on Regulation.

    Just what I was driving at....with a hob nailed boot positioned squarely across their throats.
    Old Geezer
    7th Mar 2017
    1:12pm
    Most insurance banks sell is rebadged normal insurance so no different from normal insurance.
    KSS
    7th Mar 2017
    1:14pm
    Let me see: Industry Super Australia commissions a report that says 1/3 of people trust banks and 2/3 of people trust Industry super funds to handle their super! Well I never!!
    Wonder what that little bit of 'study of the bleed'n' obvious' cost. Something about the piper calling the tune comes to mind.......

    Meanwhile other recent research says that people may whinge about the banks but few actually take any action such as asking for a better deal, reviewing their accounts, or even changing to another institute altogether.

    There are several 'national sports' in Australia and one of them is Bank Bashing!
    Old Geezer
    7th Mar 2017
    1:31pm
    Yes I shake my head in that if people don't trust banks then why do they use them? Maybe it is just because people like to whinge about everything these days.
    Soon retired
    7th Mar 2017
    1:40pm
    Answers to your questions..

    Do you think the big banks should keep their snouts out of super? Its up to them as long as they do a good job, very important to track and monitor your super after all it is your's DO NOT LEAVE AND FORGET..
    Do you trust your bank? Yes my bank does a good job and has offered me better interest rates and NO fee accounts.
    Would you trust it with your super? I would trust NO one with my super, I do it all myself..
    Should the Government even be considering handing the banks increased power over the superannuation system? NEVER the Banks are at least accountable to you if you have your super with them, the Government is accountable to know one and they are far more a worry than the banks. Its the Government that wants your super money to pay their debt and enormous salaries.
    Financial advisors are also bad news had 3 in my life time sacked them all for total incompetance and shonky advise and now do it myself and doing much better (I do have a SMSF).
    Old Geezer
    7th Mar 2017
    1:54pm
    I have seen a lot of cases lately of people with small super balances left with nothing. These people rightly so think super is just a waste of time and the only one that benefits are the super funds. Something badly needs to happen here to protect these people and in particular their perception of super.

    Banks and super funds should be offering people no fee super accounts if their balance is under $1000. Also up to say $5000 the fees should not be more than the earnings on the super fund.

    I'm also concerned about the lack of choice people have in where their super goes. Result is that if you have 2 or 3 casual jobs you may have 2 or 3 or more super funds with small balances. These would be being eroded very quickly with fees and multiple life insurance premiums. This really tarnishes the public's perception of super.
    Adrianus
    7th Mar 2017
    3:04pm
    Old Geezer, I'm pretty sure banks offer RSA's and have done so since the 90's? The fact that nobody knows about them tells a story in itself.
    Old Geezer
    7th Mar 2017
    5:11pm
    I went looking for one recently and the government has changed the super rules in 2010 from memory and they no longer offer them.
    Adrianus
    7th Mar 2017
    5:56pm
    Well APRA is still issuing approvals? Credit Unions mostly with some in house ones such as Qantas employees or ADF etc.
    Old Geezer
    7th Mar 2017
    7:04pm
    I wanted one that charged no fees for a school kid who worked over their holidays and was entitled to super. Super had to go into a fund so they could draw it straight out as it was under $200.
    Adrianus
    7th Mar 2017
    10:05pm
    A school kid over 18? Who can draw money out of a Superannuation account? Now that's something you don't see every day.
    Old Geezer
    7th Mar 2017
    11:09pm
    Yes we managed to get it out with only losing about $10 in fees. Kid is very happy with a bit more spending money.

    Got another one where I am trying to combine super funds into one fund for a fellow. An industry fund is not co-operating at all. Looks like a call to the ombudsman coming up on that one.

    Off to play against the big boys tomorrow which should be fun.
    floss
    7th Mar 2017
    2:54pm
    After being ripped off by the big banks we have now invested in a credit union and a industry fund run by working people.Money wise we are much better off and we feel much safer savings wise just by cutting out the big end of town .Please don't take advise from Not a Bludger and his ranting we have tried that path and failed .
    Old Geezer
    7th Mar 2017
    3:13pm
    The biggest problem I have with super funds are industry funds. I personally would never invest my money in one. The only banking problem I have had is with a credit union so wouldn't put my money in them either. Credit unions are certainly not set up for their members which I found out the hard way.
    Rae
    8th Mar 2017
    8:30am
    I don't have a problem with banks any longer. I simply record all conversations and ensure the paperwork by running it past both my accountant and solicitor.

    Do I trust them. Not at all. In desperate times they will lie outright and shake your hand on it.

    Like everything these days always remember this is about "me" not 'us'. So be very wary of the guy your dealing with. He is not there for you.

    My Industry fund has done well as far as funds go. I do better outside super except the odd times I've used a bank and that is costly. I stick with passive investments moving in and out depending on fundamentals and participant enthusiasms.
    Always buying in at prices below fundamental values. Right now there is no value.

    Super funds have to invest into a formula value or not. They will win during a bull run and lose when the capitulation occurs. The gamble is how close to retirement the capitulation comes and if you have the cash to ride out the down.

    Historically some downwaves have lasted nearly 30 years.

    This current running of the bulls has gone on and on and on with a glitch or two in 1997 and 2008 but no crash to speak of. Can it continue. Maybe, if the FED keep printing trillions of dollars and the banks keep selling CDOs into their superannuation funds.

    Join a bank fund and make some money for them. What could possibly go wrong seeing this time is different?
    LiveItUp
    8th Mar 2017
    7:18pm
    I agree Rae and was thinking I can't remember a time when I had so much money in cash. I'm actually more concerned about realestate than shares as prices are way ahead of wages now. Ut is in bubble territory now.
    floss
    7th Mar 2017
    3:05pm
    Grounded you are a funny guy and you bring a bit of Aussie humour to a serious problem and what you say is true.
    Old Geezer
    7th Mar 2017
    3:15pm
    Surely you don't believe investing money is a serious business. It just a game like many other things in life where you learn the rules and play them off at their own game.
    floss
    7th Mar 2017
    3:48pm
    OG WHAT PLANET ARE YOU ON THEY CUT OUT THE GREEDY MIDDLE MAN YOU OLD LIBERAL PARTY HACK.CREDIT UNIONS AND INDUSTRY FUNDS WE ARE TALKING ABOUT.
    Adrianus
    7th Mar 2017
    3:59pm
    looney, if industry funds were so good they wouldn't need to spend so much money advertising. Truth is they have been leaking members for over a decade and existing members are paying for it.
    Old Geezer
    7th Mar 2017
    4:50pm
    looney the problem I had with the credit union I also had with a major bank. The major bank fixed it quickly and without any hassles. I am still waiting years later for the credit union to fix it. Credit unions lost a lot of accounts over it at the time but the bank would have gained a few by addressing the problem quickly.

    Unfortunately dealing with a credit union may be good but let's hope you never experience a problem with them and end up facing the board with your problem. That's what I had to do.

    I agree Frank and think industry funds are all good and rosy in people's mind due mainly to advertising. I'm dealing with one supposed to be the best performing one for many years and it's become a paperwork nightmare and it has me thinking they just want to hang onto the money as long as they can and take as many fees as they can. I recently did the same exercise with another industry fund and didn't have near the hassles I am having with this one.

    7th Mar 2017
    4:05pm
    there is no difference between an industry super fund and a bank super fund other than the fees charged for managing your portfolio
    you choose the portfolio based on your risk apetite - conservative , moderate or high risk or anywhere in between

    The article and most people are confusing "trusting" your bank to give you financial advise on where to park your super funds as opposed to the bank actually just investing your funds where you tell it to and provide you with the returns net of fees
    Adrianus
    7th Mar 2017
    4:32pm
    So who would actually invest your money somewhere other than where you want it? I find this argument so confusing because I don't know what the problem is. It could be that we all have some of our super in the Caymans. I don't like the idea of the unions having any control over large sums of money. That's just me. After watching the Union Corruption Inquiry it sure makes one think about the opportunities for exerting pressure on listed companies.
    Anonymous
    7th Mar 2017
    4:44pm
    agree with you - unions should get their grubby hands off super

    yes Frank - the article is confusing. typical bank bashing with alternative facts and misleading convoluted arguments that defy logic
    Rae
    9th Mar 2017
    9:04am
    You keep your super firmly in the bank fund then Raphael and enjoy the fruits of it. If the returns they make for you justify the fees then you are doing well.

    I agree unions have been distracted by superannuation and the fantasy of making oodles of money when they should be drumming up members and fighting for wage rises to match the huge productivity gains and profit rises companies are receiving. They should serve the workers and leave Mammon to the financial industry.
    Adrianus
    9th Mar 2017
    9:56am
    Rae, the financial sector donates just as much money as the unions to the Labor Party.
    floss
    7th Mar 2017
    4:19pm
    Wake up credit union funds are not for profit their C.E.Os do not earn 13 million plus and the profit from a industry fund is not 3 or 4 billion read their annual statement before you talk crap.
    Anonymous
    7th Mar 2017
    4:26pm
    looney

    yes credit unions are not for profit.

    however their nature and size severly limits what they can offer in sophisticated investment products for super.

    dont think there are any credit unions in oxz offering super services. even if they were i doubt that their performance would be anywhere as good as the alternatives.
    they would probably outsource this service anyway, as entry costs are high and they would not have economies of scale
    Old Geezer
    7th Mar 2017
    5:20pm
    Looney the credit unions use the same super fund managers as the all banks but due to their limited funds would have a small percentage that are willing to accept their members money. I found this out when I did some research into who was invested in fossil fuels. As soon as I saw that a credit union fro example had super I knew that they really had no idea where they had invested their members money. So I came to the conclusion in my report no matter where you invest your money you can't be guaranteed it is not invested in fossil fuels.

    You have to realise that most superfunds don't invest money directly but use fund managers to invest it for them. These fund managers are the same as most banks use as well.

    If you invest your money with one of a credit union or bank's investments whether it be conservative, balanced or aggressive the same managers are used but using a difference mix of their numerous accounts. Only big investor's get to access their own fund with their name of it the rest are pooled in with many other investors. Bare in mind each tier of this structure must be paid and the investor gets what's left.

    7th Mar 2017
    4:42pm
    When we were all a lot younger, there was the Commonwealth Bank owned by us, the people, and run by those appointed by the federal government. Add to that each state having its own bank owned by us, the people, and run by those appointed by the state government. Add to that a Reserve Bank which actually controlled interest rates under a regulation. Life was good, banking was a lifetime career and fees were low and then banking was deregulated. All of the state banks were swallowed up or went broke, the Commonwealth was sold to shareholders and greed was good. Since then banks have never been fully trusted.

    As regards who should look after super funds, any bank or insurance company or like organisation which is only there as a front for the parent company and only sells "in-house" products cannot possibly give a balanced view of investments to enable a continued positive return. I don't have enough skills nor the time to self manage and we have chosen a large, non-aligned company which has always earned us more than the compulsory withdrawals of 5%. What others may do is a matter for them.
    Anonymous
    7th Mar 2017
    5:00pm
    old man - you have a rather simplistic and very socialist rose tinted rear view mirror of what was.

    the banking model of the good old days was unsustainable.

    and well done on your choice of fund manager.
    Anonymous
    7th Mar 2017
    5:02pm
    Thanks Raphael, my point about the old days was more about the trust in banks back then rather than whether they were a good business model.
    Old Geezer
    7th Mar 2017
    5:28pm
    Old Man those "in house" products are just rebadged funds of fund managers. Difference is bank gets a cut as well as everyone else in the food chain. I'll give an example. A wholesale fund buys NAB shares that wholesale fund is then sold by another party as a retail fund which becomes part of an investment grade conservative, balanced or aggressive fund. The bank or credit union then rebadges these with their brand and sells them to Joe public through their financial advisors. Each tier of this gravy train has to get paid. Now you know why people who invest for themselves get much bigger returns than the professional funds.

    OK I've made it simplistic but you'll get the idea.
    Anonymous
    7th Mar 2017
    5:39pm
    Ol Geezer, prior to this post there have been 51 entries and you have contributed 14 of those. What is it that makes you think all of us want your help when, in most cases, you choose to contradict a post with a jumble of words that don't say much at all. To quote a well known saying, "If I want your opinion, I'll ask for it!"
    Old Geezer
    7th Mar 2017
    6:14pm
    Old Man you may not want my opinion but I freely give it for those who might.
    floss
    7th Mar 2017
    6:23pm
    Thank God for people like you Old Man your brain is still young any one who supports the banking system as it is to day has a greedy out look on life or brain dead.
    Anonymous
    7th Mar 2017
    6:29pm
    that's an unnecessary attack on those who have an opposing view

    the banking system in Oz today is great. We have come leaps and bounds since the "good old days"

    You sound like a rusted on leftie socialist
    Old Geezer
    7th Mar 2017
    6:32pm
    looney if you use the banking system including credit unions you support it.

    Banks including all those pretend ones are a part of our lives so you have no choice but to support them by simply using them.
    jeffr
    7th Mar 2017
    6:41pm
    Business is Business and Love is Bullsh*t Roll on a Royal Commission to investigate
    our beloved banking system.
    Old Geezer
    7th Mar 2017
    6:59pm
    Nay just a big bonus for highly paid judges with little if any result.
    Anonymous
    7th Mar 2017
    7:31pm
    nothing to investigate
    waste of taxpayer money
    left just playing to the naive populace for cheap votes
    Anne Ozzie
    8th Mar 2017
    12:00am
    Not a Bludger seems to me you are a Liberal troll?
    Anonymous
    8th Mar 2017
    1:01am
    I find his comments thoughtful and intelligent

    But I suppose Leftie leaners would not like reading anything that goes against their socialist beliefs

    Still there's no need for insults
    Rae
    9th Mar 2017
    9:31am
    Yes pity the lefties got sucked into the lower wages with government support lie. They too could be earning reasonable incomes. Being told the community needs you but can't afford to pay you what your worth no longer cuts it in a pay as you go world, The only way to get that trickle flowing into your bank and super fund is to deny services of such things as childcare, hospitality, nursing etc and force people to pay a proper price at capitalist levels.

    None of that soppy socialist stuff about not being able to afford to pay people when we can see the profits and productivity gains and the happy ones earning over $80 000.

    Time for past socialists to harden up and demand their share of it all and be damned to cries of "we can't afford that".

    Childcare is a perfect example. Even if workers were paid properly it would still be cheaper than a private Nanny and let Mum cook her own damn dinner like the minimum wage worker has too because "we can't afford to pay them properly".
    Gra
    8th Mar 2017
    2:30pm
    Is it a matter of not trusting banks or just not wanting the dividends your super earns boosting shareholder returns instead of your super? I know this is why I have chosen my Super fund, it works for me, not some third party.