Pensioners hoard cash

The disappearance of $100 notes may be due to pensioners hoarding cash under their mattresses.

There is an extraordinarily high number of $100 notes in circulation in Australia, and yet the green plastic is not a common sight. Former Reserve Bank official Peter Mair has suggested that the mysterious disappearance may be due to pensioners hoarding cash under their mattresses.

It may seem a far fetched conclusion, but Mair has offered some good arguments to support his claim. There are currently 10 $100 notes for every Australian, but only seven $20 notes, and the average value of notes held by each Australian is $2000.

Mair has suggested that pensioners are hoarding undeclared cash in $100 notes as a way to get around the means-testing for the Age Pension. When the question was put out to Australians via Neil Mitchell’s radio show on 3AW, callers reported storing more than $100,000 in their homes.

In order to curb this hoarding, Mair has suggested that the Government remove $50 and $100 notes from circulation.

Can’t believe the figures people claim to be holding onto in cash? Listen to Neil Mitchell’s show online and hear the phone calls for yourself.  
 

Comment – The under-mattress stash

I laughed when I read Mair’s thoughts on pensioners hoarding money, and after reading Finance Minister Penny Wong’s comment that she “had not been looking under pensioners’ beds lately”, I don’t think I was the only one. Not because I think he’s wrong—in fact, I’m sure there are a number of pensioners out there who have put some cash aside as a buffer for the hard times.

No, I had a giggle because Mair’s description conjured up images of evil pensioners sleeping with their noses brushing the ceiling due to the enormous wads of cash stashed under their mattresses. And we all know that simply isn’t true. In fact, I think those pensioners are pretty clever. If someone has paid a lifetime’s worth of taxes, only to find out that he or she can’t get the Age Pension because of a few thousand dollars, then who wouldn’t decide to store a little of the folding stuff?

When the pension increases enough that those living on the full Age Pension are no longer living below the recommended amount to eke out a moderate existence, I might frown upon those who try to work around the system. Until then, I think Mair’s comments about removing $100 and $50 notes from circulation are nothing but pettiness. Especially since I’m sure a former Reserve Bank official will not be suffering at the hands of the system any time soon.

Do you keep some undeclared cash aside, or is it wrong for those who have enough to pretend they don’t in order to pass the Age Pension means test?





    COMMENTS

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    qbeebill
    26th Sep 2012
    11:47am
    Former Reserve Bank official Peter Mair ,comments on Pensioners hiding notes under their mattresses must have a warped seance of reality ..Most pensioners in Australia only were normal working people and not "high Flyers" earning high salaries and getting high super payouts .. It is hard enough to live on a small $700 per fortnight ..Get a real life ..or give back your Big Payouts and live on our small pension and you will find out how normal people live..??
    PlanB
    26th Sep 2012
    11:58am
    Pensioners hoard cash

    I wish
    seth
    26th Sep 2012
    12:04pm
    Wasn't the reserve bank itself involved in some bribery re plastic notes.
    On reading about wanting $100 and $50 notes cancelled I immediately raced down to the bank to change my two $50 notes into 20cent coins, nearly cost me that much to get it home in a taxi.
    Nan Norma
    26th Sep 2012
    12:05pm
    This story reminded me of my visit to England many years ago. I was told that when Britain changed it currancy to decimal many pensions got cought out. The goverment had told the banks to inform them of any large amounts of cash being brought to the bank by pensions for exchange to the new currancy. A lot of pensions had hoarded cash and found themselves having to repay money to social security.
    phoenix
    26th Sep 2012
    12:24pm
    I thought Britain's pension was not means tested?
    Londoner
    26th Sep 2012
    6:07pm
    You are correct phoenix. The Basic UK Pension isn't means tested. It's looked upon as an entitlement and not a benefit.
    biddi
    26th Sep 2012
    11:05pm
    Same in Sweden. Your Age Pension is your right regardless of how much you've got.
    sheila
    26th Sep 2012
    12:07pm
    I have a jar with 10c pieces, dom they want that too?
    ChrisJ
    26th Sep 2012
    12:08pm
    You know when you think about it, it was a really stupid thing to say. Will we now see hoardes of older folk having their houses burgled and their few decent possessions stolen or broken because a vindictive thief can't find the cash under the bed that Mr Mair promised them? Why do so called intelligent people continue to make these dodgy remarks that hurt the most vulnerable in our society. Did he really need to have a reason for something he obviously knew nothing about? Was it not possible to just say to the journalist or whomever asked the question "I Don't Know"!!! I wonder if he will dip into his bed stash to replace the stolen goods? not bloody likely...
    Peepo
    26th Sep 2012
    10:20pm
    How many oldies are going to get bashed by the lowlifes out there who don't want to work for their money but just steal it. Please tell them that 99.9 of pensioners DO NOT have ANY spare cash,not even under their mattrass.
    biddi
    26th Sep 2012
    11:07pm
    I totally agree, Chris J. Stupid, thoughtless idiot.
    PlanB
    26th Sep 2012
    12:11pm
    Yes the Bank was involved in some dodgy deal Seth--also this maybe yet another move to get rid of cash all together----cashless society s not far away
    phoenix
    26th Sep 2012
    12:32pm
    That's what I thought as soon as I read it. The move to a cashless society, first with a plastic card for incidentals, then with an RFID (radio frequency identity) planted in your arm. We should all strongly oppose this.

    Btw I have a small stash of about $500 in the house in case the bank's computer systems go down and ATM's don't work and you can't pay with credit card. I replace it when it runs low.
    fredlet02
    29th Sep 2012
    2:06pm
    Yea I agree 100% wot a stupid statement 4 all these por rich buggers 2 make long & short nobody gave it 2 our generation we all paid fair dincom tax rates most of our working lives generally upwards of 50% or better so long & short we are entiteled 2 a shugarbag of 100$ notes yea woudn,t that be good wheres mine?
    ChrisJ
    26th Sep 2012
    12:13pm
    LOL its even harder to cope with reading that some people actually DO hoard money at home... WHAT THE???
    savannahrose
    26th Sep 2012
    12:19pm
    What an incredibly moronic statement to make. I agree with ChrisJ's comment. This high-paid fool has made sure the easy targets in society (the elderly) have become even more of a target for the low-life scum. Thankfully I do not rely on a pension, but when I have to withdraw money, the last thing I want is wads of $20/10 notes. I always ask for $50/100. I'm sure the majority of the rest of the population think the same. Imagine workers withdrawing their weekly earning and having to try to stuff wads of $20's into their wallets. From what I understand of the amount pensioners are paid, I'm sure they'd be more interested in buying a few extra groceries or treats rather than hoarding money under the mattress. He's a total imbecile.
    wscifers
    26th Sep 2012
    12:41pm
    Mr. Mair is a prime example of why there should be a culling of public service jobs. This fellow obviously has too much time on his hands. If he thinks it an appropriate use of his time to come up with inane suggestions like this, they must be putting something in to the iced vovo's.
    As far as the means testing of age pensions, i think it an iniquitous imposition to inflict on working people who have been employed for 50 years, paid taxes,saved for their retirement and then be told they do not qualify for a pensiion. Meanwhile we have households where families have been unemployed for three generations drawing pensions despite contributing nothing to the community. This is the Nanny State gone mad.
    ChrisJ
    26th Sep 2012
    12:54pm
    I agree with you wholeheartedly. Seeing neighbours who have never cared to work but are quite happy to sponge off the government ("its their right" doncha know) is detrimental to anyone working who knows that they will never get the pension. Its shameful and if there was a politician out there brave enough to recognise it and do something about it he or she may find they win hands down at the next election.
    KKKKatie
    26th Sep 2012
    4:38pm
    How right you are, wscifers and ChrisJ.
    And you can spell, too.
    savannahrose
    26th Sep 2012
    12:49pm
    With Australia awash with illegal drugs the more likely explanation for Mair's missing BILLIONS, is more likely to be safely ensconced in drug dealers safe places - or taken overseas. Just read the actual article and he's claiming some pensioners are sitting/lying on approximately $4000,000 each.
    Juris
    26th Sep 2012
    1:09pm
    Peter Mair obviously has not lived as a pensioner - sure we may "hoard" the occasional $100 or $200 if we're lucky. Has he ever thought about the possibility that the growing illegal drug industry hoard money - you only have to look at news footage to see what their choice of bank notes are. Now I'm off to ask my wife where she is "hoarding" the $100 notes as I haven't seen any around here.
    boopydoo
    28th Sep 2012
    5:53pm
    Damned if I've seen a $100 note in the last ten years since I retired - I have forgotten what they look like.
    Wouldn't mind some to pay my hugely inflated electricity bill though! Now there's a thought, some of those hidden notes might come out of hiding to pay pensioner power accounts!
    Multidisab
    26th Sep 2012
    1:27pm
    Pensioners have infinitely different life styles.

    Hoarding is an aspect of living in poverty and unable to change this paradigm.
    How vulnerable are those who think that hoarding cash would keep them safe, because the experience of safety depends on a lot more than money.

    How many lonely people hoard something? Piano's, spare bedrooms, newspapers, you name it - somewhere there is a hoard, often disguised as 'collectors'.

    It is up to Centrelink to deal with any unfair use of the system.

    Is it true that everyone hoards something?
    student
    26th Sep 2012
    2:59pm
    g'day Multi, Now I know why my mattress is so noisy!!!

    Joking aside, when my Mother died I found two suitcases full of coins. Some where wrapped in tissue paper ... they were minted in the year of every g/child's birth. There were all sorts of combinations. I also have 10shilling notes for birth dates too. It's interesting what people 'save'. But even more interesting would be their reasons.
    gerry
    26th Sep 2012
    1:42pm
    Pity he didnt lookinto drug dealers ,often when the police do a bust on a car or house tens of thousands are found and thats only on the little fish next door
    After ING squandered 50 thousand of my allocated pension in 5 years ,why try to save ,The government induced us to go into allocated pensions but never warned me that ING would be gambling on hedge funds
    I am making room for a few greenbacks but only from the money I save by not going to the cinema,club,or shops.Our future is on its way out ,Swanny spending our money like a drunk
    Fancy giving 800 dollars to every child over 14 for pens and pencils ,Some families here have 4 of those kids thats 3000 or 300 wine casks a year to sit drink and smoke under the Mango tree
    Pokies and wine sales have gone up 7% as a consequence
    student
    26th Sep 2012
    3:14pm
    ogergree, I remember when the Government backed the Superannuation. I think it is very wrong to expect people to supervise and control their superannuation as most know their job, not investment (banking) Also, when the Gov controlled super, we were assured of a return at retiring age, not it's the same as playing the stock market AND working. There is no g'tee for a pot of money at retirement no matter how slick you are.

    The 'hand outs' were to keep a cash flow in the economy. I wont buy into the wine cask debate as I think it too demeaning. I am so sorry you lost a lot of money and I do commiserate with you. That supports my argument completely. It was very unfair to expect every one to control their own super. Some people made money but a lot lost a lot. I'm sorry.
    gonebush
    26th Sep 2012
    1:56pm
    yes l wish too
    Nikolai
    26th Sep 2012
    1:59pm
    What a joke this mans statement was and as for Nan Norma's comment about the UK she is way out, I have many friends and relatives on the pension in the UK and they are better off than we are, also they can earn as much as they like without it effecting their pension unlike here.
    Nan Norma
    26th Sep 2012
    2:12pm
    gonebush. I am only repeating what my aunt, a pensioner herself, told me.
    PlanB
    26th Sep 2012
    2:05pm
    That's what I thought as soon as I read it. The move to a cashless society, first with a plastic card for incidentals, then with an RFID (radio frequency identity) planted in your arm. We should all strongly oppose this.



    ++
    You are dead right there Phoenix--it is slowly creeping in
    Nan Norma
    26th Sep 2012
    2:15pm
    Yes, I agree. That way if your daughter wants to give you a few dollars for babysitting she will have to put it on your bank card so it can be counted on your earnings.
    gerry
    26th Sep 2012
    2:12pm
    my friend mixes with different salesmen and he said you wouldnt believe the number of men who come in and say ""How much for cash/?"
    They should put any salesman in jail who accepts that money without a reciept
    Do we want to go the way of the PHilippines no one is given a receipt there and thats why the government have no money
    It doesnt need many plainclothes inspectors going around when the crims get caught and sent to jail for 5 years and have their business closed down ..GST is the best form of tax .Save and you are rewarded spend needlessly and you pay
    qbeebill
    26th Sep 2012
    2:14pm
    Pensioners maybe hording there money at home, ..why .. because they cannot trust the Banks..who keep on charging UNREALISTIC bank charges INCLUDING A CHARGE TO WITHDRAW THERE OWN MONEY. AND IN SOME CASES A CHARGE TO SAVE MONEY... aND LIKE DURING THE FINANCIAL CRISIS THE SUPER FUNDS WOULD NOT ALLOW THEM TO WITHDRAW THERE FUNDS EVEN IF THEY WERE OVER 55YERS OLD
    student
    27th Sep 2012
    10:09am
    qbeebill you forgot the fact the banks make a profit off our pensions (that have to go into a bank a/c) on the short term money market :) They get us everyway!!
    rebelwithacause
    26th Sep 2012
    2:18pm
    A word of warning to all the hoarders - do not hide it in your oven. I read a story about one man who used to hide his money in the oven (because his wife never used the oven and he thought it was safe). Well ... she decided to use the oven one day and it all went up in smoke. LMAO.

    I haven't read the article yet nor listened to Neil Mitchell's show but will do so later.
    monaghan
    26th Sep 2012
    2:19pm
    I cannot believe for a minute Peter Mair could make such a stupid statement.
    It would be more than likely that these mobsters and drug dealers are the ones that have our $100. and $50 dollars notes.
    I'm on a disability pension, and only once in a blue moon do I get to see a $100 note.
    I"m sure us pensioners would welcome being given $100 notes without any attachments.
    PlanB
    26th Sep 2012
    2:25pm
    Pensioners maybe hording there money at home, ..why .. because they cannot trust the Banks..who keep on charging UNREALISTIC bank charges INCLUDING A CHARGE TO WITHDRAW THERE OWN MONEY. AND IN SOME CASES A CHARGE TO SAVE MONEY... aND LIKE DURING THE FINANCIAL CRISIS THE SUPER FUNDS WOULD NOT ALLOW THEM TO WITHDRAW THERE FUNDS EVEN IF THEY WERE OVER 55YERS OLD

    +++

    Pensioners are not charged anything on their bank accounts
    Nan Norma
    26th Sep 2012
    2:30pm
    Pensioners are not charged IF their money in a pensioner's savings account.
    Julkay
    26th Sep 2012
    5:13pm
    Nanna Norma what about the $2 charged every time someone uses an ATM. There are only 2 ATM machines where I live and neither are from my bank. The nearest one I can use is 34 kilometres away. All other banks, where I live except for one are now closed. All right an ordinary worker gets charged if not their bank's ATM as well but as a pensioner I feel it is a bit rough to lose that $2 every time I need money.
    Nan Norma
    27th Sep 2012
    7:26am
    I use two different banks and have never paid for using an ATM. I have a creditcard and pay no yearly fees. I don't wish to be rude but why do you use a bank that charges you?
    Henry
    27th Sep 2012
    11:05am
    Julkay: Go to your local Woolworth and withdraw money WITHOUT BEING CHARGED, this is the honest true. Unfortunately, once Woollies notices too many withdrawals without shopping, they will probably put some kind of charge too.
    Hillbillypete
    26th Sep 2012
    2:33pm
    We all have some money put away for hard time but maybe they should be looking at all the crooks and drug dealers out there?
    arbee75
    26th Sep 2012
    2:42pm
    I must confess, that I, as an age pensioner have ( accidentally I stress )
    hoarded cash under my bed, yesterday my wife found two x $1.00 coins while vacuuming, which I swear were lost from my trousers
    pockets does that make me a mad hoarder ??

    arbee75
    student
    26th Sep 2012
    3:21pm
    you bad, bad boy!! Go straight to your room and do NOT pass GO or collect $200.! Gosh.... :)
    ChrisJ
    26th Sep 2012
    3:22pm
    LMAO!!
    PlanB
    26th Sep 2012
    2:54pm
    Pensioners maybe hording there money at home, ..why .. because they cannot trust the Banks..who keep on charging UNREALISTIC bank charges INCLUDING A CHARGE TO WITHDRAW THERE OWN MONEY. AND IN SOME CASES A CHARGE TO SAVE MONEY... aND LIKE DURING THE FINANCIAL CRISIS THE SUPER FUNDS WOULD NOT ALLOW THEM TO WITHDRAW THERE FUNDS EVEN IF THEY WERE OVER 55YERS OLD

    +++

    Pensioners are not charged anything on their bank accounts
    Nan Norma
    26th Sep 2012
    2:30pm
    report
    Pensioners are not charged IF their money in a pensioner's savings account.
    +++
    Nanna, I think it is if you are over a certain age--I have a pension account and also another account and not charged any thing on any
    rebelwithacause
    26th Sep 2012
    3:03pm
    Does anyone have a link for the Mair article, please. I wouldd like to read it.
    Rachel Tyler Jones
    27th Sep 2012
    8:32am
    Hi rebelwithacause,

    There are a number of articles available on this issue. The two I found most informative were from 3AW and The Age. Please find the links below, and I hope this helps.

    3AW - http://www.3aw.com.au/blogs/3aw-breakfast-blog/former-rba-executive-says-pensioners-are-hoarding-50-and-100-notes/20120925-26iaf.html

    The Age - http://www.theage.com.au/national/hoarding-100s-to-ensure-a-pension-20120924-26hrq.html
    student
    27th Sep 2012
    3:58pm
    I saw the interview on TV and the husband was furious .. 'She never cooks so I hid it in the oven'... I still laugh but also feel sorry for the man. I think the bank did replace the burned notes though.
    Sylvia
    26th Sep 2012
    4:21pm
    These people who are accusing us of hoarding?? Come on, the cost of living and all the extra charges take any "savings" we make, keeping our heads above water is getting harder all the time, I think Mr Mair is totally irresponsible to infer this,pensioners are already afraid with the awful things that happen, maybe some where some one has done this, but they are not the Norm, all of my friends are finding it harder all the time. I wonder if he has off shore bank accounts? my extra cash is not worth taking to the bank. Maybe some thing should be done to look at what the fat cats do with their money.
    MAC22
    26th Sep 2012
    4:25pm
    What a way to make the elderly and the disabled on pensions more vulnerable to the drug addicts, criminals and scumbags out there who don't work and expect everything in their pocket by resorting to stealing, physical abuse and invading other peoples homes when on a crimewave.
    Shame on you Mair for making the vulnerable feel more vunerable by your suggestion, and create fear amongst them. It also sounds like you feel this is true and let the "cat out of the bag" so to speak, so encouraging the evil ones with more food for thought of
    attacking the most vulnerable of our people in their homes, and destroying their safe haven....their home. Seems to me that it is the evil ones who indeed are the ones in crime have the hoards of money tucked away.....give them a blast!!!!!
    Julkay
    26th Sep 2012
    4:57pm
    I am sick and tired of people, who sit at a desk all day and think they know it all. I have tried to save a little bit now and then and don't get far past the $50 mark and I have to use it. There certainly isn't any money under my mattress and it is people like him who get paid very well to make up stories.
    Bes
    26th Sep 2012
    4:58pm
    Oh I do wish they would change attitude! Instead of looking at us old ex taxpayers who have actually funded our retirement, why not look at pensioners in another light, like illegal immigrants and/or prisoners!
    Yes! A change of attitude towards the hoarders!
    Instead of seeing pensioners, look upon us as new arrivals and criminals and that way you won't feel too bad about giving us: welfare payments, medical care with free transport provided and without having to wait, free dentistry (again free transport) a place to live with free food and healthy diet, 24/7 care (prison guards) a free mobile, cigarettes if required, gym equipment, hair dressers, family visiting and/or reunions, computers, televisions and I'm sure there's lots more?
    Lets make a deal, give all of this and we'll stop hoarding!
    Now! Enough of this, I've got to go our into the garden and dig a deeper bloody hole!
    missmarple
    26th Sep 2012
    5:05pm
    I do some part time work where I am selling to the public, and believe me there are still plenty of $50 and $100 notes out there, where the customer has smaller notes for their wares they will give me one of the bigger notes so as to get it changed
    normie 39
    26th Sep 2012
    5:50pm
    I have a Credit Union account which my Centrelink payments are deposited and I receive six free eftpos transactions each month which I can manage without any extra charges.

    Norm 39
    Nan Norma
    26th Sep 2012
    6:58pm
    How very generous of them. ?????
    tezziem@gmail.com
    26th Sep 2012
    7:48pm
    Do you know what "VIP" means - very intelligent pensioners
    Henry
    27th Sep 2012
    11:09am
    No, it means very intelligent poodles.
    Moonglow
    26th Sep 2012
    7:56pm
    Some pensioners may be fortunate enough to hoard some cash but there are a lot of tradesmen doing 'cash' jobs and insisting on $100 notes who are most likely the reason why there is a shortage of the green notes.
    MrsB
    26th Sep 2012
    8:19pm
    I was a bank teller and I served a customer who handed me a large amount of cash in a paper bag that he kept in the freezer, it was very difficult to count as the notes were stuck together, and as well as being cold and wet.
    biddi
    26th Sep 2012
    11:16pm
    When my Nanny died (in the UK) they found 2 hundred pounds hidden in the garage!!

    26th Sep 2012
    11:19pm
    Being English born and having worked in Britain and paid Insurance stamps I am automatically entitled to a British pension pro-rata the number of years I worked there and it remains locked at the figure you first receive on application, when I had to retire due to an injury but was also pension age and had worked here for 36 years Centrelink rules that you have to apply for the British pension and whatever UK pension you receive Centrelink then deducts 50% of it off your entitlement here. Personally I think OK we can't let people starve but as an incentive to work and reward for paying taxes all your life we should have an extra payment for each working/tax paid year. Never get a job then the basic rate at retirement.
    Nan Norma
    27th Sep 2012
    3:40pm
    What about mothers who have to stay home with children?
    Anonymous
    27th Sep 2012
    8:37pm
    Nan Norma I have 3 children getting them to school and then to work by 8.30 was hard and school holidays and after school I had to have childcare arrangements, no relatives here. Tough on them but they have all got good Uni degrees and learnt self-respect. All mothers could be given a one lot of credit for a maternity year for pension purposes multiples of that depending on work history. We have ghettoes of unmarked mothers with children who will also see no reason to work under the present system.
    ourjeffie
    27th Sep 2012
    1:11am
    I don't have any $100 notes stashed under my mattress, in fact I can't recall ever having seen a $100 or even a $50 note. I rarely use cash at all these days - all my bills are paid by direct debit or online by BPAY and I make small purchases using a debit card. I pay tradesmen by direct credit to their bank account.
    gerry
    27th Sep 2012
    8:02am
    anyhow what about the government retirees and all their secretaries
    Before Paul Keeting got kicked out by us he changed all hsi cabinet ministers so that another batch would retire on cabinet pension .One was 45 years old and then thres Anna Bligh and her mates ,we have to pay her a fortune for another 60 years plus her husband for who she wangled a job.We go on about corruption in other countries but we have silent corruption on a much larger scale
    biddi
    27th Sep 2012
    9:34am
    Get this. In 2008, we decided to return to Sweden (give it a try) and left 7 months before I was due for a pension here in Oz. After 28 years of working in Oz (and an Aussie citizen) I was denied any sort of pension to be sent overseas. Where is the fairness in this? Mind you, if I had come over here by boat ........ Sorry, I know this has nothing to do with hoarding.
    Nan Norma
    27th Sep 2012
    3:49pm
    As far as I know aged pensions can be paid overseas but not the supplementary.
    Londoner
    27th Sep 2012
    6:53pm
    Not as far as I know Nan Norma and by this I mean to someone who wants to migrate TO the UK. Centrelink's website tells you one thing but when you phone their International Services they tell you another, which they won't confirm in writing.
    I've tried for months to get a written reply to my enquiry for clarification but all they say is that I must telephone them. I've even written to Senator Kim Carr for a reply but received nothing!
    FrankC
    27th Sep 2012
    1:51pm
    So Peter Mair thinks we pensioners are hoarding money, fat chance ! I wonder how much he is hoarding in A bank account, mind you I'm sure his super would cover everything he needs, and more. So we have all told each other our feelings on this inane remark of his, but it would be good for him to see these comments above, and realise what an idiot he made of himself by saying what he said about pensioners. Any way that could be accomplished?
    Jill
    27th Sep 2012
    3:37pm
    I am 70 and still working full time - not because I want to! Our Investment adviser advised and we followed and we lost! The Adviser now lives in Vietnam or somewhere cheaper to keep out of our way! I would like to hoard something. I asked anz why they did not pay me interest and the reply ment that if they did they would have to charge me for the account! Ha!! My husbane is 80 and works mowing the odd lawn here and there for a pittance - he says to keep fit as the cost would not keep a canary! . He gets about $100 a fortnight as I am working. We worked it out that between us we would get the same amounts in a full pension if I retired. Trouble is ours is a NZ pension which is peanuts. Seems for some reason we are not elligible for Aus pension and we have been citizens for over 25 years! The Centerlink lady said"Mrs ...., if you had nothing I could help you. Because you work, save and manage your funds prudently, I can do almost nothing. Sorry" as well she might be - but you can't shoot the messanger can you! I want to win Lotto and have the opportunity to find out what it is like, just once, to go to the grocer and butcher without a budget!

    27th Sep 2012
    8:15pm
    Well if the Banknotes are changed, as is being suggested, then the real hoarders [using black money] will have to spend it and be shown up as having a life style not in keeping with their income and the tax man will be watching.
    tjenare
    28th Sep 2012
    5:06pm
    I am surprised that a man in Mr Mairs position has taken no account of the billions of dollars squirrelled away from drug transactions which is then funnelled through casinos.
    Also our migrant population hides a lot of money due to a mistrust of banks and a dislike of GST. Some pensioners may have money hidden away, but you are looking in all the wrong places Mr Mair
    marirose
    29th Sep 2012
    6:58am
    One day this man will be a pensioner, and one day he might wake up to the dangerous statement he has made. Where I live are 6 houses all in a row belonging to pensioners, 4 of us are single. It wouldn't take too much planning for a gang of youths to knock over all these houses in one fell swoop. I know my neighbours well, and can vouch for the fact that there would be no cash under our mattresses, but would the robbers take our word? or would they bash us because they believe we are lying? Will this idiot Mair take responsibility for the fact he encouraged these thugs to rob us? Just shows, I guess, that no matter how few brains a person has, they can still climb high on the corporate ladder.
    gerry
    29th Sep 2012
    7:58am
    Think I should put my money under the bed,I have just found out that ING,Onepath are paying me 1.45% on my allocated pension ,its disgusting,and they told me to get an adviser who works for them at about 90 bucks an hour .I went into allocated pension because the government said my money was safe and it would grow
    Jude
    30th Sep 2012
    5:22am
    Just another swipe at pensioners- we are responsible for the majority of road accidents, overcrowded hospitals, spending the kids' inheritance, hoarding the roads with caravans etc. etc. now we're responsible for the disappearance of $100 notes from circulation! AREN'T WE A BAD LOT! Funny thing, I don't know any pensioners who fit that description. On the other hand I know plenty who have never been involved in a car accident, spend hours each week doing voluntary work, willingly spend time with their grandchildren, scrimp and save for for a few little extras and rarely see a $100 note let alone hoard lots of them.
    piklo
    30th Sep 2012
    7:12am
    Gooday people
    just reading some of the comments about ( pentioners ) and so called hording money over the last few years the hesteria about spending the childrens inheritence the retired are a drain on society and now the $50/ $100 note hording the raising the retirement age to 70 what a load of bull to my way of thinking this is nothing short of a witch hunt against the mature generation of this once free country when I was young we all worked our backsides off there was very little automation ie manual work and most if not most people out there in there mid 60/70s know what I am talking about male and female with backs that are just making the grade so long as you look after them WE HAVE a god given right to retire at 60 or 65 WE HAVE a right to have a few $$$$ in the cunning kick for that rainy day but they dont have the right to take every thing away that we have worked for there are more young peope coming up thru the ranks than ever before so where is this big defesite that these clowns keep talking about like I said before same war different goverment defferent battles
    piklo

    30th Sep 2012
    12:02pm
    Of course it must be the pensioners!!! If it isn't them, we would have to consider that it just might be the thousand of contractors who work for cash payments, or possibly some of the retailers that give special prices for cash & no GST. How could anybody possibly argue with the opinion of an ex Reserve Bank official? It has got to make you wonder how many pensioners' beds he has been under?
    seth
    30th Sep 2012
    12:34pm
    During the financial crisis I decided to hide my life savings where no one could find them, In a waterproof tin buried in the garden, I put my two twenty dollar notes in, set a booby trap with two hand grenades and walked away feeling secure if things got worse. At my age I tend to forget things and only just remembered with all this talk about pensioners and money, After many false digs finally located the tin, defused the grenades opened the tin, what a surprise, it had multiplied and the tin was now full of twenty dollar notes plus one $100 note, which the twenties were kicking the shiite out of for interloping.
    gerry
    30th Sep 2012
    4:12pm
    ggg
    Pardelope
    30th Sep 2012
    7:44pm
    Years ago, I knew a pensioner who would ask the bank for $100 notes to keep in his wallet. This was (he said) so people would think he was wealthy and respect him more. After breaking a note, he would place the smaller notes and coins into a wine flagon on the kitchen counter. Probably once every few months, he would front up at the bank for the money to be counted and replaced with $100 notes. I reckoned that this just made him and his home a target for thieves. The bank and shop staff must have tried to hide when he came in!

    Some pensioners who are VERY frugal and do not pay rent or a mortgage can save money - and some do hide it. These people rarely are well dressed and their homes are often quite run down. Sometimes they suffer from compulsive hoarding disorder - and usually went through some trauma e.g. the "Big Depression". I have known at least three people like this during my time working in Centrelink, and two others privately. However, they could hardly account for the missing millions!

    I do not like the proposal to do away with bank notes and coins - because it makes us too dependent on computers. If I use an ATM, it never issues $100 notes - usually $50's. The only time I see a $100 note is if (on a rare occasion) I go into the bank to withdraw a larger amount from the counter staff e.g. to pay cash for something. Maybe the missing notes are lost in the bowels of the ATM's?

    After the recent hacking into banks and Card companies, I am very wary of "identity theft" and using banks for Bpay, direct debits, credit cards, or savings. Last year, I tried to use my Visa Debit card but it was refused. When I contacted my bank, they said that Visa and Mastercard and some bank records had been hacked into. They said they had put a stop on my card because they had detected two suspicious attempts to access my card. Fortunately, they would not have got much, because I keep only enough on the card to cover immediate needs.

    An elderly neighbour in his eighties, who rarely used his credit card, found that someone had charged a restaurant meal to his card. He had never charged up a meal in any restaurant. When he told the bank, they quickly refunded him the money and gave him a new card. Someone told him that infrequently used cards can be targeted because the thieves assume that the card holder will not be checking their statements.

    Instead of using a credit card, I use a Visa DEBIT card connected to an account into which I put only sufficient to cover my intended purchase (most banks have a minimum balance requirement of $500). I do not have a CREDIT card as thieves or hackers can run up large amounts very quickly - or gain access to other accounts with the same bank. I have a separate account in a different bank to receive my pension, and I make sure that the balance is kept low (which is not difficult with the way prices are going up).
    seth
    1st Oct 2012
    10:24am
    Pardelope, On reading that you once were employed at centrelink, I went into deep shock. it brought back all the trauma.
    The Crone
    1st Oct 2012
    10:36am
    Of course pensioners are hoarding cash, they are paid so much.......NOT, OMGosh where do they think that we are getting our $100s? Give Mr Mair a pensioners wage for 12mths and see how many $100s he can hoard!
    How many pensioners homes are going to be broken into now, how many pensioners will be mugged, grow a heart and a brain Mr Mair
    Jude
    2nd Oct 2012
    6:27am
    I've never heard of Mr Mair and non't know if he's retired or working elsewhere but as a former Reserve Bank official maybe he is having withdrawal symptoms from not having a voice in financial matters! I suspect that, like some politicians, Mr Mair's main purpose in making such a statement was to get his name known; after all who had ever heard of him before? (and after this, who wants to?)
    Pardelope
    2nd Oct 2012
    12:43pm
    Here here!


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