In New Zealand unemployment is up to 30 year highs, and as a corollary so are KiwiSaver hardship withdrawals: not really rocket science.
However, the machinery of our state media has found it fit to take an alternative narrative to the reality on the ground, and suggest KiwiSaver hardship withdrawals are being gamed. Those poor fund managers!
I do not doubt for one femto-second people would try and abuse that system. However, to construct a narrative that the bulk of these withdrawals might be fraudulent, is not being supported by evidence in articles of the nature. Our media is asleep at the wheel to the fraud being enabled by crypto, which has found it's way into our retirement funds.
Would any self-respecting fund manager go long on Amway? Probably not, Amyway folded in spectacular fashion in New Zealand, leaving behind abandoned properties and broken dreams. But there is a kind of selective amnesia when it comes to the history of Pyramid schemes in New Zealand, and calling a scam a scam.
It is really galling to see articles like this suggest Warehouse-dressed people in hardship are fraudsters, while nothing of the sort is said about fraudsters in Armani suits. But I digress because it's not about appearance, only behaviour can be judged, and by the metric of dollars more fraud is taking place in high rise buildings than state houses.
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