18 June 2002

Today's Saver Pulse Survey from Sovereign Financial Services shows a continuation of a very worrying trend says National Party Finance spokesperson David Carter.

"For the fourth quarter in a row, the number of people who are saving for their retirement has dropped. Only 54 percent of people are putting money aside compared to 62 percent a year ago.

"This result shows there is a high degree of uncertainty in the community about retirement income.

"This is being exacerbated by the Cullen fund which has lead many to believe that retirement income is more secure than it was before, which is not the case.

"National remains totally opposed to the Cullen fund for a number of reasons, but one of the more important ones is the negative impact it will have on private savings.

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