The Momentum education policy scam
About four years ago I decided to be a grown-up and start putting money into a Momentum education policy for my kids so there would be some money for university. Today I met with my financial advisor and we looked over everything. The return on the kids’ policies? 3%. This in a market that has been a Bull one, with profits on anything from property to unit trusts not going below 18% and often at 40%. How can this happen?
I have no idea. But I am cancelling everything I can with Momentum and shipping my money off somewhere else. A standard savings account would have yielded a better return.
If you are with Momentum – take a long hard look at the performance of your policies.
