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Note that NZ already has a universal benefit, if you are over 65. That age either needs to go up real soon or come way down. All the way down.
- Universal benefit, possibly age-adjusted, from birth
- paid either into a conservative Kiwisaver-style fund or to the parents (possibly in addition to a refactored DPB if necessary) until age 13.
- At age 13 and in conjunction with a national financial education program payment either switches to the child* or continues/is redirected into the fund (recipient's choice). From this point the regular payment may be redirected on application.
* not really comfortable with using the word child at this point, but young-adult doesn't quite make it either
- at age 18 (or early application for unusual circumstances, like attending Uni at an earlier age, moving out of home) any accumulated money in the fund is released to the now-adult who may take it as a cash sum or move some/all to Kiwisaver (actually I see the two becoming one and the same, but the point where less conservative options / alternative providers become available needs to be defined). From this point the regular payment may be redirected on simple application (no need to deal with WINZ if you lose your job, unless you need extra support).
While the base rate needs to be higher than the current unemployment benefit there would be a reduction in other benefits, in disincentives not to earn extra money, in administration, in Kiwisaver government contributions, in student loans (expecting some portion of any accumulation being required to be used first). I also believe in higher taxes to pay for improved social services...
Over time I would expect an increase in national financial literacy leading to smarter investing and an improved economy (although I know studies don't really back me up on this). I would also hope to see a reduction in the beneficiary bashing culture infesting certain portions of New Zealand society.
[/brain dump]
- Universal benefit, possibly age-adjusted, from birth
- paid either into a conservative Kiwisaver-style fund or to the parents (possibly in addition to a refactored DPB if necessary) until age 13.
- At age 13 and in conjunction with a national financial education program payment either switches to the child* or continues/is redirected into the fund (recipient's choice). From this point the regular payment may be redirected on application.
* not really comfortable with using the word child at this point, but young-adult doesn't quite make it either
- at age 18 (or early application for unusual circumstances, like attending Uni at an earlier age, moving out of home) any accumulated money in the fund is released to the now-adult who may take it as a cash sum or move some/all to Kiwisaver (actually I see the two becoming one and the same, but the point where less conservative options / alternative providers become available needs to be defined). From this point the regular payment may be redirected on simple application (no need to deal with WINZ if you lose your job, unless you need extra support).
While the base rate needs to be higher than the current unemployment benefit there would be a reduction in other benefits, in disincentives not to earn extra money, in administration, in Kiwisaver government contributions, in student loans (expecting some portion of any accumulation being required to be used first). I also believe in higher taxes to pay for improved social services...
Over time I would expect an increase in national financial literacy leading to smarter investing and an improved economy (although I know studies don't really back me up on this). I would also hope to see a reduction in the beneficiary bashing culture infesting certain portions of New Zealand society.
[/brain dump]
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