Life savings gone and they are helpless

I felt sad when I saw this picture on the front page of the papers today.

The old folks whose lost their money to the sub-prime were coerce into buying the Lehman bonds. These are people who are not financial literate and will rely on the expertise of their advisers for investment matters. The typical target group for advisers.

And these adviser are not keen in giving prudent advice, they care for nothing but their commissions. They are only interested in building their own wealth and hitting targets.

Irony. The advisers get richer while clients become poorer.

Mr Tan Kin Lian has taken the initiative to organise a petition for the investors, and if you are an investor and have yet done so, please visit here: http://www.petitiononline.com/ISTFI1/petition.html

Their retirement funds and life savings are gone. The old folks have nothing left for their golden nest.

I have never trusted any financial advisers. Never in my life.

I have only listened a recommendation of an adviser only once in my life, I was recommended a payout fund from Allianz, I lost money.

I can't blame them since the market is out of their control.But I will feel better if I am the one choosing the wrong funds. I will take responsibility for that.

The more of such news, I read the more I see the importance of financial literacy.