Savings group Banksia has collapsed, putting thousands of customers savings at risk.
For some, the Banksia collapse means selling their homes. It means serious financial turmoil and no Plan B.
Thankfully, for Ballarat’s Paula Dijksman, it only means her overseas holiday plans have, for now, been shelved.
Her old car might have to stay around a bit longer too.
Ms Dijksman had $21,000 tied up with Banksia Financial Group when it went into receivership late on Thursday.
She said she was shocked when she heard the news yesterday.
“I was listening to the radio and they said “collapsed” - I thought “that doesn’t sound good”.
Ms Dijksman said despite the hip-pocket hit, she was keeping positive.
“That was just a bit of surplus money ... I’ve had more there in the past but I just sort of had it there for a rainy day,” she said.
“Worse things can happen. It might mean I go without a holiday and hang onto the car for a few more years.”
While receivers McGrathNicol yesterday said investors were unlikely to get all their money back, Ms Dijksman said she was optimistic about a return.
“I would like to know if it is retrievable,” she said.
“Its mine. I’ve been a single parent, brought up three kids on my own - it’s hard earned money.”
Ballarat woman Tess Pollard, 25, also had a small next-egg with Banksia.
“I’m in the process of saving to buy a house in the near future,” she said.
“So that money was going to help with the deposit and maybe help setting up with furniture .
Ms Pollard said she was shocked with the news of the collapse, but was thinking of those with larger losses.
“I don’t have a huge amount in there at all.”
jordan.oliver@thecourier.com.au