'Olukorrast riigis': People could lose second pillar assets on the market

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Indrek Lepik and Hindrek Riikoja. Source: Kairit Leibold/ERR

Hosts of "Olukorrast riigis" talked about the dangers of people taking their second pension pillar assets to the stock exchange.

Indrek Lepik described what recently took place on the U.S. market where manipulation of the GameStop share price yielded fat profits for some, while it also bankrupted a lot of people.

"In short, what happened was what always happens – it is very easy to promise people they'll get rich quick at the height of a bubble. Investing has become very popular in Estonia and we will soon have 100,000 people who have decided to cash in on their pension savings," Lepik said. "I'm afraid that a lot of these people will see similar get rich quick opportunities, pour their money in there and end up losing it," he said.

Lepik pointed out that Estonians are believed to sport poor financial literacy. "I'm afraid that one such pumping action will be followed by others," he said.

Co-host Hindrek Riikoja said he does not believe we will see a repeat of the second half of the 1990s where "janitors and taxi drivers were playing the market" and made a lot of money before losing it in the crash. "Times like these will very likely not return in Estonia. The people have learned that much," Riikoja said.

Lepik was less convinced, saying that investing has been made very easy for ordinary people.

Lepik and Riikoja also talked about vaccination and lists, finding that the political elite should not be given priority, the Tallinna Vesi buyout, Josep Borrell's Moscow visit, STS transfer of oil products near the island of Pakri and looming Board of the Riigikogu elections.

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Editor: Marcus Turovski

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