kiwisaver worth a punt?

[Zaphod]

Would it be crediting the average Kiwisaver investor with too much savvy for realising that their investment is a longterm proposition that will experience multiple bull and bear markets before they get to retirement?

I'm still quite often told that Kiwisaver is a government guaranteed scheme with a 100% rate of return. Perhaps that puts financial knowledge of the average Kiwisaver investor in perspective? Very concerning.