Does the best solution to New Zealand’s under-insurance dilemma lie in improving consumers’ financial literacy?
- Yes (76%)
- No (12%)
- Not sure (12%)
Almost everyone in the New Zealand life insurance industry appears to accept Kiwis, like the general population in most countries, suffer from both a lack of financial literacy and an under-insurance dilemma.
To what extent, though, are these two issues linked?
A break-out session at last week’s FSC Conference considered various dynamics relating to how the financial services industry can connect better with consumers, and discussion touched on the potential link between financial literacy and underinsurance in New Zealand.
This session heard anecdotal feedback that advisers across many countries have overwhelmingly concurred that consumer education is the best pathway towards solving the underinsurance dilemma in their country.
Do you think this is also the best solution in New Zealand? Or do you have other ideas?
Tell us whether you think better-informed consumers is the best single answer to solving New Zealand’s underinsurance dilemma, or equally whether you think the answer lies elsewhere, and we’ll report back to you next week…