Attracting the most interest this week was our report on a survey showing that while most New Zealanders agree financial advisers are trustworthy, just 22% have consulted one…

Research published by Fidelity Life shows that while 88% of New Zealanders agree advisers are the most trustworthy source of information for financial advice, just 22% have consulted one.

Just under one-third (31%) of those who hadn’t consulted a professional adviser said they didn’t see the relevance of advice – 29% preferred to manage their own money. More than a third (36%) have sought help from family.

Just 44% of men feel confident about their financial prospects, against 28% of women. Meanwhile, only 30% of Kiwis believe they are even somewhat in control of their financial future.

Fidelity Life’s CEO Campbell Mitchell, says The Advice for good: Rethinking New Zealand’s Relationship with Financial Advice report was commissioned to explore attitudes towards financial advice.

Fidelity Life CEO Campbell Mitchell.
Fidelity Life CEO Campbell Mitchell.

He says Fidelity Life now intends to work with advisers, consumer groups, industry and government on ways to help all New Zealanders lift their financial and emotional wellbeing.

“We encourage people and organisations in and around the financial advice sector to read the Advice for Good report and think about how they might contribute to a collaborative industry approach which builds awareness of the value of financial advice, helping New Zealanders avoid money missteps and reducing financial fear,” says Mitchell.

Click here for the full report.

Key report take-aways

  • More than a quarter of New Zealanders (28%) feel their financial situation is out of their control
  • More than half of under-35s always or often worry about money
  • The majority of New Zealanders don’t feel confident making financial decisions until age 55
  • Just 28% of women feel confident about their financial outlook, against 44% of men

According to a recent survey, many Kiwis agree financial advice is worthwhile. Why do you think so few seek it?

  • Consumers don’t understand the value of advice (35%)
  • Cost worries (32%)
  • Consumers believe they can do just as well on their own (20%)
  • Consumers don’t know who to call (10%)
  • Something else (send us an email with your thoughts) (3%)

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