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%)
Loading ...The majority of the financial advice community appears to believe that the low number New Zealanders seeking advice essentially comes down to a lack of understanding of the value of advice and to cost worries.
As we go to press the results from our latest poll asking why you think so few New Zealanders seek advice, found a solid 35% of respondents put it down to consumers not understanding the value of advice.
Another 28% believe it is cost worries stifling people from seeking financial advice.
However nearly one in five (19%) of poll respondents agree the reason consumers aren’t seeking advice is they believe “they can do just as well on their own” with 14% saying consumer don’t know who to call.
Only 5% felt the lack of Kiwis seeking advice came down to “something else”.
Our poll was prompted by a recent survey that found while 88% of New Zealanders agree advisers are the most trustworthy source for financial advice, just 22% have consulted an adviser.
As we noted last week these are among the findings of a report published by Fidelity Life with the firm’s CEO Campbell Mitchell, saying The Advice for good: Rethinking New Zealand’s Relationship with Financial Advice report was commissioned to explore attitudes towards financial advice.
Campbell said Fidelity Life intends to work with advisers, consumer groups, industry and government on ways to help all New Zealanders lift their financial and emotional wellbeing.
Our poll is open for another week and we are keen to hear your thoughts…