Source: Fidelity Life
Research from Fidelity Life shows while we know that financial advice makes a real difference to those who access it, a large percentage of New Zealanders are confused about its relevance to them.
Evidence shows that most New Zealanders aren’t seeking financial help, either through regular financial ‘health checks’ or at key life stages, until they’re nearing retirement.
New Zealanders are spending their earning years anxious about finances and making money missteps. New Zealanders aren’t taking advantage of the wealth of knowledge the advice community can offer and instead rely on a ‘she’ll be right’ approach to protecting and growing wealth.
By understanding the ‘why’ behind these attitudes and habits we can focus on helping more New Zealanders better utilise their money today and protect and grow their wealth for tomorrow.
What Fidelity learned:
#1. New Zealanders lack confidence in money management.
More than a quarter of New Zealanders feel their financial situation is out of their control. This is affecting emotional wellbeing across all ages, especially young New Zealanders.
#2. There’s an over-reliance on amateur advice.
New Zealanders are ‘sleepwalking’ through important financial decisions, with 89% of people focusing on day-to-day spending over protecting and growing personal wealth.
#3. Getting the right advice early on is key to building confidence.
Advice does work! 81% of those who had consulted a professional financial adviser said getting financial advice provided them with peace of mind, and 70% said it helped them achieve their goals.