Why financial advice is ‘transformative’ for Kiwis

Recent Research by the Financial Services Council New Zealand revealed that not only has the financial advice sector remained resilient, but it has helped Kiwis achieve their financial and personal wellbeing goals in a number of ways.

Read on for some of the key findings of this research.

The many benefits of financial advice

One key finding was that financial advice is ‘transformative’ for Kiwis. Overall, out of 382 people surveyed for the study:

• 2 per cent had greater peace of mind financially
• 1 per cent reported greater control over their financial situation
• 3 per cent had greater confidence in making financial decisions
• 2 per cent were helped with achieving their financial goals
• 1 per cent were helped with achieving their personal goals
• 9 per cent felt they were free from financial worries

However, many New Zealanders are not yet making the most of it. “Our research found that the majority of Kiwis are missing out on the benefits of professional financial advice, with less than 20% receiving it,” said FSC chief executive Richard Klipin. “This is despite the fact that those who do get advice have higher levels of not only financial returns, but also peace of mind, control and confidence.”

Looking for advice?

If you know of any family or friends who may benefit from our advice, please don’t hesitate to let them know that we’re just one phone call away and happy to help. And of course, we’re here for your questions, big and small.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.