FSC: Advisers more important than ever

It has released the first in a new series of surveys it has commissioned.

The Financial Resilience Index tracks how New Zealanders feel on five key financial indicators.

“The first round of the index, looking at how our views have changed from March to April, shows that Covid-19 has impacted Kiwis’ financial resilience across the board, but with a particularly acute hit to job security, money worries and mental wellbeing,” said Richard Klipin, FSC chief executive.

“By late April, 50% of us felt that Covid-19 was impacting on our job security, a jump of over 15% since March.

“While for 45% of us it has reduced our confidence in making financial decisions, an increase of 15% in a month. We are also seeing Covid-19 change the way we invest, with the number of Kiwis looking for low-risk investments jumping by around 20% from March to April.

“With over 40% of us now worrying about money on an at least weekly basis, the index also shows that Covid-19 and associated financial concerns are taking a major toll on our mental health.”