Advice gap in stark relief
The third and final part of the Financial Services Council’s Money and You research series has revealed a similar outlook to research released in October by Financial Advice New Zealand. The research both shows the benefits of financial advice, and takes a hard look at the barriers that are stopping many New Zealanders getting it.
Richard Klipin, CEO of FSC says, “This research has shown that while 35% of Kiwis would consider taking advice, only 18% actually receive it, 40% don’t see any benefit of doing so, and 75% don’t recognise its positive impact on wellbeing.
“The main barriers to people getting advice is a perceived lack of wealth, and the affordability of advice; with 65.2% thinking they don’t have enough wealth or assets to warrant it, and 62.5% believing it’s too expensive.”
The research also revealed that many people are more likely to consider getting financial advice after major life events, particularly buying property (23.8%).
Although that figure has another side, as Klipin explains that “to have 75% of respondents signal that buying a property wouldn’t trigger taking any external advice is a real area of concern”.
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