THE VALUE OF FINANCIAL ADVICE
Many New Zealanders worry about having enough money put away for a rainy day, what would happen if they were unable to work, or how their family might manage if something happened to them.
The good news is that those who get professional financial advice are more likely to feel happy with their financial position and better prepared for the future than those who don’t. They feel more confident in their financial decision making, in control, and clearer about their finances. They have contingencies in place to handle unexpected costs, and know how to utilise their KiwiSaver to the best of their ability.
Financial advice in New Zealand covers four main areas: mortgage, insurance, investment and financial planning. Working with a financial adviser leads to better outcomes across all areas of advice, and financial advisers are widely recognised as trusted professionals. A large majority of New Zealanders who receive mortgage or insurance advice believe that advice helped them secure the best product for their specific needs. Those who receive investment or financial planning advice agree the decision improved their financial security.
These findings are part of research by Financial Advice New Zealand, which highlights the value of financial advice and shows how consulting a financial adviser can help those looking to secure their financial future. The Trust in Advice research was conducted in July 2020.
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