The value of working with an adviser - new New Zealand research

The value of working with an adviser - new New Zealand research

The value of financial advice - Money & You research

The Financial Services Council 2020 research project looked at how New Zealanders think about money and how it affects their decisions and well-being.  2000 New Zealanders were researched in March 2020 (yes, just as Covid and lockdown was hitting us).  The first part of the research has previously been released - which was called 'Money and You - its not about the money, its about you and these were the key findings: You can find this report below.

1. There is a strong relationship between wellbeing and money, with money worries causing great stress, affecting mental AND physical health.
2. New Zealanders are underprepared for a personal financial shock caused by for example, losing their job or a health issue.
3. 75.9% of people that participated in the research are in KiwiSaver.

The second part of the research has now been released which looks at  why the majority of New Zealanders don't always seek professional advice with finances and highlights the benefits of doing so.  The key findings of phase two of the research are: You can find this report below.

1. New Zealanders are in poor financial shape, and think they are in a financially better position than they actually are, with many unable to survive financial distress for much more than a month.

2. New Zealanders that get professional financial advice tend to be higher earners and are financially stronger. They have: *50% MORE IN THEIR KIWISAVER, *SAVE 3.7% MORE OF THEIR EARNINGS, *TRAVEL 6X MORE FREQUENTLY

3. New Zealanders that get professional financial advice on average receive 4% better investment returns. Our model shows additional savings growth of: • Young (age 25): $1.5m • Middle-aged (age 40): $3m • Pre-retiree (age 55): $1.9m

4. Whilst household income impacts financial outcomes, there are many triggers for seeking advice: • Coming into money (eg inheritance) • Financial distress (eg health, divorce) • Property transactions • Approaching retirement,
5. There are many intangible benefits to taking advice including confidence, an understanding of the ‘language of money’ and a positive impact on wellbeing.

If you have been thinking about talking to Moneyworks about your financial situation, goals, plans and financial solutions - maybe now is the time to do it.  You don't need a lump sum of money to work with us - most of our clients earn incomes, have or are about to repay their mortgages, and have surplus money to invest for their future.  If it is time for you to talk to us now - contact us on contact@moneyworks.co.nz, or if you already work with us, feel free to refer your friends, family and colleagues directly to your adviser.


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