News
Consumers have lost trust in financial services
Wednesday 10th of August 2022
Hard on the heels of the FMA’s 130-page report on consumer attitudes to the financial services sector, the Financial Services Council (FSC) yesterday released a survey about New Zealanders’ views and trends around investment.
Among the FSC’s key findings:
- four out of five respondents have investments and most (88%) go online to manage their finances;
- a growing number (18.6%) have used micro-investing platforms like Sharesies and Hatch and another 15% are planning to do so;
- most (68%) are making risk-based decisions to safeguard their wealth while only 33% are choosing higher risk/higher return investments. Investors are more wary than in 2021;
- uptake in ESG investing is low, with 85% of respondents saying they are unaware or unsure if they hold such investments, while 21% are concerned about the risk of greenwashing;
- cryptocurrency is down, with 14% fewer Kiwis investing than at the same time last year; and
- privacy and security concerns are much lower than in 2021.
“A fifth of Kiwis that do not have KiwiSaver say it is because they have no confidence in the scheme or that they are confuse and compared with 2021 fewer respondents stated that they understand the relationship between risk and return,” Klipin says.
Want to read the full article?
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
Latest News
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)