Financial advice makes NZers better off
The Financial Services Council has released Money and You, a survey of 2,000 New Zealanders conducted in March, as part of its work on New Zealanders' relationship with money.
It found that people who had advice received an average 4% better investment returns, and had 3.7% more in their savings.
“To put this 4% into real terms; if a 25-year-old were to take financial advice and saved $2,500 per year, they would be $1.5 million better off at 55 than if they didn’t take advice. That’s a remarkable difference, and a benefit that many more New Zealanders should be receiving,” said FSC chief executive Richard Klipin.
“Money and You also found that New Zealanders who get financial advice on average have KiwiSaver balances over 50% bigger than those who don’t; are more likely to have insurance cover; and have greater peace of mind and confidence in making financial decisions.
“Our current economic climate, and the impact of Covid-19 on the economy and jobs, only underscores the critical need for all of us to seek professional financial advice.”
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