Kiwis shun professional advice: Report
It has released new research that showed New Zealanders were more likely to turn to family and friends for advice than they were to go to a professional adviser.
Only 40% of people sought advice from a professional. Those who did were likely to be older, wealthier and female.
CA ANZ Thought Leadership and Research Leader, Geraldine Magarey said the report showed advisers must rise to meet both people’s changing financial needs and the environments in which they operated.
“Our survey has found people are not thinking or talking about their finances as often as many might expect,” Magarey said.
“The most trusted source of information comes from family and friends around a barbecue, or dinner table, followed by accountants.
“And while family and friends are considered a good source of advice, accountants are viewed as the most competent and trustworthy – above other professions, including bankers and lawyers,” Magarey said.
She said some people did not want to seek advice because they worried they would not be able to retain control of their situations. There was a sense that if they went to see someone they would have to give that up and be told what to do, she said.
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