Kiwi Wealth has released its first State of the Investor Nation report, which is designed to help outline New Zealanders' perceptions of wealth and their approach to wealth creation.

Just over 2100 responses were collected.

It found almost two-thirds of New Zealanders were confident about the local economy over the next five years.

The median investment portfolio of all New Zealanders was $27,000.

Four in 10 were risk-averse while a similar number were neutral. The research found 80% were building their wealth through traditional investment vehicles such as KiwiSaver, savings accounts and term deposits.

Bishop said it showed the need for good advice was more important than ever.

The fact that people were still heavily invested in residential property, savings accounts and term deposits, showed most New Zealanders were "crying out for advice to better understand risk and return" and to have a more fulsome conversation to understand their needs, he said.

But he said it could be that digital advice was needed to fill in the gap.

The research showed widening inequality, with more than half of young people and lower-income households saying they were living from pay cheque to pay cheque and unable to get ahead.

"People who most need advice, the model doesn't speak to that at all."

Bishops aid the idea of sitting down with an adviser who might not reflect a person's lifestyle, ethnicity or demographic "did not resonate" with people.

Kiwi Wealth is developing a roboadvice solution through its Future You portal.