The research by ANZ confirmed what many financial advisers already know: Most Kiwis do not want to pay for advice.

ANZ asked 750 customers for their views on financial advice. A third wanted their KiwiSaver provider to offer them ideas and information. Almost half wanted specific recommendations.

Only 12% wanted a personalised plan for their retirement savings.

ANZ Wealth general manager products and marketing Ana Marie Lockyer said the main trigger for people wanting a personal financial plan was turning 65, but this was often too late.

“Many people are uncertain of the best way to manage their KiwiSaver money once they reach retirement age so would benefit from some good financial advice.”

Lockyer said price was a major consideration. On average, customers were prepared to pay up to $57 for a personalised financial plan - but many people expected this advice to be free.

“Given it takes time to build a full picture of an individual’s personal circumstances, we need to find ways to get quality information and financial advice to customers, at a price they’re prepared to pay.”

Lockyer said 46% of customers indicated they would definitely use digital financial advice tools, particularly if they were free. Just 15% of people said they would definitely want a complete financial plan in the future – however, only 3% of people said they would want this if they were charged a fee.

“We’re all living longer and young people today may need their retirement savings to last for 30 years or more. Investing in quality financial advice might be the best investment you will ever make.”

But she said advisers should not be disheartened. “There are absolutely groups of New Zealanders who do want to pay for financial advice services and they are wider than just KiwiSaver investors.”

It comes as KPMG's Head of Financial Services, John Kensington, said the financial advice industry was the answer to the problem of financially illiterate New Zealand but would need to regain investor trust.

“If that trust is lost, it is very hard to re-build it," he was reported as saying. "It is most important financial advisers demonstrate integrity when providing advice to clients; being open and honest about fees and clearly showing the client they genuinely want to understand the client's risk profile and needs and match products to those needs."

He said advisers needed to understand their clients’ circumstances, their risk appetites and what products were appropriate. If they could, advisers would lead the way in developing New Zealand's investment culture, he said.