Lack of advisers a '10- to 30-year problem'

Blair Vernon spoke at the Commission for Financial Capability's decumulation forum in Auckland on Friday.

He said many New Zealanders had a consumption problem - both before retirement and in it. "That's the biggest challenge facing New Zealanders, their preparedness to spend on other things pre-retirement, not retirement savings or even the consumption of quality advice on how to accumulate. There is a belief they can carry on that consumption rate unabated in retirement and somehow be unhappy about the outcome. That's the conversation we are going to have to have in a somewhat crunchy fashion with new Zealand."

If the problem was not confronted, people could end up desperate and more susceptible to scams or unwise investments, he said.

But he said another problem was that there was a lack of people available to help those who needed it.