What consumers think of financial advisers

The FMA has today released the results of a comprehensive national survey on the mindset and motivations of consumers when managing their money and dealing with the financial services sector.

The 130-page document covers areas such as emerging risks, products and services, trust and confidence, behavour and attitudes towards the financial sector, the impact of financial advice, consumer knowledge and regulation and protection.

Among its key findings: while 65% of consumers say they are confident in their ability to make financial decisions, only 21% feel they are in a secure financial position; just over 50% feel they have a good level of financial understanding; and 31% of consumers say they feel nervous about speaking to a financial adviser and find it difficult to find suitable products and services.

In fact, only 18% of those surveyed had used a financial adviser, mortgage broker or insurance broker in the previous year.