What’s your financial future worth to you - $57?

Wednesday, 13 January 2016, 1:25 pm
Press Release: ANZ Bank

13 January 2016

What’s your financial future worth to you - $57?

A total 73% of New Zealanders say they need to pay more attention to their financial future, with just over two-thirds of people indicating they are worried about their retirement, according to an ANZ survey.

ANZ recently asked 750 customers their views on financial advice. The survey found a high number of kiwis were concerned about their future and looking for information and ideas. But many were reluctant to pay for financial advice.

ANZ Wealth General Manager Products and Marketing Ana Marie Lockyer said the survey highlighted a significant challenge for the financial sector – how to deliver quality financial advice to the 2 million New Zealanders saving for their retirement.

“The survey found a large number of people were looking for their provider to offer ideas and information on KiwiSaver (34%), while a further 49% also wanted specific recommendations,” said Mrs Lockyer.

“Just 12% of people wanted a specific and personalised plan for their retirement savings - most people wanted information and ideas so they could go it alone initially.”

Mrs Lockyer said the main trigger for people wanting a personal financial plan was when they turned 65 but this was often too late: “People shouldn’t wait until they’re 65 to take charge of their finances – they need to take action earlier.

“In particular, 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.”

Mrs Lockyer said price was a major consideration. On average, customers were prepared to pay up to $57 for a good value 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.

“There are plenty of options out there - from do-it-yourself tools to get people started, through to a nationwide network of professionally qualified Authorised Financial Advisers.”

Mrs 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.”

ends

© Scoop Media

ANZ Bank New Zealand Limited

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