Advice for good - new research from Fidelity Life

Advisers have been at the heart of Fidelity Life since 1973 and we care about the future of financial advice.

That’s why, to mark our 50th year in 2023, we commissioned new research - Advice for good: rethinking New Zealand’s relationship with financial advice - to better understand New Zealanders’ attitudes towards financial advice.

Read the Advice for good research.

Understanding New Zealanders today.

While we know that financial advice makes a real difference to those who access it, a large percentage of New Zealanders are confused about its relevance to them.

Evidence shows that most New Zealanders aren’t seeking financial help, either through regular financial ‘health checks’ or at key life stages, until they’re nearing retirement.

New Zealanders are spending their earning years anxious about finances and making money missteps. New Zealanders aren’t taking advantage of the wealth of knowledge the advice community can offer and instead rely on a ‘she’ll be right’ approach to protecting and growing wealth.

By understanding the ‘why’ behind these attitudes and habits we can focus on helping more New Zealanders better utilise their money today and protect and grow their wealth for tomorrow.

What we learned.

#1. New Zealanders lack confidence in money management.

More than a quarter of New Zealanders feel their financial situation is out of their control. This is affecting emotional wellbeing across all ages, especially young New Zealanders.

#2. There’s an over-reliance on amateur advice.

New Zealanders are ‘sleepwalking’ through important financial decisions, with 89% of people focussing on day-to-day spending over protecting and growing personal wealth.

#3. Getting the right advice early on is key to building confidence.

Advice does work! 81% of those who had consulted a professional financial adviser said getting financial advice provided them with peace of mind, and 70% said it helped them achieve their goals.

Onwards to great advice.

Our Advice for good research shows important insights that advisers, industry, and policymakers can utilise. We want to help build a collective action plan to raise awareness of the value of financial advice, increase the nation’s financial and emotional wellbeing and ultimately, make a real and lasting difference to New Zealanders.

Read the Advice for good research.