A new review by the Financial Markets Authority found most Kiwis aren’t getting the financial advice they need.
Just 28% of Kiwis sought advice in the last 12 months, despite rising debt and inflation pressures.
As a result, many people are making KiwiSaver, insurance, and retirement decisions without any guidance.
Financial Advice NZ CEO Nick Hakes told Mike Hosking people do want financial advice, but they don’t know how to access it or potentially, what it is.
He says as a culture, we’re not very good at talking about money no matter what our situation is, despite the fact that it’s often the biggest cause of stress.
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The Mike Hosking Breakfast