Consumers who engage financial advisers are more prepared for retirement, feel better about their finances and are more comfortable making big decisions, according to Financial Advice New Zealand (FANZ).

FANZ says its Better Behaviours report, which builds on findings from the Trust in Advice study it undertook in 2020, looks at the behavioural impact of consumers who have advisers.

The report’s findings are based on a survey of 2000 respondents last October comprising of advised and unadvised consumers.

“The results are clear, advised Kiwis exhibit the best of financial behaviours,” FANZ CEO Katrina Shanks said in the report’s foreword.

“They are more likely to have a documented budget and financial plan, to review their financial products regularly, to understand risk vs return, and to take up and cancel insurance products when appropriate.

She says the report’s findings also show that regardless of income levels, advised Kiwis generally feel more confident and prepared about their financial state of affairs.