Nearly 70% of Gen Z would consider professional financial advice in contrast to the 18% who are currently receiving advice or have received advice in the past according to new research by the Financial Services Council (FSC) of New Zealand.
FSC’s new report Money & You: The Financial Lives of Young New Zealanders reveals the status of financial wellbeing of New Zealand’s newest adults at a crossroads, focusing on the financial situations of 18-to-25-year-old “Gen Z” Kiwis.
The report found that while 69% would consider advice, most don’t take it up, with 9% currently receiving advice and another 9% having received it in the past. The remainder, 13%, would not consider advice.
The report also notes that this cohort lacks confidence in decision making involving when it comes to insurance, with only 33% being somewhat or very confident to do so. The research shows that 37% of this cohort have health insurance, while a little under a quarter [24%] have life insurance. This drops to 7-8% for other life insurance products.
The FSC also notes that despite the positive aspects of this cohort’s financial behaviours, they are deeply uncertain about making financial decisions and anxious about the state of the world.
FSC CEO Kirk Hope said, “This generation’s confidence in financial decision-making has declined from 42% in 2023 to 35%, with only 13% saying they are extremely confident in financial decision-making.
“As this generation navigates economic situations for the first time, like many New Zealanders in the current economic climate, 93% are concerned by cost of living and 58% would rely on friends and family if unemployed.”