Consumers still lack confidence in seeking advice
More than four in 10 (44 per cent) consumers still rely on family and friends when it comes to information on financial matters and planning, while another 41 per cent rely on websites for financial information. Only 31 per cent of consumers turn to a financial planner for advice.
This was one of the key findings to come from a global study of over 19,000 consumers by the Financial Planning Standards Board (FPSB), owner of the international Certified Financial Planner certification program outside of the US.
Other key findings include:
- 22 per cent of consumers believe strongly that they will achieve their financial goals, with 17 per cent believing strongly in their financial know-how, and 19 per cent saying they were very successful in sticking to their financial strategies;
- Being free of major financial debt (55 per cent) and being free of common consumer debt (54 per cent) are most important to consumers;
- 50 per cent of respondents said retirement planning was the most helpful financial planning service, followed by investment planning (38 per cent), and then budgeting, cash flow and debt management at 36 per cent;
- 31 per cent of consumers who work with a financial planner expressed stronger confidence in achieving their financial and life goals, with this figure increasing to 43 per cent for those who worked with a CFP practitioner; and
- 79 per cent of respondents said it was either very important or somewhat important that financial planning be regulated by their respective government.
"With close to 160,000 CFP professionals globally, the FPSB and its member organisations (which includes the FPA in Australia) have an incredible opportunity to connect individuals and families with competent, ethical and trustworthy financial planners who can help them take control of their finances and be more confident and secure in their financial decisions," said FPSB chief executive officer, Noel Maye.
The global survey of 19,092 consumers was conducted during Q2 and Q3 2015 by research firm, GfK.
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