Data released by the Financial Planning Association of Australia (FPA) shows that 81 per cent of Gen Z (born 1995-2009) and 76 per cent of Gen Y (1980-1994) would like to spend more time with a financial planner.
The FPA’s Gifts that Give national research report showed this was significantly higher than the 57 per cent of all Australians who said the same, showing a strong desire for younger generations to seek help.
According to the research, an “intergenerational legacy gift” of time with a financial planer to create money could be popular.
It found that 65 per cent of Australians prefer to be given something practical, with baby boomers (1946-1964) preferring to give cash or gift cards, and 81 per cent of Australians wanting gifts with a greater lasting impact.
The FPA had also planned to offer member planners with gift vouchers as a way for baby boomer clients to consider investing in the literacy of their adult children and grandchildren.
Dante De Gori, FPA chief executive, said: “Four in five Australians aged 18-39 are keen to work with the emerging breed of financial planning professionals who are committed to nationally mandated higher levels of education, ethics and accountability.
“We stand with Australia for a better financial future, and on behalf of our 14,000+ FPA members, we welcome the opportunity to help more people, from all life stages.”
The report was conducted as part of Financial Planning Week which runs until Sunday 25 August.
Comments
Misleading headline to say Gen Z and Y would "value" time with a financial planner. They might want it, but they don't value it enough to pay the real cost.
Good idea to encourage parents of Gen Z and Y to pay it for them. The parents are more likely to understand the full value and be prepared to pay the real cost.
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