Gen Z and Y would value time with a financial planner
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.
AUTHOR
Chris Dastoor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
