Survey finds planners remain trusted information source for DIY investors

Financial planners remain a trusted source of investment information for Generation Y and X investors as well as baby boomers, according to an annual survey of do-it-yourself investors by Raboplus.

The survey by the online banking service also found that all three generations are continuing to involve planners significantly in their investment decisions.

The DIY Investor Survey, conducted in May by Celsius Research, compared changes in the attitudes of 503 investors across the three generations between 2008 and 2009.

RaboPlus senior investment manager Tim Hewson said, overall, the survey revealed planners remained a “predominant source of investor information”, compared to numerous other information sources.

“If you look at the survey from a top down perspective, it’s very much a case of the generations continuing to move to financial planners as they move closer to retirement."

The survey found that Generation Y recorded an increase in ‘involving planners’ in their investment decisions, up from 19 per cent in 2008 to 21 per cent in 2009.

On the other hand, fewer Generation X investors involved planners in their investment decisions in 2009, down 7 per cent on the 2008 figure of 23 per cent.

Involvement of planners among baby boomers remained constant at 26 per cent in 2008 and 2009.

Generation Y posted a 5 per cent increase in sentiment towards planners as a ‘main source of information’, up from 12 per cent in 2008 to 17 per cent in 2009.

Generation X posted a 1 per cent fall over the year in this category to 13 per cent in 2009, as did baby boomers, from 21 per cent in 2008 to 20 per cent in 2009.