World Financial Planning Day

Wednesday, October 5th 2022, 8:00AM

by Eric Frykberg

To mark the occasion, Financial Advice New Zealand will join two global bodies to promote the value of financial preparation.

They are the Financial Planning Standards Board (FPSB), which is a global body based in Denver and aims to promote financial planning as a profession. It represents more than 200,000 Certified Financial Planner professionals worldwide.

The other body is the International Organisation of Securities Commissions (IOSCO). This organisation represents the world's securities regulators and is based in Spain.

Part of the day's events will be a fireside chat involving the FPSB chief executive Noel Maye and the IOSCO Secretary General Martin Moloney.

Their discussion will be posted on the website, https://worldfpday.org/

Financial Advice NZ CEO Katrina Shanks said the message of World Financial Planning Day was reflected in New Zealanders’ own need for properly informed economic decisions.

“People don't understand the importance of planning for their financial health and wellbeing,” she said.

“In New Zealand, we are under-insured, and we have low retirement funds. KiwiSaver has started the change of thinking about retirement and planning for it, but as Massey University research shows, there is still a large gap between superannuation and retirement (costs).”

Shanks said this gap appeared to many people to be very large, but it was able to be addressed.

“When you financially plan, you know exactly how to grow your wealth.”

Shanks went on to quote previously published research showing that more than two thirds of advised New Zealanders said their advice had led to better understanding of the risks of their financial plan, better understanding of how to achieve financial goals, and a greater ability to stick to their goals.

“Regardless of age and income level, advised Kiwis are more prepared for retirement, feel better about their financial position and are more comfortable making big financial decisions,” Shanks said.

Tags: Financial advice