Gen Z and Y want the value of financial planning

By Grace Ormsby

August 22 2019
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Four in five Gen Z and Gen Y Australians would value the opportunity to consult with a financial planner if the cost of the service was gifted to them, new research has shown.

The statistics from the Financial Planning Association of Australia (FPA) showed the 80 per cent enthusiasm rate from Gen Z and Gen Y people has outstripped the national average across all age groups, which is still quite high, at 57 per cent.

According to the FPA, the results indicate a “strong overall positive desire for professional money and life help to create a financial plan”.

It’s an indication that Maryanne Cummins agreed with.

The mother of a Gen Z child, she gave her daughter the opportunity to meet with a professional financial planner for her 22nd birthday.

“There’s a real need for young people to get the benefit that financial planning can offer when they’re just starting out on their journey,” she said.

“With all the talk of how hard it is for young people to buy a home now, they could really do with professional support from someone who can talk through their options,” Ms Cummins continued.

The mother considered that such advice can also “help them feel more in control of their future and also improve their financial literacy, empowering them to make better choices with money”.

Marisa Broome, the chair of FPA and a practicing certified financial planner herself, said, “Many parents and grandparents want to inspire the younger generation to seek the advice of a professional financial planner, but are unsure how to do so.”

Ms Broome said she had offered gift vouchers in her practice for a number of years.

“It’s so rewarding to see the intergenerational ripple effect of good financial advice,” she exclaimed.

The association’s CEO, Dante De Gori, noted that “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 every life stage, create a financial plan that helps them achieve their money and life goals and gives peace of mind for the future,” he said.

It comes after the FPA revealed that Australians spend $1,200 annually on gifts, at a collective cost of $19.8 billion per year.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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