Everyday Money

If anything underlines the need most New Zealander's have to take financial advice, a new survey has found that 60% of Kiwis are financially stressed - but most don't plan to change the way they spend or invest.

The survey, undertaken by the Financial Services Institute of Australasia (Finsia), found that 60% of women and 55% of men say the global financial crisis has made them feel financially stressed.

"The sudden collapse of finance companies, the significant loss incurred by investors and the notable rise in unemployment has left many New Zealander's grappling with spiralling levels of household debt, inadequate savings and the prospect of an uncertain environment," according to Finsia CEO Dr Martin Fahey.

The opportunity for financial advisers is clear - some 23% of Kiwis are saving nothing from their income while 36% are paying interest on credit card debt and 15% don't know what interest rate they're paying on their credit card debt.

Other key findings:

• 38% of respondents said they feel slightly worse off than a year ago.
• 12% feel significantly worse off.
• 41% say they're no better or worse off post GFC.
• 8% say they're better off since the GFC, due to lower interest rates

So what to do? Meet with a Financial Planner.
Source: Financial Alert, 2010.