Talk Money: December 10

Tony Field (Paul Henry)
Tony Field (Paul Henry)

A new survey has taken a look at the reasons why many people do not get professional financial advice, even if they know it might help them.

The Commission for Financial Capability surveyed people who were using the money advice website sorted.org.nz

It found 46 percent of respondents had never sought financial advice about investments, mortgages, insurance, Kiwisaver or other savings plans.

16 percent said they were happy with their financial position and so they had decided not to seek help. Nearly half manage their finances themselves.

25 percent said they did not know how to find an adviser. And 25 percent said they were worried the adviser would try to sell them something they did not need.

The Commission's David Boyle says, "We would like to see better transparency around some of the issues that have been raised about the way advisers are paid, bias to particular products or providers, and incentives to sell products."

A review is underway of the Financial Advisers Act and the public's input is being sought.

TOP PAID MUSICIANS

You've probably noticed that more and more musicians are playing in New Zealand. We are not alone. It is a worldwide trend.

Touring is where the money is being made these days.

That's plain to see in Forbes' annual list of the highest paid musicians.

Katy Perry topped the list, earning US$135 million over the past year. Forbes says she grossed more than $2 million per city on her Prismatic World Tour.

Nine of the top ten acts performed at least twenty concerts in twelve months.

Perry is followed by One Direction ($130 million) and Garth Brooks ($90 million).

CHRISTMAS SHOPPING

Christmas spending is on the rise, according to the latest figures from Paymark.

It accounts for around 75 percent of electronic transactions in New Zealand.

Paymark says the volume of transactions rose 8.5 percent in the first week of December from a year ago.

It says Auckland/Northland was the strongest area, with the value of transactions rising 8.2 percent to $497.3 million.

The growth in transactions was strongest in the Accommodation category, up 18.6 percent.

But transactions were down 12 percent for Farm Supplies, 3.8 percent for Fuel and 1.3 percent for Travel.

Watch the video for the full Talk money segment.

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