If you are feeling stressed about your money habits, savings or investments, here are a few tips to help set you on the right path.
Our attitudes to money are complex. They are often driven by a complicated set of beliefs, attitudes, and behaviours, many of which were shaped during our childhood. Interestingly, research shows the emotions people most associate with money tend to be negative ones – such as anxiety, depression, anger and helplessness. Obviously these emotions can be harmful to our financial wellbeing but they can also spill over to impact our overall wellbeing.
The benefits of financial advice aren't just financial
Research in Australia shows those who receive ongoing financial advice experienced 13 percent greater levels of overall happiness, a 21 percent increase in peace of mind, and were 19 percent less likely to have arguments with loved ones. This shows that partnering with a good financial adviser can deliver more than just financial returns.
Setting goals makes us happy
Goal setting is at the heart of good financial advice. Research shows that setting and achieving goals can give you a better sense of control and help build self-confidence. Working out what you want to achieve and then developing a plan to execute it, can help provide that peace of mind we all strive for when it comes to our financial futures.
Access to advice is becoming easier
You may be thinking, that’s all well and good, but I don't have enough money to speak with a financial adviser. Traditionally, getting good financial advice has unfortunately been out of reach for a lot of people. But that's starting to change. Through smarter technology and lower minimum investments, some local investment companies are now offering much more accessible solutions.
Have you considered digital financial advice?
Digital advice provides a great on-ramp to the world of investing. It can be quite a cost-effective and convenient form of advice, helping you set your goals and a strategy to achieve them. Research out of the US shows that younger investors are twice as likely to consider using a digital advice tool as older investors (51 percent vs 24 percent).
Where to start
Fortunately, there are a growing range of options available to New Zealand investors. At Milford, in addition to our in-person advice solutions, we have also seen a strong up-take of our digital advice tools. This smart technology gives you expert financial advice in relation to Milford's KiwiSaver Plan and select Milford Investment Funds. It's available right at your fingertips, no matter how big or small your balance is, and it's offered at no extra cost.
Disclaimer: This article is intended to provide you with general information only. It does not take into account your objectives, financial situation or needs. Please read the relevant Milford Product Disclosure Statement as issued by Milford Funds Limited at milfordasset.com. Before investing you may wish to seek financial advice. The disclosure statements for all Milford financial advisers contain more information and are available for free on request. For more information about our financial advice services visit milfordasset.com/getting-advice. Past performance is not a reliable indicator of future performance.
This article was created for Milford.
