Better retirement savings

WHEN it comes to money advice, young people still prefer to get help from mum and dad.

The Westpac-Massey Fin-Ed Centre has released the latest findings from a 20-year longitudinal survey which tracks a number of New Zealanders through adulthood.

It was started back in 2012 when the group was aged between 18 and 22. Now, they range between 23 and 28 years old.

The study helps to track attitudes and behaviour towards money as people get older.

About half of those surveyed said they got advice from their parents, but only 35 per cent believed what their parents were telling them was best for their finances.

Heading into the future, the participants were still probably going to get advice from their parents, but the main source of wisdom would come from life experience.

Fin-Ed Centre Dr Pushpa Wood said avoiding formal financial education and relying on parents had risks “especially if parents are not financially knowledgeable, or if bad decisions lead to costly mistakes that are hard to reverse”.

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