The Financial Planning Association of Australia The Financial Planning Association of Australia

The future is bright: Gen Z and Y would value time with a financial planner, new FPA report finds


New national data released by the Financial Planning Association of Australia (FPA) this week injects fresh optimism for the emerging profession, including an opportunity to give an intergenerational legacy gift of time with a financial planner to clients.

The new Gifts That Give national research released to mark Financial Planning Week (19-25 August) shows an extraordinarily high 81 percent of Gen Z (born 1995-2009, aged 18-24) and 76 percent of Gen Y (born 1980-1994, aged 25-39) would like the gift of time with a financial planner. Fifty seven percent of all Australians said the same, indicating a strong overall positive desire for professional help to create a financial plan.

As a practical response to the research, the FPA is equipping its members with a customisable gift voucher as a way for Baby Boomer clients to consider actively investing in the financial literacy of their adult children and grandchildren.

The idea of an intergenerational legacy gift of time with a financial planner to create a money and life plan resonates with other findings from the national research:

  • 65 percent of Australians prefer to be given something practical.
  • Cash and gift cards as gifts is a consistent trend across all genders, geographies and generations.
  • Baby Boomers (born 1946-1964, aged 55-73) most prefer giving cash or gift cards: 53% prefer to do so for weddings, 41% at Christmas, and 38% prefer to give cash or gift cards for an adult birthday.
  • 81% of Australians want to give gifts with a more lasting impact.

FPA Chair and practicing CERTIFIED FINANCIAL PLANNER® professional, Marisa Broome, says, “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. I’ve been offering gift vouchers in my practice for many years, and it’s so rewarding to see the intergenerational ripple effect of good financial advice.”

FPA CEO Dante De Gori CFP® says, “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 all life stages.

Case study: legacy gift from mother to daughter

Maryanne Cummins (age 56) gave her Gen Z daughter the opportunity to meet with a professional financial planner as a 22nd birthday gift.

“I think 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. 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. It can help them feel more in control of their future and also improve their financial literacy, empowering them to make better choices with money,” says Mrs Cummins.

31-year old netball superstar, Australian Diamonds captain Caitlin Bassett, is a Gen Y who’s very open about how positive the experience of seeing a professional financial planner has been to her life.  Caitlin was a keynote speaker at the recent Women in Wealth event series held across five Australian cities from July to August.

“While I’m very confident playing netball, it doesn’t mean I know what I’m doing off court with certain areas of my life. Not being afraid to ask for help is really important. It was empowering to reach out to an expert to help me with my own financial future,” she says.

The FPA “Gifts that Give” Gift Voucher that can be personalised with a nominated value and name of the gift recipient, along with a member logo, is available from the FPA Member Toolkit. A generic version for consumers is available for download and digital sharing from moneyandlife.com.au/gifts-that-give, along with a range of other resources including the Gifts that Give research report, Goodness of Giving ebook, and a Gift-Giver Personality Quiz.

Research Methodology

The FPA ‘Gifts That Give’ report is based on research from The Curious Co obtained through a national quantitative survey of 1,000 Australian adults. The research was conducted between 2 – 10 July 2019. The sample is nationally representative of the Australian population by gender, age and state. All financial figures are based on self-report. The generations in this report refer to the following age groupings:

Generation Z: 18-24 (born 1995-2009)

Generation Y: 25-39 (born 1980-1994)

Generation X: 40-54 (born 1965-1979)

Baby Boomers: 55-73 (born 1946-1964)

 

 


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