Descriptive statistics for all households alongside those who use the services of a Registered Financial Adviser (RFA) or an Authorised Financial Adviser with the Certified Financial Planning designation, specific to New Zealand (AFA-CFPCM)
| All households (n=445) | RFA (n=84) | AFA & CFPCM (n=100) | ||
|---|---|---|---|---|
| Gender | Male | 59 | 72 | 62 |
| Female | 39 | 26 | 36 | |
| Marital status | Single | 46 | 33 | 27 |
| Married | 54 | 67 | 73 | |
| Age | 18-29 | 3 | 5 | 0 |
| 30-49 | 18 | 11 | 23 | |
| 50-59 | 20 | 19 | 31 | |
| 60-69 | 23 | 46 | 34 | |
| ≥70 | 8 | 17 | 10 | |
| Education | Secondary School or Below | 10 | 10 | 14 |
| Trade | 19 | 33 | 26 | |
| Bachelor’s Degree | 23 | 26 | 28 | |
| Higher Degree | 16 | 24 | 24 | |
| Income | Low Income (<$50,000) | 9 | 25 | 14 |
| Mid-Low Inc. ($50,001-$80,000) | 11 | 21 | 8 | |
| Mid Inc. ($80,001-$110,000) | 12 | 16 | 9 | |
| Mid-high Inc. ($110,001-$140,000) | 12 | 12 | 18 | |
| High Inc. (>$140,000) | 20 | 14 | 43 | |
| Financial Professional | RFA | 19 | 100 | 0 |
| AFA | 12 | 0 | 0 | |
| AFA & CFPCM | 22 | 0 | 100 | |
| Adviser compensation | Fee-only | 22 | 44 | 47 |
| Commission only | 6 | 7 | 9 | |
| Combination of fee & commission | 23 | 46 | 40 |
Chi-square statistics for demographic and income characteristics based on the use of a RFA or an AFA-CFPCM
| RFA | AFA-CFPCM | |||
|---|---|---|---|---|
| Chi-Square | P-value | Chi-Square | P-value | |
| Male | 32.67 | <.0001 | 18.12 | <.0001 |
| Female | 0.05 | 0.82 | 3.05 | 0.08 |
| Secondary School or below | 0.002 | 0.96 | 2.78 | 0.96 |
| Trade Cert | 13.57 | 0.0002 | 3.97 | 0.05 |
| Bachelor’s Degree | 0.72 | 0.40 | 2.07 | 0.15 |
| Higher Degree | 4.76 | 0.03 | 6.23 | 0.01 |
| Income <$50,000 | 30.85 | <.0001 | 3.53 | 0.06 |
| $50,001-80,000 | 1.08 | 0.30 | 1.19 | 0.28 |
| >$140,000 | 2.26 | 0.13 | 41.47 | <.0001 |
Demographic characteristics for all survey respondents, N=445
| Demographics | All households (in %) | |
|---|---|---|
| Gender | Male | 59 |
| Female | 39 | |
| Marital Status | Single | 46 |
| Married | 54 | |
| Age | 18-29 | 3 |
| 30-49 | 18 | |
| 50-59 | 20 | |
| 60-69 | 23 | |
| ≥70 | 8 | |
| Education | Secondary School or Below | 10 |
| Trade | 19 | |
| Bachelor’s | 23 | |
| Higher Degree | 16 | |
| Income | <$50,000 | 9 |
| $50,001-$80,000 | 11 | |
| $80,001-$110,000 | 12 | |
| $110,001-$140,000 | 12 | |
| >$140,000 | 20 | |
| Financial professional | RFA | 19 |
| AFA | 12 | |
| AFA & CFP | 22 | |
| Adviser compensation | Fee-only | 22 |
| Commission only | 6 | |
| Combination of fee and commission | 23 | |
| Advice Services | Cash Management | 31 |
| Personal Risk Management | 38 | |
| Property Risk Management | 20 | |
| Retirement Planning | 64 | |
| Investment Planning | 84 | |
| Other | 3 | |
| Race | NZ European | 91 |
| Maori | 2 | |
| Pacific Islander | 2 | |
| Asian | 3 | |
| Other | 5 |