This article was amended in December 2025.
Financial advice delivers more than just financial gains.
Our emotional relationship with money is complex. According to experts, it’s driven by a complicated set of beliefs, attitudes, and behaviours, many of which are shaped early in our lives. These emotions can be so powerful that they interfere with our financial decision-making and lead us to poorer outcomes.
One of the best ways to avoid these personal negative influences, and get on top of your finances, is to partner with a financial adviser. With new technology, that partnership is becoming more accessible than ever.
Our attitudes to money are often driven by beliefs shaped in our childhood. These attitudes and our associated behaviours with money have a profound impact on our financial – and overall – wellbeing.
When psychologist Adrian Furnham studied the emotions people associated with money in a 12-month period, the top four in ranked order were anxiety, depression, anger and helplessness. In fact, eight of the top 10 ranked emotions were negative, and these emotions were more strongly felt in women than in men.*
Financial wellbeing, defined as a person’s ability to meet financial commitments, having resources to enjoy life and an ability to cope with financial shocks, is driven largely by behavioural and psychological factors, not financial knowledge. Collectively these factors explain around 60 per cent of changes in financial wellbeing, whereas financial knowledge explained only nine per cent.**
To put it bluntly, negative money attitudes are harmful. They can lead to decision-making that undermines our happiness and places obstacles in the way of achieving career, relationship and lifestyle goals.
So, if you’re feeling stressed about your money habits, savings or investments, what can you do to turn it around?
The benefits of financial advice aren’t just financial
Research shows those receiving financial advice tend to do better financially. Research out of Australia also shows those who receive ongoing financial advice experience 13 per cent greater levels of overall happiness and a 21 per cent increase in peace of mind. They are also 19 per cent less likely to have arguments with loved ones.***
So, partnering with a good financial adviser can deliver more than just financial returns.
Financial advice is becoming more accessible
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 been out of reach for many people.
But that’s starting to change. It’s not about how much money you have, it’s about making the most of what you do have. Today there are more ways than ever to get guidance and support.
At Milford, eligible members can use the Milford KiwiSaver Plan Digital Advice tool for personalised fund recommendations. You can also speak directly with our Financial Advisers, connect with select independent financial advisers, or get in touch with us online or over the phone for help with Milford’s Investment Funds.
Putting it all together
When you’re living a busy life, it’s hard to find the time for everything. People’s relationship with money is complex and comes with a range of emotional baggage. Partnering with an adviser can help. It can help relieve that anxiety, giving you confidence and peace of mind that you’re on the right path – freeing you up to spend your time on the things that really matter.
* The New Psychology of Money, A. Furnham, Routledge, May 2014.** Financial Wellbeing: A Survey of Adults in Australia, ANZ Banking Group, April 2018.*** The True Value of Advice Survey, IOOF, 2015.
Disclaimer: Milford Funds Limited is the issuer of the Milford KiwiSaver Plan and Milford Investment Funds. Please read the relevant Milford Product Disclosure Statement at milfordasset.com. This article is intended to provide general information only and does not take into account your personal circumstances. Should you require financial advice, please speak to a Financial Adviser. The disclosure statements of all Milford Financial Advisers contain more information and are available for free on request. Past performance is not a reliable indicator of future performance. Investment involves risk and returns may be negative as well as positive. Visit milfordasset.com/getting-advice to view Milford‘s Financial Advice Provider Disclosure Statement.