We like facts, and that's a fact

We like facts, and that's a fact.

When it comes to leaving a lasting Footprint, there’s really no room for tip-toeing around the topic of dying. Don’t get us wrong, we know it’s a bit of a toughie - but with the right facts in place we can shed a light on setting up estate planning like never before.

We have an open book policy about our research, so if you find anything interesting feel free to share it around. The more Kiwis that take action and get their Wills sorted early, the greater the positive impact we’ll have on New Zealand families, friends, and communities in the long run.

• There are over 1 million people in NZ between the ages of 20-35, it is estimated that only 7% of those have a Will.
• 88% of Kiwis know a Will is important, but 41% of Kiwis don’t have one.
• 82% of people considering a Will would be open to setting it up online if it were simple, quick and affordable – showing opportunity for technology driven customer service solutions.
• 45% would like to use a family member as an executor but would like them to be provided with additional support – highlighting the need for accessible information and professional advice.
• 39% don’t know where their parents Wills are held - Our own research pointed towards digital storage as one of the most attractive aspects of the Footprint product.
• 27% didn’t know where to start when it came to writing a Will,
• Procrastination/apathy and a perceived lack of assets continue to pose the biggest barriers to getting a Will, indicating the ongoing importance of creating awareness, increasing knowledge and providing quick and easy solutions.

Through our research we noticed a clear age effect across research results, with younger participants less likely to understand the importance of getting a Will but more likely to learn about and engage with the service if it were digitally driven. We found:

• 67% of 24-34 year olds would be open to setting a Will up online.
• 67% of 24 – 34 year olds would be more likely to go online to learn about Wills.
• 29% of 24-34 year olds don’t know what happens if you die without a Will, compared to only 13% of 55-69 year olds.
• 41% of 24-34 year olds were not aware of, or had not considered using any organisation for estate administration.

Statistics surrounding estate administration were even more shocking! It was clear that both those with and without a Will were confused about what estate administration is, why it’s needed, and  the costs associated with it.

• 81% of people didn't know a Will required estate administration.
• 74% of people felt they didn't really understand what estate administration was.
• 54% of people thought the cost of estate administration was less than $500, and 73% thought it was less than $1,000!

Footprint is here to shine a light on the disconnection between estate administration and the set-up of Wills. We are looking to address a notable resistance towards getting a Will (barriers such as procrastination, apathy, the assumption that you might be too young, or do not own enough assets etc.) through providing accessible information, easy to understand terms, and of course... providing an exclusive estate administration package valued at $10,000! If you’re interested in learning more about what separates Footprint from the crowd, check out The History of estate administration – with the fiduciary industry nearing its 1,000^th birthday, we thought we’d crash the party.