Three things you can do to weather a financial shock are:
- Having savings in place in case of an emergency
- Having insurance in place to protect yourself and your property
- Having wills and enduring powers of attorney in place to manage your money if you can’t.
That’s the message from the New Zealand Bankers’ Association as Money Week 2018 kicks off.
“If you’re looking for help to weather life’s financial storms your bank is a good place to start,” says New Zealand Bankers’ Association acting chief executive Antony Buick-Constable.
“Banks offer a range of savings products to help you build your buffer for a rainy day. Your bank may also offer a KiwiSaver scheme that can help set you up for a more financially secure retirement.
“Some banks also provide insurance to protect what’s most important to you – your family, your home, your income, and other valuable assets.
“Our banks also offer online money management tools, calculators, and advice that can help you prepare for unexpected financial events.”
Other practical banking tips are included in our Smarter Banking guide, which is available here: https://www.nzba.org.nz/wp-content/uploads/2018/07/Smarter-Banking-PDF.pdf
Money Week is organised by the Commission for Financial Capability and runs from 3 to 9 September. This year’s theme is financial resilience, and how to weather a financial shock.
More information is available at: https://moneyweek.org.nz/.