Financial Resilience

NZCU News

Financial Resilience

Part of being financially capable is being financially resilient
This means people can ‘weather life’s storms’, or unexpected financial hits, without falling into damaging debt. 

Savings and insurance are key:

A savings buffer

If people don’t have some savings, they tend to borrow at high interest rates to quickly pay for unexpected bills, and that affects their long-term finances.

Having a buffer savings account makes a big difference to financial resilience, and people’s sense of financial wellbeing – New Zealanders report feeling less stressed about money if they have an emergency savings account. They sleep better knowing they can deal with unexpected events.

Insurance

When something bad happens, New Zealanders should be looking after their people and their wellbeing, not be stressed about how much money they’re going to need to repair the damage. Let insurers do the heavy lifting financially.

Consider what kind of loss would hurt you financially, what you could absorb and what would be better covered by an insurance company.

Find policies that cover what’s most important to you – the people in your life, your money, yourself and your stuff.

Rather than carry big risks on your own, having an insurance company do it for you can bring peace of mind.

Talk to us about products and services to help you be financially resilient – www.nzcuemployees.co.nz/products-and-services

Source: www.cffc.govt.nz/building-wealthy-lives/what-is-financial-capability/financial-resilience/