New Zealand is one of the few countries which don’t believe in saving or providing benefits or protections for those depositing their money in financial institution. The country has no such schemes or offers that promote savings in their economy. In fact, there are those that do just the opposite, such as the Reserve Bank’s Open Bank Resolution Scheme, which states that if for any particular reason the bank fails or defaults, depositors would face huge losses and no reimbursement would be made.

Although there’s a very rare chance for a bank to default entirely and the depositors to suffer, the current global financial crisis can’t be ignored. Because of this issue, a large number of banks all over the globe defaulted collectively and lead their economies to huge crises. Only a few managed to save their wealth, and that is because they invested in private insurance companies’ policies.

True, the government should take certain steps to ensure that the people are protected, but that doesn’t mean that you should wait until that happens. You need to take a leaf from others’ page and invest in a personal income insurance policy or even a life insurance policy to keep your money safe for when you need it the most. Besides, chances are that you’ll be saving more of your time and money since government schemes, such as the NZ Super, can be quite tricky and hard to benefit from.

So, invest today for your future before you end up with a bad government deal or none at all.