Banks deposits and managed funds win over fin coys

The results show that 54% of those surveyed did not feel confident that their money would be safe, with 51% disagreeing with the statement that finance companies act fairly and with integrity.

Finance companies were the only sector in the survey to get a negative index score in terms of consumer confidence. Other deposit takers fared much better, with banks scoring +39 and credit unions and building societies scoring +23, against the finance companies -20. However, the data also show that non-customers of various institutions have less confidence in them than current customers.

Meanwhile, 84% of those surveyed would either definitely not or probably not invest with a finance company in the next six months. This compared to 75% for credit unions and building societies and 18% for banks.

Overall, the survey revealed that 60% of New Zealanders are less confident investing in the financial sector generally now than six months ago, while 46% said their investments were worth less now than in February.