Yet despite being divided in opinion, only eight per cent of New Zealanders are deferring investment decisions until they know which institutions are opting in or out of the extended guarantee scheme in October.
Only 15 per cent of New Zealanders say they have investments guaranteed by the government retail deposit scheme - this increases with age, higher income and greater household assets. A total of 22 per cent of people don't know whether they are covered or not.
"People with more assets, and those who are more financially astute, are more likely to have investments guaranteed by the government", says Mike Heath, General Manager of RaboPlus.
"However, with 22 per cent of New Zealanders not sure one way or the other, it does suggest low public awareness or even some confusion about the retail deposit guarantee and what's actually covered by it."
Of those who said they are covered, 47 per cent would continue with their investment even if the guarantee was removed, and 24 per cent have not decided yet. Still, 30 per cent say they would leave their financial provider should it not opt in to the extended guarantee scheme.
"When the credit crisis hit, there was widespread concern over which institutions were covered by the retail deposit guarantee. Even with a top credit rating of triple A our customers wanted to know whether we would be covered," Mike Heath says.
"We were one of the first banks to opt into the scheme, to provide that additional assurance for our customers and to complement the stability and high level of security RaboPlus already affords.
"As the economy starts to show signs of recovery, people seem more relaxed about the need for a government guarantee, and banks and other deposit takers now need to decide whether they remain part of the scheme beyond October. For us, this will be driven by what our customers want.
"With non-bank deposit takers now also required to publish a credit rating, when the guarantee ends next December credit ratings will be the primary tool for investors to guide their investment decisions."
The survey also found that public confidence in the financial sector is still largely negative at -44 per cent, up from -56 per cent six months ago.
Banks and general insurers continue to rate highest on the RaboPlus Financial Confidence Index, while finance companies are the only sector that rates below zero.
Among customers and clients, financial institutions are consistently rated higher. In particular, credit unions and building societies experience high customer confidence levels, rated 57 on the Index.