Bank accounts a key tool for reducing ex-prisoner reoffending

  • Apr 15, 2025

  • Written by: Jake Lilley

  • 1 min read

  • 173 words

 

New research conducted by Te Herenga Waka—Victoria University of Wellington finds that taking simple steps to enable ex-prisoners to open bank accounts would assist them in accessing housing, employment, and benefits, which would reduce the risk of re-offending.

The research, led by Senior Lecturer Victoria Stace, was commissioned by FinCap. The findings of Stage 2 of this work are based on interviews with a broad group of stakeholders, including representatives from the banking sector, financial mentoring organisations, community groups, and the Department of Corrections.

The research has developed a set of practical recommendations to make this happen, including:

  • Corrections should ensure that prisoners have ID documents prior to release (birth certificate and a form of photo ID), and given the opportunity to apply for a bank account prior to release
  • Major banks should participate in a programme that offers bank accounts to people in prison who are due for release.
  • Every prison should have access to at least one financial mentoring service, with regular financial capability workshops for inmates.

 

Read the report here.

Recent Posts

Submission on new regime for the conduct of financial institutions

FinCap’s work often involves approaching financial institutions to raise and address issues around unfair conduct... more

Calculating the risk of co-signing a loan

more

Submission on financial dispute resolution scheme rules

more