FinCap has asked for government support to maintain and increase current funding levels for the Building Financial Capability sector. We have also asked for the support in establishing small levies on industry to support the sustainable funding of financial mentors.

Following our submission on the Budget Policy Statement, we were invited to appear before the Finance and Expenditure Committee to present an oral submission.

On Wednesday 11 February, we supported our submission by speaking to the select committee and answering questions put to Fleur (CE) and Jake (Senior Policy Advisor).

Claudette Wilson from North Harbour Budgeting Services also spoke to the select committee following FinCap. She further outlined the difficulties that services are facing without funding to support their important mahi.

FinCap is asking for a commitment from government to:

• licence debt collectors and introduce consequences for unacceptable coercion and harassment from debt collectors as part of the FTA reform
• increase government funding as well as work towards a levy for financial mentoring on industry
• encourage industry to contribute to sustainable funding of financial mentoring.

A very small levy on financial services, energy providers, telecommunications providers, KiwiSaver providers and gaming industry would be the best way to increase funding for financial mentors who are responsive to financial challenges in their communities.

Read FinCap's written submission.

Watch FinCap's oral submission before the Finance and Expenditure Committee