Media Release: FinCap welcomes Government announcement of $3 million funding boost for Building Financial Capability services.

FinCap warmly welcomes todays Government announcement of a one-off, time-limited funding boost of $3 million for providers to assist whānau in accessing MSD-funded Building Financial Capability services.

Minister for Social Development and Employment Carmel Sepuloni acknowledged that demand for Financial Capability Services is growing as people face cost-of-living pressures and increased further pressures in areas affected by recent flooding and Cyclone Gabrielle.

This funding will also go toward increasing national phone support via MoneyTalks and provide more in-person financial mentoring, focusing on flood and cyclone affected areas as a priority. The funding boost will also increase support for debt solutions and microfinance providers.

FinCap Chief Executive Ruth Smithers says, “This is further evidence of the absolutely integral role played by financial mentors in Aotearoa, particularly as whānau face additional financial and emotional stress and hardship, due to the rising cost of living and the impacts of the recent

flooding in Auckland and Cyclone Gabrielle. We are pleased to see the Government acknowledge the importance of the sector and ‘we will continue making the case for ongoing sustainable funding for the vital work of financial mentors.”