Up to 250,000 people will benefit from the upcoming increase in minimum wage, and Employment New Zealand is encouraging employees to make sure they’re being paid correctly. From Thursday 1 April 2021, the adult minimum wage rises from $18.90 to $20 per hour in New Zealand....
Financial Mentors in New Zealand now have their own dedicated phoneline within Westpac to help them reach who they need to without the long wait times. The phone and email lines will allow Financial Mentors to get directly in contact with the bank’s Customer Care Support...
From left: Manawatu Home Budgeting Service Manager Miriam Peel and Financial Mentor Jeanette Parsons The stress of having to pay for extra power costs for heating can be chilling for some of our most vulnerable people. Manawatu Home Budgeting Service Financial Mentors Jeanette Parsons and Brett Cole...
The New Zealand Bankers’ Association and FinCap have today announced a new partnership, with the banking industry contributing $5 million over five years to support the financial wellbeing of all New Zealanders. The collaboration agreement will provide funding for initiatives that will directly benefit the 200...
FinCap welcomes the opportunity to comment on technical drafting issues in the Consumer Care Guidelines Final draft (guidelines). Electricity is an essential service necessary for health, wellbeing and social participation for people, whanau and communities. We must all work towards a future where no whānau is...
One Waikato Service has been supporting their local community for three decades – but it isn’t just a numbers game. The Hamilton Budgeting Advisory Trust celebrated 30 years of service in February. The trust started out with one part-time manager and volunteers in 1991, and now has...
From left: Financial Mentors Awhina Ulutuki and Jennifer Gini at Petone Budget Service It’s the bucket test at Petone Budget Service (PBS) which helps bring the financial message home for some of the most vulnerable people in their community. Based in the Wellington region, the budgeting service...
Afterpay, Laybuy, Oxipay… the list of buy now pay later (BNPL) services goes on. But financial capability and budgeting experts have a word of warning of people using BNPL later services. While these services can be used to people’s advantage, people need to be aware of the...
FinCap welcomes the opportunity to comment on the District Court (Protection of Judgement Debtors with Disabilities) Amendment Bill (The Bill). Hardship experienced throughout Aotearoa should not be compounded by unreasonable debt collection action. We strongly support the Bill as it will ensure people with disabilities are...
FinCap is pleased to announce Ruth Smithers has been appointed as Chief Executive. Ruth is an experienced leader and senior manager in the not for profit and government sectors in health and social services organisations. Her most recent role was as Deputy Chief Executive at Tui Ora,...
FinCap welcomes the opportunity to comment on the Updated draft Responsible Lending Code 2020 (the revised code). Financial Mentors across Aotearoa New Zealand regularly see the harm caused by irresponsible lending of unaffordable loans or lenders not offering appropriate and realistic assistance where borrowers have difficulty...
This research paper sets out the results to date (April 2019) of the research of the FinCap/Community Law Canterbury/Victoria University/BERL team on interest rate caps. Introducing an interest rate cap was one of the options proposed by MBIE in its June 2018 Discussion Paper “Review...
Lending is an essential part of a functioning economy, but some loans do more harm than good. The New Zealand market for credit has changed over the past decade. While the banking sector has grown, the non-bank sector has become increasingly populated with third-tier lenders, offering...
In 2018, 76 financial capability and budgeting services were surveyed on High cost short term loans, debt collection and other consumer credit issues. This report is a summary of those findings. A collaboration of FinCap, Justice Innovation Centre and Community Law Canterbury, and funded by the...
FinCap welcomes the opportunity to comment on the Options for establishing a consumer data right in New Zealand Discussion Document. Predatory practices and unfair practices from businesses can create unnecessary and avoidable issues that cause hardship for people, whānau and communities. The implementation of a Consumer...
FinCap welcomes the open letter sent by the Commerce Commission to New Zealand’s three mobile phone operators mobile telecommunications companies, telling them that they need to guard against overspending by mobile phone customers. The open letter from the Commerce Commission is a proactive step to ensuring...
FinCap welcome’s the Government's announcement that they are bringing forward the introduction of the 100% repayment limit and ban on compounding interest for high cost loans, and the $30 cap on default fees for all loans, through the COVID-19 Response (Taxation and other Regulatory Urgent Measures)...
COVID-19 is causing immense disruption to our society and our economy. Hundreds of thousands of New Zealanders and their families now face having to survive on a reduced income. These people are worried about whether they can pay their rent or their mortgage, while keeping their...
New Zealanders worried about money due to the effects of COVID-19 are urged to seek guidance through official government services Sorted and MoneyTalks. The Sorted website is run by CFFC, headed by Retirement Commissioner Jane Wrightson, and MoneyTalksis run by the FinCap, the umbrella body for financial capability and...
Parliament’s Finance and Expenditure Committee has made key amendments to the Credit Contracts Legislation Amendment Bill, giving borrowers more protection from harmful high cost consumer credit contracts. The changes indicate that the Select Committee listened to the voices of Financial Mentors representing consumers that have...
FinCap welcomes the Government’s response to the Final Report of the Electricity Price Review process as a "good first step". FinCap supports 200 local financial capability and budgeting services across New Zealand. Collectively these services see 70,000 people a year. We commend the work of the Expert Advisory...
FinCap welcomes the recommendations of the Welfare Expert Advisory Group in their report "Whakamana Tangata - restoring to social security in New Zealand". Tim Barnett Chief Executive of FinCap said today: "The recommendations in Whakamana Tangata are an eloquent statement of what people in financial hardship need...
Hi all - we were planning to release on the Government’s new loan shark legislation - the Credit Contracts Legislation Amendment Bill which is having its first reading today and we thought we’d invite other organisations to join us. The response has been overwhelming with eight...
Submission from FinCap to the Electricity Price Review ...
A survey of New Zealand’s free local financial capability and budgeting services exposes the human damage being caused by loan companies and debt collectors and reveals the extent of law reform needed. The February 2019 “Survey of financial mentoring and budgeting services in Aotearoa on high...
FinCap, working with New Zealand’s 200 free budgeting services, warmly supports the recommendation that banks need to urgently improve oversight, controls and processes; and the need for banks to champion business models that focus on consumer interests. Financial mentors and budget advisers frequently report on...
FinCap welcomes the Government’s announcement of stricter controls over loan companies and debt collectors. The charity works with New Zealand’s 200 free budget services and the 60,000 people who use their services each year, and has helped over half those services to provide detailed, compelling...
Today a refreshed and revitalised national voice of New Zealand’s 200 financial capability and budgeting services, called FinCap, is launched. Every year, 60,000 Kiwis facing financial hardship visit financial capability and budgeting services for free help. This is provided by 1,200 financial mentors working in...