FinCap welcomes the opportunity to submit in response to the MyMahi petition to make it easier for young people to open a bank account. We make this submission to highlight the harm caused by barriers to opening a bank account. We also submit to share data about young people, and some of the challenges there, from FinCap’s recently released inaugural ‘Voices’ report.
All in Aotearoa should have reasonable access to financial products and services that meet their needs, in line with the Reserve Bank of New Zealand’s working definition of financial inclusion. FinCap recommends that access to a bank account be made available to all in Aotearoa. We know of several cohorts that are currently excluded, and the underlying solution is that all banks in Aotearoa commit to ensuring that every person in Aotearoa can access a bank account.