In Aotearoa the use of money is essential for the health, wellbeing and social participation of whānau. Effective oversight and action to ensure all can use money confidently is a cornerstone of building financial capability and overcoming hardship in our communities. FinCap welcomes the opportunity to comment on the Reserve Bank of New Zealand’s (RBNZ) Te Moni Anamata – Kaitiakitanga issues paper (Issues Paper).
We consider the Issues Paper promising and strongly recommend that it lead to work that ensures all in Aotearoa have a right to access essential banking services. A functional cash system must be maintained as a safety net to stop absolute exclusion from full social participation but there should also be work to realise a right to essential services and lower chances that whānau are vulnerable to having no choice but using cash in the first place.