Funding partnership supports financial mentors and their clients

A report released today shows financial mentors and their clients are benefiting from a partnership between FinCap and the New Zealand Banking Association – Te Rangapū Pēke. The partnership, which is funded by NZBA’s member banks, provides $5 million over five years to fund initiatives that support financial mentoring for people in need.

FinCap chief executive Ruth Smithers says: “It’s great to see some real benefits coming out of the partnership. Financial mentors work with people in communities right across New Zealand, ranging from whānau and rangatahi to older people.

“We’re seeing some very valuable outcomes across the five project areas, such as building a better picture of what clients are experiencing through data analysis and insights, which in turn helps us develop our services.

“Being able to provide better information resources and training for financial mentors also positions them to better support their clients. We couldn’t deliver all this without the funding provided through the partnership.”

NZBA chief executive Roger Beaumont says: “Although our funding partnership with FinCap has been going for over two years now, it seems especially relevant now as New Zealanders face increased cost of living issues and other financial challenges.

“We’re particularly pleased with the banking collaborations, which are designed by local financial mentoring services to meet the needs of people in their communities. These initiatives help people in remote locations access online banking services and provide broader education sessions.

“The partnership puts $1 million a year into helping financial mentors help the people who need it most. We’re delighted to provide this support through the partnership.”

The partnership funds five key projects. The 2022 FinCap NZBA Partnership Report summarises what has been delivered in these areas:

  • Banking Sector Collaborations: Financial mentors and banks working together to help people in small communities to help people access banking services.
  • Iwi and Pasifika Development: Linking financial mentoring services with Iwi and Pasifika people to help develop financial capability for people in financial hardship.
  • A Day in the Life: Decision makers from various sectors spend time with a financial mentor as they work with clients to gain insights into the issues and services offered.
  • Workforce Development: Establishing better resources and training for financial mentors to help them assist clients to access banking and other services.
  • Data and Insights: Collecting anonymised client information to develop insights into debt management and spending behaviour before and after budgeting intervention.

The FinCap NZBA Partnership Report is available here: https://www.fincap.org.nz/2022-fincap-nzba-partnership-report/.

ENDS