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Local financial capability and budget services receive record funding increase to help people impacted by Covid-19

Contributor:
Fuseworks Media
Fuseworks Media

New money in the COVID-19 response fund will help free local financial capability and budgeting services to support Kiwis impacted by COVID-19.

Getting free advice and support early will help Kiwis avoid long term financial hardship.

Today, the Minister of Social Development, Carmel Sepuloni announced:

$25.2 million of new funds for the next two years to the financial capability and budgeting sector.

This represents a doubling of funding to local budget services. The funding is to part of the COVID-19 response package.

Financial Mentors working in local financial capability and budgeting services around New Zealand are experienced and trained to work with people experiencing financial hardship.

These well-honed skills are ready to be used to help New Zealanders experiencing financial hardship because of COVID-19.

Financial Mentors help people to understand their finances, come up with financial goals and plans, and help people negotiate with creditors such as banks and finance companies. Financial Mentors are experts at helping people with managing and reducing debt.

Tim Barnett, Chief Executive of FinCap, the umbrella body for financial capability and budgeting services in New Zealand says,

"Go and see a Financial Mentor as soon as you feel like you need help with your finances, even if you have had relief from your mortgage or loan. Financial Mentors are there to help all New Zealanders experiencing financial hardship. They are friendly, approachable and skilled, and work with you in the way that is best for you and your whanau

"They can help you understand your finances, come up with goals and negotiate with your creditors including banks and finance companies. Best of all, they are free and funded by MSD"

A recent caller to the MoneyTalks helpline said,

"I want to express my sincere gratitude for all you did for me. Due to my financial distress, I decided to Google for free financial advice and came across the Moneytalks website. I called, you answered and listened to my story. You immediately set up resources that have all contributed to my positive emotional wellbeing. Through your team, I gathered confidence to tell my story and ample strength to face the days as they come."

To find a free financial capability and budgeting service in your community visit the MoneyTalks website on www.moneytalks.co.nz or call the helpline on 0800 345 123 and they will put you in touch with a service in your local area.

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