Left Menu
Development News Edition

MSD provides $35m boost to financial capability service providers

“Social services are key to helping us support New Zealanders and improve wellbeing in our communities,” Carmel Sepuloni said.

Devdiscourse News Desk | Wellington | Updated: 21-05-2020 13:39 IST | Created: 21-05-2020 13:39 IST
MSD provides $35m boost to financial capability service providers
“In addition to existing pressures on services, a significant increase in demand for budgeting services is expected in the economic downturn from COVID-19 with some households living on a reduced income,” Carmel Sepuloni said. Image Credit: Wikimedia

A $35m boost to financial capability service providers funded by MSD will help New Zealanders manage their money better both day to day and through periods of financial difficulty, announced Social Development Minister Carmel Sepuloni.

"It's always been our position to increase support to key groups experiencing or at risk of experiencing hardship by strengthening Building Financial Capability (BFC) services.

"We announced on Budget Day money was being invested in building financial capability service providers in support of the demand for their services. We can now announce that $9.7m will go towards a general funding top-up of around 20% to the rate so BFC providers can continue to support the 35,000 clients they see each year."

"In addition to existing pressures on services, a significant increase in demand for budgeting services is expected in the economic downturn from COVID-19 with some households living on a reduced income," Carmel Sepuloni said.

"Therefore an extra $25m worth of funding will be rolled out to 131 existing services. The extra funding will go towards:

Financial Mentoring – one-to-one support empowering people to achieve their goals, including reducing debt and connecting to support they may need.

MoneyMates – peer-led support for people to learn and share together as a group.

Building Financial Capability Plus (Kahukura) service-intensive support for people who are hard to reach or with complex needs.

Micro-finance services – affordable credit to people at risk of unsustainable debt and hardship."

"Social services are key to helping us support New Zealanders and improve wellbeing in our communities," Carmel Sepuloni said.

"Budgeting services play a vital role in providing help and advice to people struggling financially and/or facing problem debt, particularly with the practical challenges they face.

"Rebuilding New Zealand means building financial resilience now and in the long-term so New Zealanders are well equipped and supported to look after their finances, and take care of themselves and their families."

(With Inputs from New Zealand Government Press Release)


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Kozhikode Airport Authority books 3 people for smuggling gold worth Rs 1.5 crore

Air intelligence unit of Kozhikode airport registered three cases against three different flyers, who attempted to smuggle gold worth around Rs 1.50 crore from the Gulf region. According to an Airport Authority official, the total quantity ...

Botswana gets first test results on elephant deaths

Botswana said on Friday it had received test results from samples sent to Zimbabwe to determine the cause of death of hundreds of elephants but is waiting for more results from South Africa next week before sharing findings with the public....

Justice only thing killed in UP CM's 'encounter raj': TMC

Senior TMC leader and MP Mahua Moitra came down heavily on the Uttar Pradesh government on Friday over the killing of gangster Vikas Dubey, asserting that justice is the only thing killed in Chief Minister Yogi Adityanaths encounter raj. Du...

Soccer-Champions League quarter-final and semi-final draw

Following is the draw for the Champions League quarter-finals and semi-finals, which was held at UEFAs headquarters in Nyon, Switzerland on Friday. Four quarter-finalists were confirmed before the COVID-19 pandemic suspended the season, whi...

Give Feedback