Successful financial mentoring providers confirmed
08 July 2024.
The Ministry of Social Development has published successful providers across the country to work with people to improve their financial wellbeing and take control of their finances.
The contracts, worth a total of $19.5m, are part of Building Financial Capability (BFC) core services.
The ending of time limited Covid-19 funding has meant a 12.5% reduction in funding available for these contracts from 1 July onwards. However, $19.5m in funding remains a significant amount.
“We understand how valuable these services are for those who use them, and we are grateful to the organisations who provide them,” says Karin Dalgleish, Acting General Manager Strong Safe Families and Communities.
“We have taken care to ensure that clients across regions will continue to have access to these services, even if the actual providers have changed in some places.
“Building Financial Capability services are often referred to as budget advisory services, but they do so much more. They help people feel more confident with their finances and help them plan better for their financial future.
“This year we have consolidated funding around fewer providers, and lifted the minimum we pay on every contract to $54,000.
“This is the first re-contracting of our BFC services since 2016. For the first time providers are funded for staff positions, rather than sessions, to give them more certainty and security to hire staff.
“We acknowledge there will be disappointment for those who were not offered a contract. Many existing providers have gained new contracts, meaning their services are continuing and are already in place.”
“We have also adjusted the distribution of services to align more with geographical and demographic need,” says Ms Dalgleish.
BFC takes a strengths-based approach to empower people to get control of their money, set goals and achieve long-term, sustainable change.
A handy map showing the names and locations all MSD-funded BFC providers is available here.
The national helpline, Money Talks, will continue to be available to direct clients’ enquiries to financial capability services. This will help support triaging clients and ensure referrals are made to local services.
Karin Dalgleish, Acting General Manager Strong Safe Families and Communities
