The Safer Credit and Financial Inclusion strategy
Too many low-income New Zealanders have little choice but to take out high-interest loans, often to meet their everyday needs. For many people and their family or whānau, this creates problem debt and hardship.
The Safer Credit and Financial Inclusion Strategy (SCAFI) is a partnership between the Ministry of Social Development, the Ministry of Business, Innovation and Employment and Te Puni Kōkiri, with the financial services industry and community partners.
The vision is that New Zealanders thrive, and can achieve their goals and aspirations, free from problem debt.
Our goals are:
- People and whānau to have clear pathways to accessing financial and non-financial products, services, and support that are affordable and appropriate to their needs.
- Government, the financial services industry and the community sector partner to deliver inclusive and innovative products, services and support that meet the different needs of communities.
- A more responsive and accountable financial services system that learns from its customers and adjusts and adapts its services to meet the best interests of customers especially those experiencing hardship or vulnerable circumstances.
2021 update: SCAFI and the National Strategy for Financial Capability
Work on the strategy is now aligned with Te Ara Ahunga Ora Retirement Commission's 2021 National Strategy for Financial Capability He Rautaki-ā-motu mō te Āheitanga Ahumoni.
SCAFI’s three goals directly support the National Strategy’s goal of demystifying money, because financially capable behaviours are influenced by the design and accessibility of financial products, services and support.
Bringing SCAFI under the National Strategy will carry forward our focus on the needs and aspirations of customers with low incomes or in vulnerable circumstances.
The National Strategy for Financial Capability
Go to Te Ara Ahunga Ora Retirement Commission's website resources on He Rautaki-ā-motu mō te Āheitanga Ahumoni The National Strategy for Financial Capability
