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Budget 2022 funding changes for BFC services

Ensuring vulnerable Kiwis are able to access Building Financial Capability (BFC) services .

Government is investing a further $14.0 million through to 30 June 2024 to support BFC services.

ensure Kiwis accessing these important services get the best possible outcomes.

For more information

If you have any questions regarding these changes, please contact us by email at Financial_Capability@msd.govt.nz

FAQs about the funding and reporting changes

How long is the increased funding available for?

A The funding is for two years (until June 2024) and is allocated across the two years as follows:

Costs (operating) $m

2022/23

2023/24

Total

14.0

7.0

21.0

Q What BFC services are affected?

A Four BFC services will receive the Budget 2022 funding:

  • Financial Mentoring – one-to-one support empowering people to achieve their goals.
  • MoneyMates – peer-led support for people to learn and share together as a group.
  • Building Financial Capability Plus (Kahukura) – intensive support for people with complex needs.
  • Microfinance lending and Debt Solution services (to 30 June 2023 only).

Q When will the funding changes take effect?

A Funding increases will show in providers' contracts before the quarterly payment due 20 October 2022, backdated to 1 July 2022. They end 30 June 2024 as part of the procurement of BFC services for 2025 and beyond.

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