Banks are to contribute $5 million over five years to help fund the country's largest network of family budgeters. MARK TAYLOR/Stuff Ruth Smithers, chief executive of Fincap, says the agreement will directly support financial mentoring services. Social Development Minister Carmel Sepuloni said increased money for financial mentors could help reduce overall indebtedness of households. Beaumont said the money provided by banks would provide support and skills to financial mentors working with families. FinCap chairwoman Susan Kosmala said among the projects in the first year of funding would be one focused on greater co-operation between banks and financial mentors working with people under financial stress.

Source: Stuff March 09, 2021 15:56 UTC