Demand for financial mentoring skyrockets as cost of living rises

Demand for financial mentoring skyrockets as cost of living rises

Ordinary Kiwis are doing it tough and are seeking financial mentoring services due to the rise in the cost of living


Ordinary Kiwis are doing it tough and are more in need than ever of financial mentoring services to overcome the burden of financial stress that they are under.


The financial mentor team at NSBS has seen a significant rise in the number of people seeking help with financial budgeting and debt resolution due to the rise in the cost of living, inflation, and interest rates.


This crisis has seen ordinary working Kiwis really struggling and stressing about their day-to-day money management; including how they will pay the increase in mortgage payments, how they will stretch their income to buy food and fuel, and how they can keep their head above water without going further into debt.


This has become an even bigger priority since the January floods that impacted much of Auckland, and the states of emergency around the country following Cyclone Gabrielle.


“New Zealanders are really struggling this year, with many barely managing to cope with their daily finances or to put food on the table. We have been inundated with requests for financial mentorship this year, on an unprecedented scale, and the urgency is very real,” said NSBS CEO Drew Glucina.


“The financial stress Kiwis are under is immense, and with that often comes a deep sense of shame and embarrassment to ask for help for many people who have never needed to do so in the past, simply because they are facing a series of situations beyond their control.


“At the same time, many are simply so desperate and in need of help right now, they ring to ask for a $50 or $100 handout to help them meet the rent that week, or put petrol in the car, or buy basic groceries for the family,” she explained.


From pensioners to homeowners, farmers to beneficiaries, young professionals, and small business owners, NSBS has seen a significant jump in Kiwis from all walks of life needing financial mentorship.


National Party finance spokesperson and deputy leader, Nicola Willis, is not surprised by the surge in the need for help.


“The cost of living is higher than it’s ever been. The price of everything just keeps climbing – food, rent, mortgage payments; it seems the only way is up, and things are going up faster than many can remember happening before,” she said.


“The typical hourly wage might have a bigger number on it, but the pay-check doesn’t go as far as it once did, with each fortnight’s pay seeming to get stretched thinner than the last.”


The New Zealand cost of living crisis has impacted all Kiwis with food prices soaring, petrol costs skyrocketing, and energy bills rising as we head into winter, and inflation making everyday life more expensive.


The team at NSBS is here to tackle the reality of the cost of living crisis on ordinary Kiwis by helping to take the stress out of their present financial situations so they can make sustainable plans for a positive financial future.


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