ASB: Up to 30,000 customers entitled to benefits but not getting them

Saturday, 31 July 2021

ASB’s chief executive says more are struggling than many people realise.

ASB says about 30,000 of its customers could be missing out on Government benefits they are entitled to.

The bank has launched a new digital tool, Support Finder, which is designed to help people work out what support they should be accessing.

Chief executive Vittoria Shortt said the bank had been looking at why segments of its 1.6 million customer base were experiencing financial difficulty and what could be done to help.

Many people who were struggling were not aware they were entitled to support, she said, or did not know where to get help.

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“A lot more people are finding it tough out there than you might think… we’re really encouraging them to reach out to get help and support.

In total, 12 per cent of the working age population received some form of government support last year.

“We know that many of our customers are living pay-day to pay-day and may be under significant financial stress, and we’re determined to do all we can to help,” Shortt said.

“We have many ways in which we can help our customers improve their financial wellbeing, however we also want our customers to feel educated and empowered to explore potential financial assistance available, and that includes government support they may not be aware of. Every little bit counts, and we know the difference it can make for customers when they are able to comfortably pay for everyday expenses and to save for a rainy day.”

The bank’s research showed 39 per cent of customers were living from one pay day to the next, and another 18 per cent of customers were spending more than 80 per cent of their income every month.

Support Finder is available to all customers in the ASB Mobile app.

“While customers experiencing personal or financial setbacks right now may benefit the most, it is still valuable for any Kiwi to know what financial support may be available to them.”

Support Finder currently includes 12 government financial assistance options from the Ministry of Social Development and Inland Revenue, with plans to add more in the coming months. ASB will also be training its staff to help identify customers that may be eligible for these benefits.