Money Sweetspot

We've noticed an increase in applications for Christmas money (AKA Christmas debt). Check out Sasha Lockley article and tips below for a Happy New Year, without the debt hangover.

💡 We don't just talk about financial education, we reward it. Addressing the ‘Gendered Financial Crisis’: A New Collaboration This month, social enterprise lender Money Sweetspot and financial wellbeing initiative Hi Money have joined forces to provide a programme to help women on a debt-reset journey. The Hi Money programme consists of 12 therapist-designed modules including, four live Zoom sessions and access to a supportive community of women who are on the same journey. The aim, to help participants change the way they think about money and strengthen financial resilience. Throughout November, Money Sweetspot will cover the programme costs for their female customers and allows participants to earn Sweetspot points which convert into extra money off their loan or into their savings account. "Traditional financial systems have not been structured to meet women’s needs," says CEO and Co-founder of Money Sweetspot, Sasha Lockley. "In our experience, women are some of our most motivated customers, but often need specific support to fully realize their financial potential." "We’re living in a gendered financial crisis. Financial wellbeing isn’t just about maths; it’s about beliefs, ideas, and emotions," says Co-founder of Hi Money, Angela Meyer. "So, we start here-with your feelings, attitudes, and stories about money. Hi Money provides a safe, supportive space where women can examine and transform their relationship with money, surrounded by a fun and confidential community." Full release here: https://lnkd.in/gdFu657v Hi Money: https://www.himoney.nz/

We didn’t win. But this is the truth of what we believe. Below are the actual words of our collective team speech:   We’re reminded of the journey Money Sweetspot has been on—one that began with a simple yet powerful vision: to do business differently, to do business better. At Money Sweetspot, we’re not your typical lender. In fact, one of the things that sets us apart is our commitment to rewarding engagement on financial education, and celebrating when our customers complete their reset journey with us, because when they do, it means they’re debt-free, financially educated, and ready to move on to a brighter future. We’re committed to helping everyday New Zealanders create a healthier relationship with debt, and to fall back in love with money. Businesses can do well by doing good. It shows us that what we’re doing here in New Zealand could inspire others around the world. We’re grateful for the support of our investors and funders who believed in this vision from the beginning and saw the potential for a finance company to do things differently. To our 630 customers, who are some of the hardest-working, most resilient people I know—you inspire us every day. We’re not a charity; we’re a business. But we’re proof that you can build a sustainable, impactful company that lifts people up rather than keeps them down. We’re here for the “missing middle,” those New Zealanders who fall through the cracks of traditional finance. There’s real momentum for creating a fairer, more compassionate financial system. We’re honoured to be a part of this movement, and we can’t wait to see where it leads. And to my team and especially my co-founder, Rig, thank you for sharing this vision and for your commitment to seeing it through, even when the road got tough.

Auckland Business Chamber and 2degrees awards are on! Stoked to be finalists for the Best Emerging Business. We love being able to share how what we do is just better business. Good for people, community, planet and our investors. A better business is a sustainable and impactful business. #betterbusiness

Doing business better looks like this 👇 Money Sweetspot, the only lender that rewards engagement in financial education and focusses on losing their customers. It is the right thing to do and it makes good commercial sense. Why? If we support our customers to learn more about money, finance, savings, budgets…. Then they’re more likely to repay their loan and stay on track. If they stay on track then our costs our lower as we don’t have the heavy operational costs of collections. If they pay off their loan we re-lend it to someone else. It’s not rocket science. But it is impactful. And it is better business. Nearly two years in we’ve got the data to prove it. Why hasn’t it always been done this way? I have a few ideas…… #betterbusinessnz #sustainablefinance

Real Talk from Sasha Lockley 👇 At Money Sweetspot our customers earn an average of $70,000 a year, and 92% of these customers are employed. Despite earning higher than the national median income of $61,000 per year, many of the people we talk to are constantly juggling their finances and are still struggling to stay afloat. Of the 368 people who applied for financial resets in September, we were only able to help nine. The remaining 359 applicants remained burdened with nearly $4 million of debt (most of which at interest rates of more than 30%). And while we did our best to connect them with financial education resources and local financial mentors, the reality is that we, and other community and social providers simply don’t have the capacity or resources to help everyone.

Happy Monday feedback 💚

Meurig Chapman, co-founder and CRO, explained today that we are glad the Reserve Bank hadn't been "too conservative". "People have been doing it tough with the higher costs of living and mortgage rates. It's great to see that the Reserve Bank wasn't too conservative today, and has made a change that ultimately means New Zealanders can enjoy some more money in our pockets again." He suggested Kiwis should continue to keep purse strings tight. "Coming into summertime, there's no better time really to have some extra cash. However, it's crucial that we don't get carried away or make any silly decisions that come back to bite us post-Christmas," Chapman said. "With any surplus money, it's still important to put some away for a rainy day, so that we're living within our means, and also avoiding being caught out by the unpredictability of life." https://lnkd.in/gq2VXnw8

Our growth has been built on the back of conversations just like the one below. Frances Cook has talked before about loud budgeting, and we love it. Lets have more loud debt conversations. Celebrate the extraordinary efforts of every day people taking charge of their financial lives EVEN in the face of challenge.

Kia Kaha Te Reo Māori – making the language stronger Māori is one of toru (three) official languages of Aotearoa / New Zealand? We're always trying to incorporate more te reo Māori into our everyday lives, but this week (Te Wiki o te Reo Māori) is a great opportunity to help kōrero (talk) and practice (whakaharatau) while learning something new. What te reo will you be practising this week? https://lnkd.in/dXaDRFeJ