Premier Dominic Perrottet’s plea to families

A state’s leader has issued a heartfelt plea to families struggling with cost of living pressures, urging them to take one vital action.

NSW Premier Dominic Perrottet has urged households doing it tough to reach out to financial counselling services, amid soaring inflation, interest rates and cost-of-living pressures.

The heartfelt plea came as the Premier promised a $10m funding boost for not-for-profit organisations which help people manage their budgets and finances. Administered via grants through the Financial Counselling Services Program, he estimates the cash hit could double the amount of people able to access their services.

“To the many people who have never reached out for financial assistance or support before, please do so and please come forward,” he said.

“People are paying around $1500 a month more than they were just a year ago. That’s a significant increase.

“If you haven’t reached out before but you need support, please do so. There are people right across our state who are there to help you.”

Premier Dominic Perrottet urged struggling families to reach out for help. Picture: NCA NewsWire / Tim Hunter

Anglicare financial counsellor Beth Schwalbe said the extra funding will help her organisation reduce the number of people waitlisted.

“When the economy is looking like it’s going to take a big downturn, that’s when people are going to struggle,” she said.

Financial Counselling Australia (FCA) CEO Fiona Guthrie welcomed the news and said people were still dealing with the combined fallout from floods, bushfires, interest rate rises and general cost-of-living pressures.

“When people are able to address the financial issues that are at the heart of so many other problems, there are positive flow-on effects for them, including in mental and physical health and improved relationships,” she said.

“People are saved from homelessness, can keep the lights on and can put food on the table. All of these save costs in other parts of government.”

She also called on the Opposition to match Mr Perrottet’s pledge. NCA NewsWire understands Labor will look at the committment closely if elected to government.

Cost of living was also front of mind for Chris Minns on Thursday, with Labor pledging $8m to Foodbank NSW and ACT’s School Breakfast 4 Health program.

This will give the service an extra $2m a year over four years, doubling the number of schools able to access the program to 1000.

NSW Labor Leader Chris Minns promised an $8m boost to school food bank services. Picture: NCA NewsWire/ Gaye Gerard.

On Tuesday, the Premier announced plans to expand the NSW Treasurer’s Financial Literacy Challenge to Year 11 and 12 students if the Coalition is re-elected on March 25.

The announcement came just days after Mr Perrottet revealed the Coalition’s flagship election promise to give all NSW children under 10 a “Kids Future Fund” which could accrue savings of up to $49,000 over 19 years through compound interest and government and family contributions.

Mr Perrottet said students will be taught money management skills on “taxes and super, emerging technology and financial cyber security”.

“Students in Years 11 and 12 often have casual or part-time jobs and are considering their next steps after school, whether that be university, vocational education and training or work,” Mr Perrottet said.