Financial Inclusion
Indigenous people are the most marginalised in Australia and with a lack of accessible and culturally appropriate financial services and products through mainstream financial service providers, they are also some of the most financially excluded.
Evidence has shown that there are many barriers preventing the financial participation of Indigenous Australians [1]. These include: fear of rejection, low confidence, racism (real or perceived), low levels of confidence or product experience, managing family demands, low income levels and poor job security. To address the issue of financial inclusion therefore requires financial education to go beyond the dissemination of information, but to understand the impact that these factors have on the life aspirations of Indigenous people and unlock how Indigenous Australians can engage with mainstream society from a position of confidence, both socially and economically, while maintaining and strengthening their Indigenous identity.
Knowledge about money, the financial system and its products can be the key to working or running a business and then leveraging regular income to create assets. To ‘close the gap’ in critical areas of economic participation is also a key to improved health, employment and education outcomes, enabling Indigenous Australians to live full and productive lives – living, learning and earning.
To achieve financial inclusion for Indigenous people in Australia, change is required on two fronts: engaging the financial services industry and strengthening Indigenous Australians to work together to achieve financial inclusion.
[1] My Moola Focus Groups held in Shepparton June – August 2006
Evidence has shown that there are many barriers preventing the financial participation of Indigenous Australians [1]. These include: fear of rejection, low confidence, racism (real or perceived), low levels of confidence or product experience, managing family demands, low income levels and poor job security. To address the issue of financial inclusion therefore requires financial education to go beyond the dissemination of information, but to understand the impact that these factors have on the life aspirations of Indigenous people and unlock how Indigenous Australians can engage with mainstream society from a position of confidence, both socially and economically, while maintaining and strengthening their Indigenous identity.
Knowledge about money, the financial system and its products can be the key to working or running a business and then leveraging regular income to create assets. To ‘close the gap’ in critical areas of economic participation is also a key to improved health, employment and education outcomes, enabling Indigenous Australians to live full and productive lives – living, learning and earning.
To achieve financial inclusion for Indigenous people in Australia, change is required on two fronts: engaging the financial services industry and strengthening Indigenous Australians to work together to achieve financial inclusion.
[1] My Moola Focus Groups held in Shepparton June – August 2006
Indigenous Financial Services Network (IFSN)
On the 26th February, 2008 the Hon. Jenny Macklin MP, Minister for Families, Housing, Community Services & Indigenous Affairs launched a report exploring the money management and banking issues for Indigenous individuals and families living in urban, rural and remote locations. The launch of the National Indigenous Money Management Agenda (NIMMA) coincided with the inaugural meeting of the Indigenous Financial Services Network (IFSN) project.
This network comprises representatives from Indigenous organisations, government agencies, major financial institutions and their peak governing bodies and meets quarterly to track progress made on deliverables committed to under the NIMMA project, debate current issues and topical trends which are impacting the financial inclusion of Indigenous Australians and work collaboratively to achieve defined goals.
The IFSN is co-ordinated by Reconcilliation Australia and co-chaired with the First Nations Foundation.
Click here and visit Reconciliation Australia's website for more information.
This network comprises representatives from Indigenous organisations, government agencies, major financial institutions and their peak governing bodies and meets quarterly to track progress made on deliverables committed to under the NIMMA project, debate current issues and topical trends which are impacting the financial inclusion of Indigenous Australians and work collaboratively to achieve defined goals.
The IFSN is co-ordinated by Reconcilliation Australia and co-chaired with the First Nations Foundation.
Click here and visit Reconciliation Australia's website for more information.
