Our story - so far
In 1999 the first Indigenous credit union began establishing in Victoria to increase access to the financial system. First Nations Credit Union with its Cathy Freeman branded cards was an instant hit and Aboriginal and Torres Strait Islander people opened accounts in droves. It grew to a national presence and became a part of Credit Union Australia. This was about 15 years before "financial inclusion" became a buzzword.
In 2006, consistent with the idea of a mutual fund, First Nations Foundation was created. This was a reinvestment into members by offering financial literacy training. Within a couple of years My Moola was developed and being delivered around Australia. This money management training course originally ran over 8 days but as it became more in demand with employers of Indigenous people, was reduced to a 1-2 day training course. It was enormously popular with participants because it was culturally safe, delivered by skilled Indigenous trainers to an Indigenous audience and it quickly started to change the money habits of people exposed to it.
Many Australians have not realised that our first peoples were prevented from learning money skills. They did not receive their wages and the government managed it on their behalf right up until the current generation. This non-judgmental, fun training course dealt with a serious and sensitive topic with Indigenous people, money. Rather than feeling embarrassed about not understanding how money works, the course taught people to feel proud and embrace the learning opportunity. It worked very well, and qualitative data from evaluations showed it was having more impact: learners were sharing with friends and family. Workers were creating money goals, budgeting and being more motivated at work. Retention improved in the mining sector where a lot of My Moola training was delivered.
In 2014 we added the Big Super Day Out, an Indigenous outreach event bringing together the superannuation sector and the Indigenous community of Redfern NSW. We were stunned to find one Indigenous community member had retired on an old age pension because he didn't know he had $750,000 in superannuation. Without our event he would not have gone to $60,000 a year on an annuity and vastly improved his life in retirement. We won a Financial Literacy Australia award for this fantastic event and we are rolling it out nationally. In 2017 we take it to Brisbane and Melbourne.
In 2016, as the Foundation celebrates 10 years of changing peoples' lives, the focus of First Nations Foundation is grew to financial CAPABILITY and financial RESILIENCE for First Australians. The wealth profile of Indigenous Australia is growing, with 63% employed and 40% of Australian land mass back in Indigenous control. It's time to look to the larger financial capability of Indigenous Australia, and head towards financial resilience and wellbeing. First Nations Foundation is building a future where Indigenous Australians are healthy, wealthy and wise about money.
In 2017 we are fundraising to take our message digital. We want to achieve SCALE and IMPACT by reaching as many Indigenous people through digital devices (smart phones have high take-up rates in Indigenous communities) and build new products and services.
Our vision is economic freedom for First Nations people.
In 1999 the first Indigenous credit union began establishing in Victoria to increase access to the financial system. First Nations Credit Union with its Cathy Freeman branded cards was an instant hit and Aboriginal and Torres Strait Islander people opened accounts in droves. It grew to a national presence and became a part of Credit Union Australia. This was about 15 years before "financial inclusion" became a buzzword.
In 2006, consistent with the idea of a mutual fund, First Nations Foundation was created. This was a reinvestment into members by offering financial literacy training. Within a couple of years My Moola was developed and being delivered around Australia. This money management training course originally ran over 8 days but as it became more in demand with employers of Indigenous people, was reduced to a 1-2 day training course. It was enormously popular with participants because it was culturally safe, delivered by skilled Indigenous trainers to an Indigenous audience and it quickly started to change the money habits of people exposed to it.
Many Australians have not realised that our first peoples were prevented from learning money skills. They did not receive their wages and the government managed it on their behalf right up until the current generation. This non-judgmental, fun training course dealt with a serious and sensitive topic with Indigenous people, money. Rather than feeling embarrassed about not understanding how money works, the course taught people to feel proud and embrace the learning opportunity. It worked very well, and qualitative data from evaluations showed it was having more impact: learners were sharing with friends and family. Workers were creating money goals, budgeting and being more motivated at work. Retention improved in the mining sector where a lot of My Moola training was delivered.
In 2014 we added the Big Super Day Out, an Indigenous outreach event bringing together the superannuation sector and the Indigenous community of Redfern NSW. We were stunned to find one Indigenous community member had retired on an old age pension because he didn't know he had $750,000 in superannuation. Without our event he would not have gone to $60,000 a year on an annuity and vastly improved his life in retirement. We won a Financial Literacy Australia award for this fantastic event and we are rolling it out nationally. In 2017 we take it to Brisbane and Melbourne.
In 2016, as the Foundation celebrates 10 years of changing peoples' lives, the focus of First Nations Foundation is grew to financial CAPABILITY and financial RESILIENCE for First Australians. The wealth profile of Indigenous Australia is growing, with 63% employed and 40% of Australian land mass back in Indigenous control. It's time to look to the larger financial capability of Indigenous Australia, and head towards financial resilience and wellbeing. First Nations Foundation is building a future where Indigenous Australians are healthy, wealthy and wise about money.
In 2017 we are fundraising to take our message digital. We want to achieve SCALE and IMPACT by reaching as many Indigenous people through digital devices (smart phones have high take-up rates in Indigenous communities) and build new products and services.
Our vision is economic freedom for First Nations people.
Please select the file to download a copy of our Strategic Plan
| annual_report_2015.pdf |
