The Conflict Between Financial Decision Making and Indigenous Australian Culture

Suzanne Wagland; Sharon Taylor

doi:10.2478/fprj-2015-0003

Figures & Tables

A framework for understanding barriers to indigenous financial capability Source: http://www.fnf.org.au/financial-inclusion.html

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Organisation	Description	Culture addressed in Program
Program Australian Securities and Investments Commission (ASIC) ASIC manages the Money Smart website, and has a section targeted specifically at Aboriginal and Torres Strait Islander Australians.	Specifically designed for Indigenous Australians, Moola Talk based on comic style in presenting information Budget Planners – Money Smart Superannuation Issues – MOB. Also information on NILS Loans to community Indigenous Outreach Program.	Indigenous culture not addressed^*
Centacare Wilcannia-Forbes Provides Manage Your Income program, which offers training in financial literacy specifically for Aboriginal communities.	Manage Your incomeManage Your LifeInformation Only	Indigenous culture not addressed^*
Education Partnerships (Schools) Pty Ltd Start Smart Enterprise, a financial literacy program for Australian schools and an initiative of the Commonwealth Bank Foundation. (www.educationpartnerships.com.au)	Indigenous financial Literacy Think Tank (2011).First Nation Foundation developed Start Smart – Information Only.	Indigenous culture not addressed^*
Financial Counsellors’ Association of NSW (FCAN) FCAN delivers a fully accredited culture-specific course for Aboriginal financial counsellors, through funding from FaHCSIA, Fair Trading NSW.	No existing courses for General Community. Only courses for trainee Financial Counsellors.	N/A
Indigenous Consumer Assistance Network (ICAN) ICAN provides consumer education, advocacy and financial counselling services to Aboriginal and Torres Strait Islander consumers across the nation. (www.ICAN.org.au)	Mentoring Program for Financial Counselling, Money Management services strategy.Grants for Projects.	Indigenous culture not addressed^*
Torres Strait Regional Authority Community Training Program and a Community Development Employment Program. (www.tsra.gov.au)	Non-specific financial literacy courses.	Indigenous culture not addressed^*
Money Business ANZ and FaHCSIA to build the money management skills and confidence of Indigenous people. (www.anz.com and www.fahcsia.gov.au)
Indigenous Consumer Assistance Network (ICAN) ICAN provides consumer education, advocacy and financial counselling services to Aboriginal and Torres Strait Islander consumers across the nation. (www.ICAN.org.au)	Funded by Financial Literacy Australia 2015. Twenty four Workshops 10-20 students over 4 years.	Indigenous culture not addressed^*
Cape York Partnerships MPower is strongly focused on coaching and education, for the needs and aspirations of Aboriginal and Torres Strait Islander clients.	MPower extremely successful works on collective unity and collective good of the family. Arukun provides individual instruction based on a three group system Class, Club, Co House. The first of these Class offers 20 hours on literacy. Also O-Hub provides for family opportunities.	Culture identified as a major element of the course
Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) The Department’s Financial Management Program aims to build financial resilience and wellbeing among Indigenous communities. (www.fahcsia.gov.au)	Program based on project funding. Basic Financial Management Program. Also provides some services.	Indigenous culture not addressed^*
Financial Counselling Australia (FCA) As part of its Reconciliation Action Plan, FCA has committed to increasing the attendance of Indigenous financial counsellors and financial literacy workers at the FCA annual conference and for the last two years has hosted an Indigenous -focused day. (www.financialcounsellingaustralia.org.au)	Non-specific Programs.No existing courses.	Indigenous culture not addressed^*
First Nations Foundation (FNF) FNF is an Indigenous not-for-profit organisation with a vision of financial inclusion for Indigenous Australians. (www.fnf.org.au)	My Moola 2014. 2 day Program.	Culture identified as a major element of the course
Traditional Credit Union (TCU) TCU provides financial services and counselling to Indigenous people in the Northern Territory, in the communities of Wadeye and Milingimbi.	Indigenous Bank. No formal Courses. Visit communities. Provides information on needs basis.	Indigenous culture not addressed^*
National Australia Bank (NAB) Support a national network of Indigenous Money Mentors. (www.nab.com.au/Indigenous)	Money Mentors to give Indigenous Australians face-to-face support with money management. Training is coupled with access to safe and affordable microfinance products and services. It means Indigenous Australians can learn by doing, and take control of their finances.Indigenous Money Mentors proactively connect Indigenous Australians with service providers in areas such as health, housing, family, employment and education that are able to improve overall wellbeing.	Indigenous culture not addressed^*
MilbaDjunga MilbaDjunga is an online interactive consumer and financial literacy resource piloted with Indigenous students at schools in Queensland, the Northern Territory and Western Australia in 2011. (www.milbadjunga.net.au)	Based in Queensland. Non-specific programs. Financial literacy only incorporated generally in programs offered.	Indigenous culture not addressed^*
Matrix on Board Matrix on Board launched MoneyMobTalkabout – a financial literacy education program for remote-dwelling Aboriginal people – with funding from FaHCSIA in April 2010.	Three units in Community Services Program. Not specifically addressed to Indigenous Australians.Some elements of Social Structure and role of power and Money.	Indigenous culture not addressed^*

The Conflict Between Financial Decision Making and Indigenous Australian Culture

Figures & Tables

Diagram 1:

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Paradigm

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