A recent report by the First Nations Foundation (FNF) and the Centre for Social Impact (CSI) reveals widespread financial exclusion among Aboriginal and Torres Strait Islander Australians, 75% of whom reported having difficulty getting help from a financial services provider over the previous 12 months.
The report also revealed a cultural divide in attitudes toward money, with three-quarters of survey participants saying they regularly give money to family and friends. “For First Nations people, the idea of financial wellbeing is viewed through the lens of family and community,” says FNF CEO Amanda Young. “It’s not just confined to dollars; it’s how well an Indigenous family and the community around it are faring.” Half of the 620 participants in the survey are not faring well financially. CSI CEO, Professor Kristy Muir, says it’s time for a rethink.
“The research shows that much more work needs to be done to include Indigenous Australians in the economy. We need to come together to improve the availability, accessibility and appropriateness of financial products and services.”