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SKILLS

Digital answer to indigenous

financial literacy

new financial literacy tool could assist
A mining companies in retaining and sup-
porting their indigenous employees.
Developed by the First Nations Foun-
dation, the My Money Dream financial lit-
eracy training programme is the first digital
programme of its kind. It has been devel-
oped by First Nations Foundations to help
Indigenous Australians learn more about
both the basics of financial literacy educa-
tion and about issues that are specific to
their culture and family relationships. It is
the first indigenous-designed solution of
this type in the world.
First Nations Foundation chief executive
Amanda Young explained to Paydirt the
idea of the digital programme came from
the Foundation’s experience of working
with mining companies.
“We found running financial literacy pro-
grammes face-to-face for 10 years that Amanda Young
our biggest customers were from mining
who are among the largest employers of are all done through a culture lens very dif- gramme was rolled out to government de-
indigenous people,” Young said. “How- ferent to what Aboriginal and Torres Strait partments in late 2019 – was that it could
ever, we had been getting feedback from Islander People understand. assist mining companies in attracting and
miners that there was a productivity chal- “It was only in the 70s that indigenous retaining staff.
lenge attached to pulling people off site to people were allowed to own anything and “By investing in the workforce, it can
take them through the face-to-face pro- carry cash. This is the first generation to increase productivity. Once people real-
gramme. They were interested to know handle cash, it’s just we’ve never been ex- ise they have financial control, it can be
if there was another way we could do it plained everything around it, the economy, liberating,” she said. “More widely, it can
which didn’t involve taking people away etc. also assist in CSR programmes which are
from their various workplaces, particularly “It is really effective because it explains helping start indigenous businesses, al-
as they are often quite remote.” a lot of things. Many times, indigenous lowing the business owners to understand
While at a course at prestigious US uni- people will see a single word they don’t un- how the economy works and about finan-
versity Stanford, Young began developing derstand and won’t go any further but with cial management.”
the digital solution which allows partici- this programme we go from the basics. We The programme is to be funded by em-
pants to take the programme while on site. are essentially in the process traversing ployers, financial service providers and
“We have been building it for a year and 60,000 years of cultural history.” government agencies. The employer pur-
will significantly reduce the time it takes The statistics lay bare the cultural imbal- chases a licence and offers the service
from the face-to-face workshops,” Young ance around financial literacy in Australia. to employees. The highest cost module is
said. “A company can park the employee Nine out of 10 Indigenous Australians hav- $85/head and the entire programme can
at a desk, we will give the workforce a code ing no financial security and one in two are be tailored and displayed within the com-
and they can start learning straight away. experiencing financial distress. However, pany’s brand requirements.
There is a dashboard so people can fol- 75% of indigenous workers have to carry Young believes it could play a vital role
low their progress and as licenses go for a their families financially. in enabling indigenous financial prosperity.
year, employees can switch on and switch “In Aboriginal and Torres Strait Islander “This is our first step on a longer jour-
off, repeat or do it however they like.” Culture there is an obligation to share with ney,” she said. “It starts with acquiring
My Money Dream is the first digital finan- families, and not just the nuclear family but financial knowledge, the second step is
cial system built by indigenous people for sometimes up to the third cousin,” Young applying that and developing financial ca-
indigenous people, with the programme said. “It is a very different dynamic to west- pability and the third step we want to reach
specifically tailored to users’ cultural back- ern culture. Even in urban environments I is well-being, managing finances day-to-
ground. don’t know of an indigenous person who is day but also into the future which is what
“It is a crash course in all things finan- not helping family out.” Aboriginal cultures have always done with
cial, done in a way indigenous people will My Money Dream is designed with these the land.”
be comfortable with. Most financial literacy cultural nuances in mind. The programme For more information on My
programme are built around the same uses a mix of audio and visual aids, mixed Money Dream, visit the website
ideas; creating a budget, buying a car or a in with humour, to engage users. www.mymoneydream.com.au
house, taking out insurance, etc. but they Young said early indications – the pro- – Dominic Piper

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