A world first digital financial literacy education program to assist First Nations people has been launched by the First Nations Foundation (FNF).
The FNF, a national Indigenous financial foundation which also runs the Big Super Day Out events, has launched the financial literacy program called My Money Dream. It is based on successful FNF in-person financial literacy training, conducted over the last 10 years.
The program, which was developed with the support of Indigenous Business Australia and Australian unity, helps First Nations people “navigate the financial obstacles unique to Indigenous people”, with lessons on money & culture, budgeting, banking, insurance, loans, and superannuation.
“Using a clever blend of culture, humour and deep knowledge, it is an engaging learning platform,” says the FNF.
FNF CEO Amanda Young said: “We released research in 2019 showing the alarming statistic that 9 in 10 Indigenous people have no financial security. This cannot be transcended without financial literacy, and we are enlisting the help of government and industry to help reach and build a financially-savvy Indigenous population.”
“This is the first step in our Indigenous financial wellbeing strategy. My Money Dream is a brilliant and low-cost way to bring financial knowledge into the lives of Indigenous people at scale. Potentially we can teach tens of thousands of people, because everyone has a digital device.”
“We are asking financial services who want to connect with their Indigenous members to buy My Money Dream and offer it, as a powerful way to build skills and trust. We ask governments to help prepare our Indigenous workers of the future with money skills, for people on cashless welfare cards to skill up and exit that system and for employers to attract and retain their Indigenous staff with this professional development tool. We have done the hard work: expert content. All they need to do is buy licenses and start offering to their desired audience.”
The FNF’s in-person financial literacy training resulted in 90% of participants having more confidence in managing money and 70% being more confident about their financial future.