Literature Review of Indigenous Financial Literacy In Australia, Canada, New Zealand and the United States
Simon Brascoupé, MA, CAPA, Principal Researcher Meaghan Weatherdon, MA, Researcher Paulette Tremblay, Ph.D., ICD.D, CAPA, Editor December 20, 2013
Literature Review of Indigenous Financial Literacy
Table of Contents Acknowledgments.......................................................................................................... 5 Executive Summary.......................................................................................................... 6 1. Introduction................................................................................................................. 1.1 Background............................................................................................................ 1.2 Purpose of Study.................................................................................................... 1.3 Research Questions................................................................................................
9 9 9 9
2. Methodology................................................................................................................ 2.1 Academic Electronic Database Search................................................................... 2.2 Rapid Review of Financial literacy Literature....................................................... 2.3 Key Informant Interviews....................................................................................... 2.4 Analysis................................................................................................................... 2.5 International Reference Group................................................................................ 2.6 Limitations of Study...............................................................................................
10 11 12 12 12 12 13
3. Conceptual Framework for Indigenous Financial Literacy.................................... 14 3.1 Life Cycle Approach .............................................................................................. 14 3.2 Promising Practices Framework............................................................................. 15 4. Financial Literacy and Financial Wellness............................................................... 4.1 What is Financial Literacy?.................................................................................... 4.2 Financial Literacy is a Relative Term..................................................................... 4.3 Financial Literacy is a Component of Financial Wellness..................................... 4.4 Barriers to Indigenous Financial Wellness.............................................................
21 21 21 21 23
5. Research Findings........................................................................................................ 5.0 Overview of Results....................................................................................... 5.1 The Australian Profile.............................................................................................. 5.1.1 Aboriginal and Torres Strait Islander Peoples.............................................. 5.1.2 Socio-Economic Conditions.......................................................................... 5.1.3 Australian National Strategy for Financial Literacy...................................... 5.1.4 Aboriginal and Torres Strait Islander Financial Literacy Landscape............ 5.1.5 Aboriginal and Torres Strait Islander Financial Literacy Programs............. 5.1.6 Aboriginal and Torres Strait Islander Promising Practices........................... 5.1.7 Case Study.....................................................................................................
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Literature Review of Indigenous Financial Literacy
5.2 The Canadian Profile................................................................................................. 34 5.2.1 Aboriginal Peoples........................................................................................ 34 5.2.2 Socio-Economic Conditions.......................................................................... 35 5.2.3 Canadian National Strategy for Financial Literacy....................................... 36 5.2.4 Aboriginal Financial Literacy Landscape...................................................... 37 5.2.5 Aboriginal Financial Literacy Programs....................................................... 39 5.2.6 Aboriginal Promising Practices..................................................................... 40 5.2.7 Case Study..................................................................................................... 41 5.3 The New Zealand Profile........................................................................................... 42 5.3.1 Māori............................................................................................................. 42 5.3.2 Socio-Economic Conditions.......................................................................... 43 5.3.3 New Zealand's National Strategy for Financial Literacy.............................. 43 5.3.4 Māori Financial Literacy Landscape............................................................ 44 5.3.5 Māori Financial Literacy Programs............................................................... 46 5.3.6 Māori Promising Practices............................................................................. 47 5.3.7 Case Study..................................................................................................... 48 5.4 The United States Profile........................................................................................... 49 5.4.1 North American Indians/Native Americans................................................... 49 5.4.2 Socio-Economic Conditions........................................................................... 49 5.4.3 United States National Strategy for Financial Literacy.................................. 50 5.4.4 North American Indians/Native Americans Financial Literacy Landscape... 51 5.4.5 North American Indians/Native Americans Literacy Programs .................... 54 5.4.6 North American Indians/Native Americans Promising Practices................... 55 5.4.7 Case Study....................................................................................................... 55 5.5 Findings Across Countries........................................................................................ 56 5.5.1 Overview of Indigenous Peoples Across Countries........................................ 56 5.5.2 Financial Literacy Landscape Across Countries............................................ 59 5.5.3 Country Programs Across the Life Cycle........................................................ 60 5.5.4 Promising Practices Across Country Programs............................................... 65 6. Discussion of Key Findings............................................................................................ 74 6.1 Highlights and Emerging Gaps Across Countries.................................................... 74 6.1.1 Indigenous Peoples.......................................................................................... 74 6.1.2. National Financial Literacy Strategies........................................................... 75 December 20, 2013
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Literature Review of Indigenous Financial Literacy 6.1.3. Financial Literacy Landscape........................................................................ 75 6.1.4. Financial Literacy Programs.......................................................................... 76 6.1.5. Promising Practices........................................................................................ 78 7. Summary and Recommendations................................................................................. 79 7.1 Summary.................................................................................................................... 79 7.2 Recommendations...................................................................................................... 80
APPENDICES Appendix 1A. Indigenous Financial Literacy Programs...................................................... 82 Appendix 1B. Indigenous Financial Literacy Supplemental Programs for New Zealand... 111 Appendix 1C. Programs Tabulated by Country Across Financial Literacy Dimensions... 115 Appendix 2.
Promising Practices Analysis Across Programs......................................... 122
Appendix 3A. Annotated Bibliography of Financial Literacy Literature............................ 130 Appendix 3B. Supplemental Annotated Bibliography of Financial Literacy Literature...... 154 Appendix 4.
Glossary........................................................................................................ 159
Appendix 5. General Bibliography.................................................................................. 161 Appendix 6. Table Index and Tables............................................................................... 164 Appendix 7.
Summary Table of Indigenous Financial Literacy Literature....................... 201
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Acknowledgements AFOA Canada would like to acknowledge and give thanks to the TD Financial Literacy Grant Fund administered by the Social and Enterprise Development Innovations for providing the funding that made this research possible. Gratitude and thanks are also extended to the following individuals for sitting on the International Reference Group and providing invaluable feedback that enriched this study.
International Reference Group Phil Broughton
Consultant, Advisory Services, Polson Higgs Business Advisors, New Zealand
Dr. Miriam Jorgenson
Research Director, Native Nations Institute for Leadership, Management, and Policy, The University of Arizona & Research Director, Harvard Project on American Indian Economic Development, Harvard University, United States
Natasha McKenna
Trainer/Coordinator, Canadian Centre for Financial Literacy, Social and Enterprise Development Innovations (SEDI), Canada
Dr. Malcolm Menzies
Research Manager, Commission for Financial Literacy and Retirement Income, New Zealand
Robyn Scott
Education Manager, Commission for Financial Literacy and Retirement Income, Canada
Dr. Carl Urion,
Researcher, University of Alberta, Canada
AFOA Canada Simon Brascoupé
MA, CAPA, Principal Researcher
Meaghan Weatherdon
MA, Researcher
Dr. Paulette Tremblay
Ph.D., ICD.D, CAPA, Editor, AFOA Director of Education and Training
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Executive Summary AFOA Canada was founded as a not-for-profit association in 1999 to help Aboriginal people in Canada better manage and govern their communities and organizations through a focus on enhancing finance and management practices and skills. AFOA Canada's President and Chief Executive Officer, Terry Goodtrack, has indicated, "AFOA Canada is committed to building a community of professionals who have the knowledge and skills to effectively enhance outcomes in Aboriginal governance, administration, social and economic prosperity, and self-reliance ". AFOA Canada is the only organization in Canada that focuses on the capacity development and day-to-day needs of Aboriginal professionals working in all areas of finance and management - the Aboriginal leaders of today and tomorrow. In January 2013, AFOA Canada received a grant from Social and Enterprise Development Innovations (SEDI) which administers the TD Financial Literacy Grant Fund to produce a literature review on Indigenous financial literacy in Australia, Canada, New Zealand and the United States. Work regarding the study, which was overseen by AFOA Canada, commenced in January 2013 and was completed in December 2013. Data were gathered over a six month period from March to August 2013 and sections of the study were drafted, revised and finalized with feedback from the International Reference Group in June, October, and December 2013. The purpose of this study was to conduct an international literature review and produce a research report to provide a picture of Indigenous financial literacy in Australia, Canada, New Zealand and the United States over the last 13 years from 2000 to 2013. This literature review goes beyond what is usually required in a literature review to examine what more is needed to more effectively address financial literacy in Indigenous communities, in the context of richly different Indigenous communities in four national contexts, with the intent to form the basis of further discussion. The study provides an examination of literature about Indigenous financial literacy and existing financial literacy programs (curricula, education, and initiatives) available to Indigenous peoples in each country across the four stages of the life cycle: children (birth to 12 years of age); youth (13 to 25 years of age); adults (26 to 64 years of age); and the elderly (65 and over). A promising practices framework was also used to examine existing Indigenous financial literacy programs across five dimensions: community; culture; practical benefits; partnerships; and a strength based approach. The methodology for the study included the development of a comprehensive search strategy which included: academic electronic database search; a rapid review of financial literacy literature including academic and grey literature; consultation with key informants; and feedback and direction provided by the AFOA Canada International Reference Group. A total of 72 financial literacy studies and 50 Indigenous programs were generated to provide the data for this study. Indigenous financial literacy studies and programs were analyzed using the lenses of the life cycle and promising practices frameworks. Tables were developed to determine and display patterns emerging across the data and can be found in Appendix 6. December 20, 2013
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Literature Review of Indigenous Financial Literacy Research findings for the study include individual country profiles covering: demographics; socio-economic conditions; national strategies for financial literacy; financial literacy landscape; financial literacy programs; promising practices; and a case study. An analysis of data across countries was undertaken to include findings across countries covering: an overview of Indigenous peoples; financial literacy landscape of studies; country programs; and promising practices. Evidence provided in this study contributes to developing an understanding of Indigenous financial wellbeing and a better understanding of the relationship between financial literacy, culture, and community. As well, financial literacy can be a contributing factor for better outcomes in Indigenous poverty, health, education, income security, and homelessness. A discussion of key findings covered highlights and emerging gaps regarding Indigenous financial literacy studies and programs reviewed for this study within and across countries. One of the key findings is that the field of financial literacy is in its early stages and not surprising, there is little academic literature on Indigenous financial literacy, some informative financial literacy studies, and some promising Indigenous programs. Some key findings from the data reviewed include the following.
With only 6 of the 52 Indigenous financial literacy studies about Canadian Aboriginal financial literacy, clear evidence of a gap in the literature emerged pointing to the need for more studies to build the financial literacy knowledge base.
With the majority of Indigenous peoples younger than the country populations and in the early phases of the life cycle, they will benefit from early intervention and financial education in schools.
With the majority of Indigenous peoples living in disadvantaged conditions, there is the need to provide financial literacy education across the stages of the life cycle; this investment will benefit individuals, communities and countries.
With the lowest percentages of financial literacy studies (11.4%) and programs (9.5%) across the four countries targeting children, evidence of a major gap in financial literacy emerged.
The top three promising practices dimensions across the four country programs included partnerships, culture, and community. This pointed to the need: to develop partnerships with relevant bodies and organizations; and to design and deliver culturally appropriate and relevant programs and materials that are community designed and developed for Indigenous populations.
An annotated bibliography of the financial literacy literature of the 72 financial literacy studies is included in Appendix 3 of the study to serve as a reference tool for those seeking to learn more about what has been written in the four countries.
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A detailed overview of all 50 Indigenous Financial Literacy Programs is provided in Appendix 1A of the study to serve as a reference tool for those seeking to learn more about what kinds of programs are being offered in the four countries.
Based on the key findings of the research, 12 recommendations were made to further advance the knowledge and practice of Indigenous financial literacy. Seven recommendations were made for the development of Indigenous curricula, programs and materials to address gaps; two recommendations were made for communications, promotion and awareness; one recommendation was made in relation to partnerships; and two recommendations were made for further research. The two recommendations for the need to conduct further research were as follows.
Conduct in-depth research to examine the diverse international Indigenous exemplar financial literacy initiatives to learn more about the design, development, implementation, and delivery of Indigenous financial literacy education in various contexts and for various purposes.
Conduct in-depth research to identify the financial literacy needs of Aboriginal peoples in Canada and develop an Aboriginal financial literacy framework across the life cycle and life events addressing personal, business and governance levels.
While this study draws from innovative and cutting edge research related to Indigenous financial literacy across four countries, it is clear that there is a need to conduct further research to build the knowledge base about Indigenous Financial Literacy.
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1. Introduction 1.1 Background AFOA Canada was founded as a not-for-profit association in 1999 to help Aboriginal people better manage and govern their communities and organizations through a focus on enhancing finance and management practices and skills. AFOA Canada's President and Chief Executive Officer, Terry Goodtrack, has indicated, "AFOA Canada is committed to building a community of professionals who have the knowledge and skills to effectively enhance outcomes in Aboriginal governance, administration, social and economic prosperity, and self-reliance ". AFOA Canada is the only organization in Canada that focuses on the capacity development and day-to-day needs of Aboriginal professionals working in all areas of finance and management – the Leaders of today and tomorrow. AFOA membership spans from the Pacific to the Atlantic to the Arctic with 8 Chapters across the country. AFOA Canada's vision and mission statements are as follows. Vision:
AFOA Canada is the centre for excellence, information and certification in Aboriginal management.
Mission:
Building management proficiency and connections that enhance effective Aboriginal governance, administration and self-reliance.
In January 2013, AFOA Canada received a grant from Social and Enterprise Development Innovations (SEDI) which administers the TD Financial Literacy Grant Fund to produce a literature review on Indigenous financial literacy in Australia, Canada, New Zealand and the United States.
1.2 Purpose of Study The purpose of this study is to conduct an international literature review and produce a research report to provide a picture of Indigenous financial literacy in Australia, Canada, New Zealand and the United States. Two key concepts were used to frame the literature review: the life cycle approach and the promising practices framework.
1.3 Research Questions The objective of the literature review is to provide responses to the following research questions.
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Literature Review of Indigenous Financial Literacy 1) What literature has been written over the last 13 years (2000 to 2013) in Indigenous financial literacy across four countries? 2) What relevant financial literacy education and training programs and curriculum exist across the four stages of the life cycle relating to Aboriginal children, adolescents, adults and elderly? 3) What are the promising practices? 4) Where are the gaps? 5) What education and training programs are most needed to address Aboriginal learning gaps and priorities across the four stages of the life cycle? Usually, the objective of literature reviews is to document the state of a scholarly or research discourse. Research questions (1) and (2) are documentary and so reflect the standard expectation of literature reviews. The next two questions, (3) and (4), go beyond documentation to evaluate the literature on the basis of implied needs in Indigenous communities. Research question (5) motivates this review. It goes beyond what is usually required in a literature review to pose the salient question of what more is needed, now, to more effectively address financial literacy in Indigenous communities, in the complex context of richly different Indigenous communities in four national contexts. Finally, the intent of the research questions is not to generate encyclopedic or exhaustive documentation of programs and their interrelationships, but instead to provide some detail of specific examples that, taken together, indicate the range and scope of programs and policies, and so to form the basis for further discussion.
2. Methodology The methodology is based on an operational identification of the academic and applied literature which can be categorized along the following lines. There is a rapidly growing scholarly, research, applied and policy literature that addresses financial literacy as a main topic in the general population. Within that literature, there is sometimes mention of Indigenous peoples or communities, though Indigenous identity is rarely a focus. Instead, it is invoked as a sub-category of ethnicity, in cases where “ethnicity” or “cultural group” is operationally treated as either a factor (e.g., in accounting for financial literacy measures) or as a descriptor of a general population sub-group. Most of the extant literature—both the published academic literature and the grey literature—falls into this category: it assumes a general population of interest in which sub-groups are often differentiated along various kinds of demographic axes, including occasional references made to Indigenous groups. The case might be made that this general literature contextualizes the body of work that deals specifically with Indigenous people. But to include that general literature in this review would make this work at least implicitly comparative, contrasting Indigenous peoples with the general population, and such a comparison is manifestly not the intent of this study. Instead, December 20, 2013
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Literature Review of Indigenous Financial Literacy this review was designed to identify a body of literature that directly addresses Indigenous financial literacy, so that is the criterion for inclusion. The result is that the review includes studies that deal with both non-Indigenous and Indigenous groups only in cases where such studies either include or contextualize an explicit focus on Indigenous people. The literature corpus that this operational focus produces is configured somewhat differently than the general literature of which it is a part: comparatively few works are published in academic journals or refereed collections, and there is a relatively larger proportion of grey literature. A comprehensive search strategy was developed to identify that specific literature. It included an academic electronic database search; a rapid review of financial literacy literature; consultation with key informants; and feedback and direction provided by the AFOA Canada International Reference Group. Work regarding the study, which was overseen by AFOA Canada, commenced in January 2013 and was completed in December 2013. Data were gathered over a six month period from March to August 2013 and sections of the study were drafted, revised and finalized with feedback from the International Reference Group in June, October, and December 2013.
2.1 Academic Electronic Database Search From March - July (2013) an academic electronic database search of Indigenous financial literacy in Australia, Canada, New Zealand, and the United States was conducted. Databases used included: American History Life; Bibliography of Native North Americans; Academic Onefile; Econlit; Business Source Complete; and others. Inclusive and specific search terms were employed in order to collect as many potential articles as possible. Search terms employed included: financial literacy; financial capability; financial wellness; and financial education. Terms for Indigenous Peoples that were both broad and specific were applied and included: Aboriginal peoples; First Nations; Inuit; Métis; Aboriginal; Indigenous peoples; December 20, 2013
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Aborigine, Maori; Native American; and American Indian.
After duplications were eliminated, approximately 300 sources were collected. Of those 300, about 25 sources were related to Indigenous Peoples specifically. Of those 25 sources, only 5 were peer reviewed academic articles.
2.2 Rapid Review of Financial Literacy Literature A rapid review of financial literacy literature was also undertaken employing the same search terms through: search engines like Google and Google scholar; clearing houses including JumpStart, the OECD’s; and websites of various organizations.
2.3 Key Informant Interviews In order to gain a more in depth understanding of the Indigenous financial literacy field, key informants were contacted. Thirty email invitations were sent to: scholars in the field of financial literacy; and organizations delivering Indigenous financial literacy education. Nine people responded to the email invitations. These individuals were asked for additional information and they provided additional resources, and information.
2.4 Analysis A conceptual framework for this review was developed by (1) referring to the general literature about financial literacy; while (2) focusing on the main themes in the specific sources under review here; with (3) specific reference to the five research questions. Using the conceptual framework that was developed in that process, a big-picture description of each of the four countries’ programs and practices was written, concurrently with a detailed tabulation of individual program elements using descriptive categories suggested by the program descriptions and the conceptual framework. This process refers back to the research questions that motivate this review in that it documents a sample of general literature from each country and provides particular examples of specific programs, while allowing the documentation of current needs to emerge from the descriptions themselves.
2.5 International Reference Group In May 2013, letters of invitation were emailed to four individuals well versed in financial literacy and/or research in Australia, Canada, New Zealand and the United States inviting December 20, 2013
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Literature Review of Indigenous Financial Literacy them to participate on AFOA Canada's International Reference Group. Representatives from the funding body were also invited to participate on the International Reference Group. Individuals from three countries (Canada, New Zealand, and the United States) and a representative from SEDI accepted the invitation to join the International Reference Group. A schedule with planned teleconference calls was emailed to members with the first teleconference call taking place on June 24/25, 2013. All members provided invaluable feedback regarding successive drafts of the study and forwarded additional studies and programs that are included in this study.
2.6 Limitations of Study Limitations are associated with the research methods employed in this study. The findings presented should be understood in terms of the limitations noted below. The key limitation of the study is the number of studies and programs accessible to the researcher across countries. Many programs within the countries are embedded within broader contexts outside of financial literacy making them inaccessible through the research engines utilized in the study. Other programs are at local levels and are not accessible through website searches. As an attempt to mitigate this limitation, an International Reference Group was set up to review the study and provide feedback regarding the identification of additional studies and programs relevant to this research. In August and December members of the International Reference Group submitted additional material for inclusion in the Study; 4 programs and 4 reports from New Zealand, some were recently released and one duplicate. These were significant enough to be included as "supplemental" programs in Appendix 1B and financial literacy literature in Appendix 3B. Another limitation of the study was the small sample size of 72 studies and 50 programs, thereby limiting generalization of findings to other settings. The results are limited to the studies and programs included in this study. However, the study provides practitioners, educators, and researchers with a good understanding of what has been done and what is currently being done in the Indigenous financial literacy field in Australia, Canada, New Zealand, and the United States. It identifies gaps, priorities, and promising practices to provide recommendations for future directions in the field. It was noted that the field of Indigenous financial literacy research is at an emerging stage with 60% of the studies written in the past three years.
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3. Conceptual Framework for Indigenous Financial Literacy The conceptual framework used to categorize and analyze the studies, reports and programs for Indigenous financial literacy included two major concepts: a life cycle approach; and a promising practices approach. 3.1 Life Cycle Approach Life cycle - a series of stages through which an individual passes during his or her lifetime. Typical financial life cycle pattern applies to most people and affects a financial plan. People in certain age groups tend to have similar financial life cycle needs (FEFE, 2011, 8 & 13). Indigenous peoples understand life's journey as a sacred path from childhood, youth, adult to the elderly - it is a lifelong continuous process. Life's success and wealth is celebrated through feasts, sharing, and family. Economists use the life-cycle hypothesis to understand individual consumption patterns, and explain consumption and saving behaviour to maintain stable lifestyles. Sociologists employ a life course approach or theory to analyze individual’s structural, social, and cultural contexts. The life course approach is useful in understanding how early life influences future decisions and events. Financial literacy utilizes the life cycle to emphasize the importance of delivering the right services, materials, and supports at the right time throughout one's life cycle. The long-term outcome is for individuals and families to achieve financial wellbeing through continuous financial education. Financial literacy needs vary over the course of one’s life. A life cycle approach to learning and financial planning will be able to account for and address these changing needs. A life cycle approach to financial education and financial planning should incorporate an individual’s values, goals, and personal choices, prepare him or her for major life events, and account for life cycle conditions and needs. There is a typical life cycle pattern that most people follow; however, the amount of time it takes to move through the financial life cycle varies for each person. Children, who do not need employment and do not yet have financial burdens or worries, focus on the building blocks for financial literacy (basic numeracy, logic, reasoning, and language skills). Adolescence need to plan for University, first jobs, and first apartments, adults concern themselves with marriages, mortgages, children, and later in life the concern shifts to pension plans and retirement (Crossan et al., 2011). As depicted in Figure 3, the four stages of the life cycle include: children, youth, adults and the elderly. For purposes of this study the age ranges for each stage are provided below.
Children - Birth to 12 years old. Youth - 13 to 25 years old. Adults - 26 to 64 years old. Elderly - 65 and over.
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Figure 3: Four Stages of the Life Cycle
The key dimensions used to categorize the literature and analyze the studies and programs across the life cycle included: Year Studies/Reports Written; Financial Literacy Focus/Concepts; Learning Approach/Methods; and Learning Context/Environment.
3.2 Promising Practices The Promising Practices depicted in Figure 5 have proven effective in the design and delivery of Indigenous financial literacy education. These five dimensions emerged from the literature reviewed: (1) Community Focused; (2) Based on the Culture; (3) Provided Practical Benefits; (4) Worked with Partnerships; and (5) Strength Based Approach. These five dimensions were then used to determine if the 50 organizations/programs reviewed were employing these promising practices to enhance Indigenous financial literacy education.
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Literature Review of Indigenous Financial Literacy Figure 5: Promising Practices Dimensions
(1) Focus on Community: There is a significant body of evidence that underscores the importance of community engagement, ownership, and participation. The community-based model is a response to colonization as it empowers the community to create culturally relevant and safe programs suited to their own community’s needs and priorities. Community empowerment can lead to positive social change and desirable economic benefits. For instance, “train the trainer” programs that apply an empowering the community approach foster decolonization processes, build community capacity, reduce costs and contribute to sustainability. It is important when working with Indigenous communities to ensure that programs be community orientated, community driven, and community delivered. a. Community benefits: Programs need to have benefits that are understood and supported by community members. Indigenous peoples are organized at the family and community level and place value on initiatives that result in family and community financial wellness. For instance, some financial literacy programs have combined financial literacy education with housing incentives, community development financial institutions (CDFIS), intergenerational savings schemes etc. Jennifer Malkin has noted “many native cultures view individual wealth accumulation in a negative light and prefer, instead, to focus on increasing the assets of the community”. (Malkin, 2003, 15). December 20, 2013
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Literature Review of Indigenous Financial Literacy b. Community driven: For programs to be successful and sustainable it is important for the community to be engaged in the research, design, and development of financial literacy programs and materials. It works best for programs to “reflect local needs...and produce local solutions.” One way to ensure that a program will succeed is by allowing the local community to define their own measures of success, defining a range of ‘concrete’ measures (ASIC, 2011,10). Stated simply, the community should have a vested interest in the program. The World Bank study, “Community-Based and – Driven Development: A Critical Review” demonstrates that programs designed by the community have a greater likelihood of being successfully implemented (Mansuri & Rao, 2004). c. Community delivered: A final way organizations can continue to ensure that a focus on community is maintained is by having the community members deliver the program or by partnering with a local institution in the delivery. Academic scholarship has documented a lack of trust in mainstream institutions and financial service providers among Indigenous Peoples (Brascoupé, 2009, 7). Having the community partner with organizations or deliver financial literacy training themselves could enhance uptake of the program, comfort levels among participants, and facilitate learning. Involving community members who are respected and trusted could further enhance the success of the program. Adapting mainstream financial literacy education programs to suit Indigenous communities in terms of the delivery model, the content, and the logistics of the programs was found to be an effective approach (Brimble and Blue, 2013). Additionally, training and delivery should be given in a place where people feel at home and at ease. d. Additionally, training and delivery should be given in a place where people feel at home and at ease. (2) Focus on Culture Emphasizing the importance of culture has been identified as another way to enhance financial literacy training programs for Indigenous Peoples. Each Indigenous person/community has different cultures, values, and beliefs. Financial literacy programs need to respect and reflect the local culture. Indigenous Peoples will be more likely to be attracted to financial literacy programs that simultaneously promote culture while providing practical education about finances. There are a variety of strategies organizations can employ to ensure they maintain a respect for Indigenous cultures. a. Cultural relevance: Cultural relevance recognizes the diverse cultural characteristics of students from different backgrounds. Indigenous peoples have their own unique histories, cultures, beliefs and practices, languages etc. Materials and programs that are meaningful to each distinct community need to be developed and delivered. Educational materials might pay tribute to a community’s history, tradition, and culture in creative ways. December 20, 2013
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b. Knowledge translation: Knowledge translation involves moving beyond the simple dissemination of information, it requires adapting the knowledge to fit a new context. This requires interactions, exchanges, and synthesis and may involve rewording, restructuring, language translation etc. Because financial literacy education often involves the sharing of resources, knowledge translation is often required. The Canadian Institute of Health Research describes “knowledge translation” as “a broad concept, encompassing all steps between the creation of new knowledge and its application to yield beneficial outcomes for society” (CIHR, 2006, 6). Special care needs to be taken to translate knowledge when resources and materials are shared across communities so that programs remain accessible and culturally relevant. There needs to be recognition of the diversity within and between Indigenous communities. Therefore effective knowledge translation requires an understanding and appreciation of local and cultural knowledge systems. c. Cultural safety: Culturally safe practices can improve trust, access, and program delivery to Indigenous Peoples. The goal for organizations delivering financial literacy education is to create institutions through policy and programs that are culturally safe. Cultural safety is an outcome, defined and experienced by those who receive the service—they feel safe, it is based on respectful engagement that can help Indigenous Peoples find paths to well-being. Another way to understand cultural safety is to understand culturally unsafe practices, which are defined as “any actions that diminish, demean or disempower the cultural identity and well-being of an individual” (Cooney, 1994). Whereas cultural relevance and knowledge translation ensures materials and programs are culturally appropriate, cultural safety ensures entire institutions operate within a mandate that promotes the safety and wellbeing of the community. Cultural safety is a policy consideration and involves training staff to be culturally sensitive. A successful financial literacy program fosters and supports individuals and community’s sense of self, family, community, and culture. Indigenous Peoples will walk away from institutions that are culturally unsafe. This is why banks, private sector and governments are establishing Indigenous relations offices, policies, and practices. (3) Practical Benefits Several key informants reported that financial literacy programs were most likely to attract participants and be successfully completed if the programs offered some kind of practical benefit. Practical benefit refers to something tangible that helps people move their lives forward, whether it is increased savings, further career or educational training, or the know how to buy a car. Financial literacy programs work best if: they reflect and address the real life needs of participants; and they serve as a tool for people to overcome barriers to achieve their dreams and aspirations. There are many different types of practical benefits that have been incorporated into financial literacy programming which motivate participants and encourage their continued success. For the purposes of this study practical benefits have been placed in four broad categories: financial; furthering education; employment; and personal. December 20, 2013
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Literature Review of Indigenous Financial Literacy a. Financial: Financial benefits enhance people’s ability to save and their ability to accumulate wealth within the program design. Practical benefits include matched savings plans, children development accounts, or home ownership programs are all strategies that have been successfully incorporated into various financial literacy programs. b. Further Education: Although financial literacy training is education in itself, many of the programs, reports, and key informants suggested that financial literacy education is most appealing and successful when paired with further education or training. c. Employment: Sometimes financial literacy education is incorporated into employment training or employee training. Often financial literacy is a core aspect of entrepreneurial training, or job training in the financial sector. d. Personal: Financial literacy programs receive high participant satisfaction when they offer their students personal benefits. Personal benefits are wide ranging and are defined here as something that enhances a person’s wellness. (4) Partnerships Indigenous community partnerships with the public, private, Indigenous and financial sectors are critical to success in delivering financial literacy programs. Partnerships access expertise, knowledge and skills, as well as financial supports to the community level. Partnerships also break down barriers caused by marginalization and colonization of Indigenous peoples and create linkages that did not exist. a. Public sector: Public partnerships may include partnerships with the government, government agencies, provinces, territories, school boards, and tertiary institutions. Indigenous financial literacy programs often develop in partnership with all levels of government; federal, state/provincial/territorial/regions, municipal and local. b. Private sector: Private partnerships may involve partnering with Non-Government Organizations (NGOs), individuals, and companies. Private partnerships are useful in a variety of ways and present opportunities for funding, collaboration, and innovation. Private partnerships also help to offset the marginalization and exclusion Indigenous peoples face as they may provide access to knowledge and skill acquisition and enhance community capacity by strengthening social and economic networks. c. Indigenous Sector: The Indigenous sector consists of Indigenous government and their organizations, Indigenous non-government organizations, Indigenous non-profits like friendship centers or healing centers, as well as informal community based groups. The Indigenous sector partnerships may be valuable for gathering accurate information about local customs and cultures and for gaining access to communities. The involvement of local communities and their institutions in the development and delivery of financial literacy programs also enhances a program’s credibility. Working December 20, 2013
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Literature Review of Indigenous Financial Literacy at the community level, projects may serve to strengthen social cohesion and the likelihood of program objectives being embedded at the community level. d. Financial sector: The financial service sector can provide expert information on financial matters and specified financial services. Financial sector partnerships may involve partnering with banks, credit unions and Native Community Development Financial Institutions (CDFIs). (5) Strength Based Approach A strength based approach is in contrast to deficit based approaches. Indigenous peoples are often seen in a negative context in terms of cultural stereotypes, negative statistics and other misunderstandings. Research has shown that deficit based professionally driven initiatives are not as effective at creating sustainable change as strengths based community driven initiatives. (Bogenschneider and Olson, 1998, vi, x). Strength based approaches are based on community solutions and continuous quality improvement. The general idea behind a strength based approach is to find out what communities and individuals are doing to manage their money well and enhance what is already working. Additionally, a strength based approach requires continuous quality improvement. This involves developing measures of success with a community and/or individual and then developing and integrating an evaluation process to ensure the program meets these measures. a. Local Solutions: Programs need to enhance already existing successful financial practices, programs, and approaches. Before organizations begin to develop programs or initiate already developed programs within the community, it is important to: find out what people in the community are currently doing to manage their money; identify what is working based on local priorities; and provide communities with ways to enhance strategies and programs that are already in place. b. Continuous Quality Improvement: In order to ensure financial literacy programs continue to operate smoothly and are successful organizations, a quality improvement mechanism needs to be built into the program design. This might involve participant satisfaction surveys, independent review, trainer assessments etc. Continuous Quality Improvement involves constant research, review, and revision. The idea is to ensure that there is a constant feedback loop within programming to monitor the implementation, delivery, and reception of the product. Continuous quality improvement mechanisms are used to measure results to initiate and drive organizational changes in a never-ending cycle of continuous improvement (Kritchevsky et al., 1991). Communities might also share what works with one another through formal and informal communications systems, such as stories, reports, and social media.
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4. Financial Literacy and Financial Wellness 4.1 What is Financial Literacy? Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources (getsmarter aboutmoney.ca). Knowledge and understanding of financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life (OECD http://www.oecd.org/).
4.2 Financial Literacy is a Relative Term One of the challenges in identifying relevant financial literacy education, training programs, and curriculum, addressing the gaps and identifying best practices is developing a shared understanding of what financial literacy is, and more specifically developing an understanding of what financial literacy means for Indigenous Peoples. Financial literacy is a relative term and as such is difficult to quantify. Financial literacy is relative in that it is dependent upon the financial system in which individuals and communities operate. In other words, the complexity of the economy in which one lives affects one’s financial literacy needs. Several studies included in this study noted that due to the increasing complexity of financial products and market economies people now require more financial literacy than ever (Financial Consumer Agency of Canada, 2008, iv). Financial literacy is dependent to a large extent upon the various needs and circumstances of individuals, communities and/or organizations. Personal factors such as socio- economic status, age, and income level have implications for how much financial literacy is required to manage life and finances. Recognizing that financial literacy is a relative term is particularly important when considering Indigenous Peoples and financial literacy strategies. This is because Indigenous Peoples have their own ways of managing money based on cultural beliefs and values. Moreover, Indigenous Peoples have experienced an ongoing history of colonization and are now finding themselves in circumstances in which they are faced with additional socio-economic barriers to acquiring financial literacy.
4.3 Financial Literacy is a Component of Financial Wellness Financial literacy does not exist in isolation, but, is part of a wider constellation of factors that contribute to overall financial and/or economic health and/or wellness. Financial well-being tends to include broader aspects of financial life (Sohyun, 2008, 22). Generally speaking, in order to be financially well one must be healthy, happy, secure and free from worry of
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Literature Review of Indigenous Financial Literacy financial matters. There are many intermingling components that contribute to one’s overall financial wellness; financial literacy is a contributing factor: these are depicted in Figure 6. Figure 6: The Concept of Financial Wellness
Financial Literacy: “Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources” (getsmarter aboutmoney.ca).
Financial Inclusion: To achieve financial wellness one must also be included in the financial system, meaning they must also have access to basic banking services and information. Financial inclusion is defined as, “the process of ensuring access to appropriate financial products and services needed by vulnerable groups, such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players” (Chakrabarty, 2011, 4).
Income Security: Individuals must also have adequate income security. Simply meaning they must be able to “make ends meet.” They must have adequate employment opportunity and be paid a fair amount for their services. Without money to save, invest, and manage, financial literacy becomes an irrelevant skill.
Financial Capability: By acquiring financial literacy, income security, and by being included in the financial system one becomes financially capable. One has the adequate amount of money to survive in the market economy, the knowledge to manage this money, and has access to available resources. However, in order to exercise financial capability one must also cultivate an attitude and behavior that enables individuals to make sound financial choices that enhance their financial and over-all wellness.
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Good Attitude and Good Behavior: Behavioral economics has shed light on the attitudinal and behavioral factors that may inhibit or enhance desirable financial choices. One may have the knowledge about financial matters but may lack the motivation to make good financial choices. Conversely, one may be motivated to become financially literate but may lack the opportunity to participate in financial education and/or financial systems.
In a paper prepared by Colmar Brunton for the New Zealand Commission for Financial Literacy and Retirement Income, one of the major findings was that, “The research work to date has proven that overall increased financial knowledge does result in improved financial behaviour. This causal relationship at an overall level has also been shown in overseas research. But little has been previously understood about the influence of attitudes within this link. Our findings are that attitudes influence both behaviour and receptivity to information, and make this link more complex than simply a linear model. This means that knowledge alone is not enough to influence behaviour, but that the ”right” attitude is essential for people to be both receptive to information in the first place, or to engage in desirable financial behaviours such as saving and setting long term goals. A combination of attitude and financial literacy is key to changing behaviour. Attitudes are shaped from a range of sources, including parents, schooling, socialisation and upbringing and are cumulative in effect and develop over time.” (Colmart Brunton, 2010, 26). Their findings call attention to the fact that the ultimate goal of financial literacy education is not merely to impart knowledge but also to modify behavior (Fadel, 2011, 2). This may be a particularly important point to take into consideration when addressing financial literacy needs of Indigenous Peoples as several studies from each country (Cornell, 2000, 3; Demosthenous, 2006, 3; Gulati, 2013, 5; and Tolich, Martin, 2002, 172) indicate that some Indigenous People may have developed a mistrust of mainstream financial services because of a history of institutional oppression and exclusion. Finding strategies that change individual’s attitudes towards money, money management, and the financial service sector may be necessary. Financial literacy is a crucial node in the financial wellness network, but, one must not lose sight of the broader picture and of the barriers that exist to becoming financially literate and financially healthy.
4.4 Barriers to Indigenous Financial Wellness Indigenous Peoples face unique barriers in acquiring financial literacy and enjoying financial wellness. As outlined in the overview of Indigenous peoples in Australia, Canada, New Zealand and the United States, Indigenous Peoples from these countries are socially and economically disadvantaged. The United Nations Development Programme’s (UNDP) Human Development Index (HDI) revealed development gaps between Indigenous Peoples and the general population. This affects education attainment as some Indigenous Peoples face a literacy and numeracy deficit, which can impact their ability to acquire financial wellness. December 20, 2013
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Literature Review of Indigenous Financial Literacy Structural barriers such as legislation and lack of access to mainstream financial services have made it especially difficult for Indigenous communities and individuals to acquire wealth and to access debt. This has affected their ability to gain income security. The broader challenges faced by Indigenous Peoples in terms of access to school, work, and home ownership can impact their ability to manage money as well as choose appropriate products and services to meet their needs. Many Aboriginal communities are geographically isolated (remote and isolated communities) and lack access to basic financial services and Internet. Many Indigenous Peoples from urban and rural locations also face social barriers and discrimination and may feel uncomfortable seeking information and assistance from mainstream banking branches. A lack of trust towards mainstream financial institutions and government programs has implications for financial literacy and decision-making. Anna Wilcynski et al. in their survey of Indigenous Peoples and financial literacy in Australia remarked, “Participants from remote communities have particular issues relating to access as they are often a long way from their local branch. Participants from metropolitan, regional, and remote locations have unmet for access to staff in mainstream financial organizations they feel comfortable with” (NIMMA, 2006, i). ). Other studies examine: use of fringe financial institutions; personal and structural constraints; and financial literacy among low-income Canadians (Bowles et al, 2011; Buckland, 2010; Buckland, Fikkert, & Gonske, 2013). Indigenous Peoples may also face cultural barriers such as language, values, and beliefs that affect financial decision-making. Many Indigenous Peoples place great value on community and connectedness. This may affect their willingness to independently save. Also, many Indigenous Peoples have familial and community obligations which both positively and negatively impact the way they manage money. In conclusion, it is important to underscore the fact that financial literacy is gaining increasing recognition as an essential life skill for people to have in order to enjoy financial wellness and wellness more broadly. Charles Fadel remarks that, “the need to teach financial literacy has never been more urgent. It is driven by higher unemployment rates, increasing individual responsibility for investment decisions, increasing levels of indebtedness and a longer life expectancy.” (Fadel, 2011, 2). As such, increasing financial literacy levels of Indigenous Peoples may contribute to enhancing other aspects of their quality of life. When considering the unique barriers Indigenous Peoples face to acquiring financial literacy it becomes important to consider that Indigenous Peoples may greatly benefit from financial literacy programs that are curtailed to address their various needs and circumstances. Figure 7 illustrates the various barriers Indigenous Peoples face in acquiring financial wellness.
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Literature Review of Indigenous Financial Literacy Figure 7: Barriers to Financial Wellness
Educational Barriers: lack of development of basic skills essential to financial literacy: numeracy, logic reasoning etc., lack of access to formal education etc. Cultural Barriers: different beliefs and values that impact financial decision--‐ making including language barriers Economic Barriers: lack of access to capital, to access debt, to gaining employment and income security Social Barriers: lack of comfort in dealing with mainstream banking services Structural Barriers: lack of infrastructure, Internet access, and access to basic banking services.
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5. Research Findings 5.0 Overview of Results From the financial literacy literature searches, 72 studies were included in the study as they adhered to the criteria outlined above (Refer to Table 1 in Appendix 6). Of the 72 studies, 72% related to Indigenous populations. As depicted in the red columns in Figure 1, in this study:
All of the studies reviewed from the United States were about Indigenous financial literacy.
95% of the Australian studies reviewed were specifically about Indigenous financial literacy.
75% of the New Zealand studies reviewed were specifically about Indigenous financial literacy.
29% of the Canadian studies reviewed were specifically about Indigenous financial literacy.
Figure 1: Number of Studies by Country
25
20 15 Studies
10
Indigenous Studie 5
Review of Programs
0 of accessible programs was also undertaken employing the same search terms. A A review total of 50 Indigenous programs were found (Refer to Table 2 in Appendix 6). As depicted in New United Figure 2, ofAustralia the 50 programs:Canada Zealand December 20, 2013
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36% are from Australia; 30% are from the United States; 22% are from Canada; and 12% are from New Zealand.
Figure 2: Number and Percentage of Programs by Country
Number and Percentage of Indigenous Studies and Programs in this Study Across the Life Cycle. In this study, the number of Indigenous studies and programs across the life cycle totalled 105 with 38.1% focusing on adults, 31.4% focusing on youth, 21% focusing on the elderly, and 9.5% focusing on children (Refer to Table 3 in Appendix 6).
As illustrated in Figure 4, the Australian studies and programs reviewed totalled 24 with 16 (66.7%) focusing on adults, 5 (20.8%) focusing on youth, 2 (8.3%) focusing on children, and 1 (4.2%) focusing on the elderly.
As illustrated in Figure 4, the Canadian studies and programs reviewed totalled 28 with 9 (32.1%) each focused on adults and the elderly, 8 (28.6%) focused on youth, and 2 (7.1%) focused on children.
As illustrated in Figure 4, the New Zealand studies and programs reviewed totalled 17 with 6 (35.3%) each focused on youth and adults, 4 (23.5%) focused on the elderly, and 1 (5.9%) focused on children.
As illustrated in Figure 4, the United States studies and programs reviewed totalled 36 with 14 (38.9%) focused on youth, 9 (25%) focused on adults, 8 (22.2%) focused on the elderly and 5 (13.9%) focused on children.
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Figure 4: Number of Indigenous Studies and Programs by Life Cycle
5.1 The Australian Profile 5.1.1 Aboriginal and Torres Strait Islander Peoples Indigenous Peoples of Australia are referred to as Indigenous Australians, which also includes Torres Strait Islander peoples making up 2.5% of the Australian population, or 520,000 individuals. Most Indigenous Australians live in regional centers (43%) or cities (32%) and some live on traditional land and coastal estates. It is estimated that Indigenous Australians lived in Australia for at least 40,000 years. In 1788 it is estimated that 1.5 million Indigenous Australians lived in Australia. Despite recent improvement, Indigenous Australians' health status remains below Australians. Some progress has been made particularly in education, where educational attainment of Aboriginal and Torres Strait Islanders has increased. Also "progress is being made in the area of cross-cultural land management and legal recognition of traditional marine estates, as well as broader communication and understanding of the realities and the complexity of “remote” Indigenous Australia" (IWGIP, 2012, 258). 5.1.2 Socio-Economic Conditions Indigenous unemployment rate is three times the general population (15.6% in 2006). The median age of Indigenous Australians is 21 years (37 years for non-Indigenous) Indigenous median income is just over half of non-indigenous income. 34% of Indigenous Peoples owned their homes, compared to 69% of non-Indigenous peoples. December 20, 2013
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25% of the Indigenous Peoples lived in overcrowded households. 46% of Indigenous communities had no connection to a town water supply. Indigenous adults are twice as likely to report their health as fair or poor and psychological stress, and are twice as likely to be hospitalized. Infant mortality rates remains unacceptably high at 10-15% Life expectancy for Aborigines is 17 years less than the national population. (Sources: Australian Bureau of Statistics 2006 and 2011 census; IWGIA. 2012. IWGIA report: http://www.iwgia.org/regions/oceaniapacific/australia) 5.1.3 Australian National Strategy for Financial Literacy Overview. The Australian Government established a National Consumer and Financial Literacy Taskforce in 2004, which recommended the establishment of the Financial Literacy Foundation in 2005. In 2008 the functions of the Foundation were transferred to the Australian Securities and Investments Commission (ASIC). In 2011, ASIC released a National Financial Literacy Strategy to improve the financial literacy levels of all Australians. Currently, the National Strategy is being reviewed (2013) to identify key issues and priorities for 2014-16 (http://www.financialliteracy.gov.au/). Goals. The four core elements of the Australian Strategy are as follows: 1) using educational pathways to build financial literacy for all Australians; 2) provide Australians with trusted and independent information, tools and ongoing support; 3) recognizing the limits of education and information, and developing additional innovative solutions to drive improved financial wellbeing and behavioral change; and 4) working in partnership and promoting best practices. Delivery. The financial literacy foundation works to build the capacity of Australians to manage their money and effectively does so by working through two broad streams of work: “Addressing attitudinal and behavioral barriers through awareness-raising – a whole-ofpopulation approach to raising awareness of financial literacy and its benefits, and encouraging people to engage with information and resources through the Understanding Money campaign, website and handbook; and addressing structural barriers through education and training initiatives designed to sustain long-term generational improvements in financial literacy by creating opportunities for Australians of all ages to learn more about money – at school, through vocational and higher education, in the workplace and in the community” (Clitheroe, 2008, 17). Implications for Indigenous Peoples. ASIC has partnered with other federal bodies and private organizations to undertake research, develop resources, and implement a range of programs (including Money Management and Money Business) to improve the financial literacy of its Indigenous Peoples, particularly those living in remote communities. Interestingly, in Australia attempts to deal with the banking and financial literacy issues of Indigenous Australians began even before efforts to put together a national strategy were in place. For instance, Reconciliation Australia, a national organization, brought together December 20, 2013
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Literature Review of Indigenous Financial Literacy representatives from Indigenous organizations, the public sector, and government to put together the National Indigenous Money Management Agenda in 2002. The Community Consultation Report (2006) identified many recurrent themes across various Indigenous populations and suggested several future directions for financial literacy education among Indigenous peoples. In their recommendations NIMMA underscored the importance of tailoring programs to the needs and circumstances of Indigenous Peoples and communities, that training should be ongoing, and those strategies should be championed by Indigenous organizations. 5.1.4 Indigenous Australians and Torres Strait Islander Financial Literacy Landscape An analysis of the Australian financial literacy literature was undertaken examining three dimensions: a. Year Studies Written (2000-2013); b. Life Cycle (Children, Youth, Adults, Elderly); and c. Financial Literacy Focus/Concepts. a. Year Australian Studies Written (2000-2013) An analysis of 20 Aboriginal and Torres Strait Islander financial literacy studies from Australia showed the following (Refer to Table 4 in Appendix 6). Half of the studies/reports were written in the last 3 years from 2010 to 2013. 25% of the studies/reports were written between 2006 - 2009. 20% of the studies/reports were written between 2002 - 2005. No studies were written in 2000 and 2001. b. Life Cycle (Children, Youth, Adults, Elderly) Looking at the Australian Aboriginal and Torres Strait Islander financial literacy studies across the life cycle, the findings indicate that the majority (95%) of studies related to the adult population. Twenty per cent of the studies related to the elderly, 10% of the studies were about children and 10% were about youth. Refer to Table 5 in Appendix 6. c. Financial Literacy Focus/Concepts The picture of the financial literacy focus that emerged from an examination of the Australian financial literacy studies indicated that a broad array of financial literacy topics was covered. Refer to Table 6 in Appendix 6 for the complete list of financial literacy topics. The two financial literacy topics with the highest percentage (10%) each were: improving banking and financial services; and good and best practice. The three financial literacy topics in 6.9% each of the financial literacy literature studies included: understanding money - meeting the need of Indigenous Australians; providing greater access to financial products and services; and December 20, 2013
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increasing cultural awareness.
Findings from the Financial literacy Literature The Australian Government has been active in enhancing the financial literacy of Aboriginal and Torres Straight Islanders. For instance, ASIC’s website MoneySmart hosts a server for Aboriginals and Torres Straight Islanders, offers publications specifically for Indigenous peoples such as: “paying for funerals” provides links to the Indigenous radio program, “Money Talks” and offers an Indigenous financial helpline.
Additionally, there are also several National organizations making efforts to promote Indigenous financial literacy education. For instance, Reconciliation Australia brought together representatives from Indigenous organizations, the public sector, and government to put together the National Indigenous Money Management Agenda in 2002, which made recommendations on future directions for financial literacy education for Indigenous Peoples in Australia.
There are a number of institutions which have been established since the early 1970s to facilitate Indigenous access to finance or to assist in accumulating financial resources for the current and future benefits of Indigenous Australians: The Aboriginal and Torres Strait Islander Commission (ATSIC), The Indigenous Land Corporation (ILC), Indigenous Business Australia (IBA), The Aboriginals Benefit Account (ABA), The NSW Statutory Investment Fund (Alttman, 2002).
There are a variety of successful community organizations delivering Indigenous financial literacy education across the country. For instance, First Nations Foundation has produced several reports and studies concerning financial literacy and Aboriginal and Torres Straight Islanders. Also FNF developed the My Moola financial literacy program which recently received funding from the Financial Services Council to expand its programming.
Australian banks have been actively involved in addressing the financial literacy needs of Aboriginal and Torres Straight Islanders. For instance, ANZ developed Money Business, and works with Indigenous communities and the Australian Government to develop innovative programs and initiatives to help build financial capability and money management skills of Indigenous people.
There are Indigenous credit unions throughout Australia that are working to address the financial needs of Aboriginal and Torres Straight Islanders. For example, the (TCU) Traditional Credit Union has branches in eight remote Indigenous communities (Milingimbi, Wadeye, Maningrida, Galiwin’ku, Gapuwiyak, Gunbalunya, Barunga and Ramingining) and a head office located in Darwin. The TCU provides banking services, manages periodical payments and loans, and provides financial counseling and financial literacy programs to its members. In addition to usual banking services the TCU also offers clan accounts, under which members of a particular clan can save for a cultural activity
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Literature Review of Indigenous Financial Literacy such as a funeral or ceremony, Christmas Club accounts and accounts aimed at aiding budgeting (McDonnel et al., 2002). 5.1.5 Aboriginal and Australia Torres Strait Islander Financial Literacy Programs An analysis of the Aboriginal and Australian Torres Strait Islander Financial Literacy Programs was undertaken examining the following dimensions. a. Life Cycle b. Financial Literacy Concepts c. Learning Methodology d. Learning Environment a. Life Cycle As outlined in Table 7 in Appendix 6, when examining the Australian programs across the life cycle, it was found that the majority (66.7%) of programs in the study address the adult population. Twenty percent of the programs target youth, 8.3% of the programs target children, and 4.2% of the programs relate to the elderly population. b. Financial Literacy Concepts An analysis of the Australian programs in the study indicated that the financial literacy concepts that emerged covered a broad and diverse array of topics that are delineated in Table 8 in Appendix 6. The key topics covered are noted as follows. The majority (61%) of programs focused on managing finances or money management. 38.9% of the programs addressed savings and building assets. 33.3% of the programs focused on: budgeting; and credit purchasing (credit & borrowing). 27.8% of the programs addressed: banking, internet and phone banking; scams, sharks and traps; and smart shopping and informed consumers. 16.7% of the programs focused on: debt and debt management; financial services; small loans (money loans); book up; and goal setting (financial goals). c. Learning Methodology An analysis of the Australian programs in the study showed that the key learning methodologies used to assist Aboriginal and Torres Strait Islanders in financial literacy programs are as follows. Refer to Table 9 in Appendix 6. 61.1% of the programs provided community workshops and training. 27.8% of the programs provided mentoring. 16.7% of the programs provided: online resources and tools; publications, guidebooks and guidelines; and website materials and activities. 11.1% of the programs provided: courses; networking; and coaching. The remaining programs provided a variety of learning methodologies that are listed in Table 9.
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Literature Review of Indigenous Financial Literacy d. Learning Environment An analysis of the Australian programs in the study showed that the learning environment provided by the programs were as follows. Refer to Table 10 in Appendix 6. 37.5% of the programs provided education and capacity development in communities. 18.9% of the programs made publications and copies of materials available for learning. 12.5% of the programs provided: online learning; and workshops delivered by facilitators. The remaining programs each provided: ipods; interactive learning; and a Money Mob which travelled to communities. 5.1.6 Aboriginal and Torres Strait Islander Promising Practices An examination of the promising practices that emerged from the Australian programs in the study are noted below across the five promising practices dimensions. Refer to Table 11 in Appendix 6. In relation to the dimension of community, it was found that 77.8% of the programs in the study provided benefits to the community; 44.4% of the programs supported community delivered programs; and 22.2% of the programs were community driven.
In relation to the dimension of culture, it was found that 77.8% of the programs in the study engaged in knowledge translation; 38.9% of the programs addressed cultural relevance; and 27.8% of the programs practiced cultural safety.
In relation to the dimension of practical benefits, it was found that 44.4% of the programs in the study provided financial literacy education when incorporated in existing education programming; 33.3% provided personal benefits; 22.2% provided financial literacy education in employment training; and 16.7% provided financial benefits.
In relation to the dimension of partnerships, it was found that 83.3% of the programs in the study, partnered with the public sector; 77.8% partnered with the private sector; 66.7% partnered with the Indigenous sector; and 38.9% partnered with the financial sector.
In relation to the dimension of a strength based approach, it was found that 33.3% of the programs provided local solutions and 11.1% of the programs incorporated continuous quality improvement mechanisms.
5.1.7 Case Study: Partners in Delivering Culturally Appropriate Financial Literacy Programs My Moola was developed in 2007 through a partnership between First Nations Foundation (FNF) and the Australia and New Zealand Banking Group Limited (ANZ) under a shared commitment to improve the financial inclusion of Indigenous Australians. FNF is an December 20, 2013
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Literature Review of Indigenous Financial Literacy Indigenous not-for-profit organization with a vision of encouraging financial inclusion for Indigenous Australians by improving access to culturally appropriate financial services and delivering culturally appropriate financial literacy programs. The financial literacy program ‘My Moola: Opening Financial Pathways’ was piloted with the Indigenous people of the Goulburn Valley region of Victoria. The program is described as a fun, interactive, 10-week program that links personal development and goal setting with financial literacy and ongoing mentoring. The My Moola program is delivered in several Indigenous Australian communities. In Shepparton for example, the Indigenous community is working towards a vision of ‘wellbeing’ - wellbeing that encompasses, "a sense of control of one’s life; the ability to manage threats (such as boredom, drugs and alcohol); a sense of connectedness to community and place; a relationship with the mainstream or broader, non-Indigenous community; and a sense of pride in the history of the Indigenous culture." My Moola involves an interactive program that links personal development and goal setting with financial literacy and ongoing mentoring. Some of the material contained in the My Moola financial literacy component has been drawn from ANZ’s MoneyMinded resource and MoneyBusiness. The program includes, goal setting, overcoming barriers to success, making money stretch past payday, planning to win, looking after my future, internet and phone banking, credit can be a wealth hazard, money loans, sharks and traps, sharing my vision and reflection. Source: http://www.fnf.org.au/my-moola-communities.html
5.2 The Canadian Profile 5.2.1 Aboriginal Peoples Section 35 of the Constitution Act of Canada, 1982, recognizes Aboriginal peoples of Canada as: Indians (known as First Nations); Inuit; and Métis. According to the National Household Survey, there are 1,400,685 Aboriginal peoples in Canada representing 4.3% of the total Canadian population. Of this total, 60.8% (851,560) are First Nations, 32.3% (451,795) are Métis, and 4.2% (59,445) are Inuit (Statistics Canada, 2011, 4 & 5). The Aboriginal population is culturally diverse. There are 11 Aboriginal languages groups in Canada, made up of more than 65 distinct languages and dialects. Many of the languages are threatened, however, Inuktitut (Inuit language), Cree (First Nation language), and Ojibway (First Nation language) are considered to be viable over the long term. Métis speak Mischif, which is a mixed language with a uniformity established in the early nineteenth century. Over the past 10 years there has been a rapid increase in education attainment for Aboriginal peoples in Canada. Despite education attainment income inequality persists (Wilson, 2010, 3). However many Aboriginal peoples with university degrees overcome the income gap. Aboriginal women with a Bachelor’s degree actually have higher median incomes compared December 20, 2013
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Literature Review of Indigenous Financial Literacy to Canadian women with a similar education: "the findings in this study suggest reason for hope. Parity with other Canadians is a real possibility for First Nations, Inuit and Métis people. Wiping out Aboriginal poverty and closing the income gap between Aboriginal peoples and the rest of Canadians is a possibility, within our lifetime” (Wilson, 2010, 4). 5.2.2 Socio-Economic Conditions The Aboriginal population in Canada is young. 28% of the total Aboriginal population are children aged 14 and under compared to 16.5% of the total non-Aboriginal population in Canada. 18.2% of the total Aboriginal population are youth aged 15 to 24 compared to 12.9% of the total non-Aboriginal population in Canada. The median age of the Aboriginal population is 28 years of age compared to the median age of the non-Aboriginal population which is 41 years of age. Inuit had a median age of 23, First Nations had a median age of 26 years of age, and Métis had a median age of 31. The elderly (seniors) made up a lower proportion of the total Aboriginal population with 5.9% of the total Aboriginal population aged 65 and over compared to 14.2% of seniors in the non-Aboriginal population. More than half Aboriginal peoples live in urban centers. The Aboriginal population in Canada is a growing population: increasing by 20.1% between 2006 and 2011 compared with 5.2% for the non-Aboriginal population. Median income for Aboriginal peoples was $18,962 in 2006, 30% less than the rest of Canadians. 55% of First Nations live on-reserve and 45% reside off-reserve in urban, rural, special access and remote areas. Many Métis live in urban centers, across the nation with many in western Canada. Almost three quarters of Inuit in Canada live in Inuit Nunangat comprising four regions: Nunatsiavut; Nunavik; Nunavut; and the Inuvialuit region. Many Aboriginal peoples live in sub-standard and overcrowded housing. In 2006, "Aboriginal people were almost four times as likely as non-Aboriginal people to live in a crowded dwelling. They were three times as likely to live in a home in need of major repairs" ( Statistics Canada, 2006, 6). Aboriginal peoples suffer from high rates of diabetes, heart disease etc. compared to Canadians. (Source: Statistics Canada 2005, 2011; http://www.statcan.gc.ca/pub/89-645-x/2010001/c-g/cg011-eng.htm)
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Literature Review of Indigenous Financial Literacy 5.2.3 Canadian National Strategy for Financial Literacy Overview. The Canadian Government appointed the National Task Force for Financial Literacy in 2009. The Task Force was mandated to make recommendations to the Minister of Finance on what measures need to be taken in order to develop a robust national strategy to improve financial literacy in Canada. The Taskforce produced a report outlining their recommendations entitled, “Canadians and Their Money Building a Brighter Financial Future” in 2010. In response to the Task Force’s key recommendation for dedicated leadership, the Government tabled Bill C-28, the Financial Literacy Leader Act, on November 30, 2011, to establish the legislative framework to appoint a Financial Literacy Leader. Bill C-28 received Royal Assent on March 27, 2013, and the Government is now working to launch a selection process to appoint a Financial Literacy Leader within the Financial Consumer Agency of Canada who will implement a National Strategy for financial literacy. Goals. The five priorities proposed by the Task Force include the following: shared responsibility, leadership and collaboration, lifelong learning, delivery and promotion, and accountability. Delivery. The Government has not yet begun to implement a National Strategy; however, the Task Force put out 30 recommendations to give direction on ways forward. The following are some of the Task Force’s major recommendations. The Government of Canada should continue to take a lead role in promoting financial literacy; that it should seek to achieve public policy objectives by working in collaboration with other levels of government and with stakeholders in the private and voluntary sectors; and that it should create an appropriate mechanism to execute the National Strategy. The need for a sustained public awareness campaign on financial literacy was emphasized, supported by the proposed single source website. The Government of Canada should enhance the evaluation capabilities of financial literacy education providers. Statistics Canada’s 2009, Canadian Financial Capability Survey, has paved the way for the development of a National Financial Literacy Index. Implications for Aboriginal Peoples. The Task Force identified 30 recommendations. Only a few pertained specifically to Canada’s Aboriginal population. It was recommended that the Government of Canada support existing capacity-building initiatives in First Nations communities by offering culturally relevant financial literacy tools, training, and resources to organizations involved in these initiatives. The Task Force also recommended that the Government of Canada, as part of the 2011/12 renewal of its Urban Aboriginal Strategy (UAS), invest in creating financial literacy training programs for young Aboriginal Canadians. It is also worth noting that several provinces in Canada have integrated, or will soon launch, a financial literacy curriculum within their educational systems, including British Columbia, Manitoba, and Ontario. The Task Force has argued that any provincial or territorial initiative to include financial literacy in their curriculums will have the downstream effect of benefiting
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Literature Review of Indigenous Financial Literacy First Nation students. The Task Force, however, recommended that provinces and territories consider adapting any financial literacy curriculum to meet the needs of First Nation students. 5.2.4 Aboriginal Financial Literacy Landscape An analysis of the Canadian financial literacy literature was undertaken examining three dimensions: a. Year Studies Written (2000-2013); b. Life Cycle (Children, Youth, Adults, Elderly); and c. Financial Literacy Focus/Concepts. a. Year Canadian Studies Written (2000-2013) An analysis of 21 Aboriginal financial literacy studies from Canada showed the following. Refer to Table 12 in Appendix 6. 66.7% of the studies were written in the last 3 years from 2010 to 2013. 33.3% of the studies/reports were written between 2006 - 2009. No studies were written in 2000 and 2001 and 2002-2005. b. Life Cycle (Children, Youth, Adults, Elderly) Looking at the Canadian financial literacy studies across the life cycle, the findings indicate that 33.3% of the studies related to the youth population. Of the remaining studies, 28.6% were about adults, 28.6% were about the elderly and 9.5% were about children. Refer to Table 13 in Appendix 6. c. Financial Literacy Focus/Concepts The picture of the financial literacy focus that emerged from an examination of the Canadian financial literacy studies indicated that a broad array of financial literacy topics were covered. Refer to Table 14 in Appendix 6 for the complete list of financial literacy topics.
11.4% of the studies focused on Indigenous and non-Indigenous Surveys. 6.8% of the studies focused on financial capability. 4.5% of the studies each focused on the 10 financial literacy topics listed below. 1) Understanding money, financial & commercial literacy programs 2) Schools - equipping young Indigenous youth with skills to manage money improve Indigenous literacy in schools 3) Evaluation of program 4) National strategy report 5) Assess financial literacy needs of Indigenous people 6) Financial literacy training is most effective when integrated 7) Fringe or mainstream financial service 8) Key results from the financial inclusion research 9) Low-Income research and financial histories 10) Recommendations to strengthen Canadians financial literacy
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Literature Review of Indigenous Financial Literacy Findings from the Financial literacy Literature The government has yet to design and implement an official Financial Literacy Strategy. However, Canada is currently making headway in the field of financial literacy. Several governmental and non-governmental organizations are supporting movement in this direction.
The Financial Consumer Agency of Canada in collaboration with its partners has developed several educational programs and materials to help Canadians increase their financial and personal money management skills and knowledge.
SEDI has been at the forefront of national financial literacy initiatives in Canada since 1995 and have achieved “significant policy and program impacts” in this area. In fact they recommended that the government establish a Taskforce on financial literacy.
AFOA Canada has become the center for excellence and innovation in Aboriginal finance and management and has the potential to become a leader in Indigenous financial literacy in Canada.
The National Task Force on Financial Literacy was commissioned to make recommendations to advise a National Strategy on financial literacy. During the consultation process the Task Foce produced several studies and reports on Financial Literacy in Canada including one report directly concerning Canada’s Aboriginal population entitled Aboriginal Financial Literacy in Canada Issues and Directions” (Collin, 2011).
In 2009 Statistics Canada undertook the Canadian Survey of Financial Capability involving over 20,000 respondents. This survey set the benchmark for measuring progress over time. However, this survey provided little information about Indigenous financial literacy.
Several provinces have integrated, or will soon launch, a financial literacy curriculum within their educational system (British Columbia, Manitoba, and Ontario). The Taskforce has encouraged educators with Aboriginal students to adapt these materials to suit their needs and cultures.
Several of Canada’s large banks have made efforts to address the financial literacy needs of Aboriginal peoples in Canada. For instance, the Bank of Montreal (BMO) is working with First Nations and their members to create on-reserve housing loan programs without federal government assistance. Also, TD Bank Financial Group announced unprecedented funding of $14.5 million to SEDI for financial literacy. Funds went to SEDI's Canadian Centre for Financial Literacy to the new TD Financial Literacy Grant Fund. Co-founded with SEDI, the grant fund is the first of its kind in Canada and distributes millions in grants to community groups for financial literacy training.
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Over the last 30 years, a number of Aboriginally owned and operated financial institutions have been established that reach out to Aboriginal individuals, businesses, and public institutions with products and services that are tailored to their circumstances and legal environment. These include products such as basic banking services, micro-lending, highrisk business start-up and expansion financing, housing programs, personal and business financing, infrastructure financing, insurance, employee benefits plans, tax-exempt investment instruments, and other tools (Collin, 2011).
The effort over the last fifteen years to develop modern Aboriginal financial governance systems and capacity is having a significant impact on financial literacy. There is an increasing need for revised accounting and reporting requirements, the hiring of qualified financial managers, and the development of financial management codes and standards (Collin, 2011).
5.2.5 Aboriginal Financial Literacy Programs An analysis of the Canadian Financial Literacy Programs was undertaken examining the following dimensions. a. Life Cycle b. Financial Literacy Concepts c. Learning Methodology d. Learning Environment a. Life Cycle As outlined in Table 15 in Appendix 6, when examining the Canadian programs across the life cycle, it was found that the majority 32.1% of programs reviewed in the study address both the adult and elderly populations. Twenty eight percent of the programs target youth, and 7.1% of the programs target children. b. Financial Literacy Concepts An analysis of the Canadian programs reviewed in the study indicated that the financial literacy concepts that emerged covered a broad and diverse array of topics that are delineated in Table 16 in Appendix 6. The key topics covered are noted as follows. The majority (10.6%) of programs reviewed focused on budgeting. 8.5% of the programs covered each of the 3 financial literacy concepts which included: managing finances; banking, costs, products and interest rates; and credit and borrowing. 6.4% of the programs covered each of the 3 financial literacy concepts which included: savings and building assets; debt and debt management; and financial services. The remaining programs covered a diverse array of 20 financial literacy concepts that are outlined in Table 16 in Appendix 6.
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Literature Review of Indigenous Financial Literacy c. Learning Methodology An analysis of the Canadian programs reviewed in the study showed that the key learning methodologies used to assist Aboriginal Peoples in financial literacy programs are as follows. Refer to Table 17 in Appendix 6. 22.2% of the programs provided community workshops and training. 14.8% of the programs provided money management courses. 11.1% of the programs provided: activities and interactive workshops. 11.1% of the programs provided: building staff capacity. 7.4% of the programs provided: online resources and tools. 7.4% of the programs provided: website based learning. The remaining programs provided a variety of learning methodologies that are listed in Table 17 in Appendix 6. d. Learning Environment An analysis of the Canadian programs reviewed in the study showed that the learning environment provided by the programs were as follows. Refer to Table 18 in Appendix 6. 41.2% of the programs provided in-person workshops. 29.4% of the programs provided community delivered, capacity development, education, in schools. 11.8% of the programs provided one-on-one support. 5.9% of each of the remaining programs provided: online learning: publications; and self-guided learning. 5.2.6 Aboriginal Promising Practices An examination of the promising practices that emerged from the Canadian programs reviewed in the study is provided below across the five promising practices dimensions. Refer to Table 19 in Appendix 6. In relation to the dimension of community, it was found that 50% of the programs in the study provided benefits to the community; 31% of the programs were community driven; and 19% of the programs supported community delivered programs.
In relation to the dimension of culture, it was found that 34.8% of the programs addressed cultural relevance; 34.8% of the programs in the study engaged in knowledge translation; and 30.4% of the programs practiced cultural safety.
In relation to the dimension of practical benefits, it was found that 35% of the programs in the study provided financial literacy education when incorporated in existing education programming; 30% provided financial literacy education in employment training; 20% provided personal benefits; and 15% provided financial benefits.
In relation to the dimension of partnerships, it was found that 27.8% of the programs in the study, partnered with the public sector; 27.8% partnered with the private sector;
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Literature Review of Indigenous Financial Literacy 22.2% partnered with the financial sector; and 22.2% partnered with the Indigenous sector.
In relation to the dimension of a strength based approach, it was found that 50% of the programs provided local solutions and 50% of the programs incorporated continuous quality improvement mechanisms.
5.2.7 Case Study: AFOA Canada and Financial Literacy Capacity Development Over the last 15 years, AFOA Canada has actively engaged in the capacity development of Aboriginal peoples in the areas of finance and administration through the provision of online courses, professional development workshops, and community in-person workshops. More recently, the development of personal portfolios through the Prior Learning and Recognition Assessment process is now available for the Certified Aboriginal Professional Administrator (CAPA) Program and will soon be available for the Certified Aboriginal Financial Manager (CAFM) Program. The journey to enhance financial literacy of Aboriginal professionals began with development of the CAFM Program with first course offerings provided in September 2002. To date AFOA Canada has designated 493 CAFMs. AFOA Canada has also developed the following initiatives that relate directly to enhancing financial literacy. The Demystifying Finance for Elected Aboriginal Leaders is a one day workshop that was developed for elected officials in First Nations communities: the goal was to provide knowledge to help them understand and interpret financial reporting and information. Topics covered in the workshop included: leadership roles and responsibilities; basic financial concepts and reporting; financial reports; budgets and budget controls; and financial governance and decision making. The Dollars and Sense Program was developed in 2011 as a half day workshop for Aboriginal youth in school. The goal of the program is to enable youth to increase their financial knowledge in the following areas: principles of effective money management; income and expenses; budgeting and goal setting; saving and investing; purchasing and consumer awareness; credit and risk; banking; and how sound financial practices impact you and your community. Currently the program is undergoing revisions to enhance community delivery in schools: the half day workshop has been transformed into modules which fit into the class schedules in schools. Modules are being developed for: secondary school students in grades 11 and 12; middle school for grades 7 and 8; and elementary school for grades 3 and 4. These modules are hands on, participatory and interactive in order to engage students in the learning process. It is also possible to customize a module that fits the needs of the community in terms of topics and time available. All modules will be ready for delivery by March 31, 2014. AFOA Canada is also working in collaboration with the Assembly of First Nations, Aboriginal Affairs and Northern Development Canada, and the Atlantic Chiefs and Chief Financial Officers to identify the financial literacy and acumen needs of First Nations communities. Based on the needs generated, AFOA Canada plans to develop materials and workshops to address the gaps.
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Literature Review of Indigenous Financial Literacy Their objective is to upgrade and broaden management skills and practices that support high performance in Aboriginal communities. The National Chief Shawn A-in-chut Atleo, Assembly of First Nations, said, "Developing capacity among First Nation senior management and elected leaders is critical in our efforts to support First Nations governments and our social and economic goals. These workshops are designed to help build that capacity." The workshops are delivered across Canada in urban as well as northern locations. AFOA Canada is a not-for-profit association founded in 1999 to help First Nations, Inuit and Métis better manage and govern their communities and organizations through a focus on enhancing finance and management practices and skills. AFOA publishes the Journal of Aboriginal Management (JAM), Canada’s only professional Aboriginal management journal. Part of its mandate is to promote excellence and professionalism in Aboriginal Communities and organizations, while supporting Aboriginal accountability and self-determination. AFOA’s premise is that effective management is key to building social and economic prosperity and essential to successful Aboriginal governance. (Source: http://www.afoa.ca/)
5.3 The New Zealand Profile 5.3.1 Māori The Indigenous Peoples of Aotearoa (New Zealand) are the Māori and represent 14.6% of the 4.3 million population (IWGIA, 2011). Māori mostly live in urban centers. The Treaty of Waitangi was signed in 1840 between the British and Māori which gave the British governance rights and promised that the Māori would retain sovereignty over their lands and resources and also gave them British citizenship. Non-observance of the Treaty has been the source of much grievance, and in the last two decades various settlements have been made which are having a considerable impact on the economic development of several iwi (tribes). In recent years Māori have made education a priority. A study by Cooke et al. (2007) found that "the consistent improvement in educational attainment for Māori is most striking, narrowing the gap with non-Māori". Mäori are also playing a leading role in New Zealand's economy. In a recent report the late Parekura Horomia, Minister of Mäori Affairs, wrote that "In recent years we’ve seen tremendous improvements in Mäori education, employment and health status." He concludes that Mäori are playing an increasingly crucial part in New Zealand’s economy through education, employment and enterprise (FoMA, 2006, 3). Traci Houpapa, Chairman, Federation of Māori Authorities recently wrote that the BERL Report estimated the Māori asset base to be worth $36.9 billion (Houpapa, 2012, 1). There are other Polynesian populations in New Zealand; Pacific Islanders make up 6.9% of the national population (Statistics New Zealand, 2006, 1).
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Literature Review of Indigenous Financial Literacy 5.3.2 Socio-Economic Conditions Māori with a post secondary education increased from 16.1% to 22.6% between 1986 and 1996. Unemployment rate is more than twice the national average (7.7% vs. 3.8%) As of March 2013, the Maori rate is 14.1%. Household income is 72% of the national average. Median age for Māori is 26 and fertility rate 2.8 Life expectancy is nearly 10 years lower than the national average. Māori are four times as likely to live in overcrowded homes Home ownerships has fallen from 61.4% to 45.2% since 1991. 50% of the prison population is Māori. (Sources: Statistics New Zealand, 2006 census; IWGIA – The Indigenous World – 2013, http://www.iwgia.org/regions/oceaniapacific/aotearoa-new-zealand. 5.3.3 New Zealand's National Strategy for Financial Literacy Overview. In New Zealand, a National Strategy for Financial Literacy was put forth by the Retirement Commission in 2010, which set the framework for the development and coordination of financial literacy programs throughout New Zealand. The Retirement Commission has a mandate to inform and educate New Zealanders about financial management and retirement planning. The National Strategy was revised in 2012 to ensure it remains relevant in the evolving economic conditions of New Zealand. Goals. The overarching goals of New Zealand’s National Strategy focuses on developing quality, and extending the delivery of financial education, sharing what works, and working together in order to achieve the outcome of a financial literate population. Delivery. Initially the Retirement Commission focused on retirement and the life stages leading up to retirement. This information was available to the public in the form of printed brochures. In 2001, the decision was made to move from print material to a website – Sorted.org.nz (Crossan, 2008, 28). Now Sorted is internationally recognized as one of the best independent sources for financial information. The Commission has conducted adult financial literacy surveys, with the first taking place in 2005. The Ministry of Education is responsible for providing financial education in schools (work in this area is just commencing); however, the Commission works to enhance financial literacy education through professional development and resources for teachers. The Commission also seeks out community partnerships and workplace partnerships to develop financial literacy. In 2011 the Retirement Commission was renamed the Commission for Financial Literacy and Retirement Income. Implications for Indigenous Peoples. In New Zealand the Commission for Financial Literacy and Retirement Income developed a specific financial literacy strategy for the Maori (2012) under the rationale that an enhanced strategy is needed for the Maori that will set directions December 20, 2013
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Literature Review of Indigenous Financial Literacy for goals specific to the Maori and to address the findings of the ANZ - Retirement Commission Financial Knowledge Surveys which showed that the Maori population scored markedly lower than the general population. Except that one tribe, Ngai Tahu, had levels of financial literacy comparable to the population as a whole. The Maori financial literacy strategy is still in infancy; however the Commission is working hard to enhance Maori financial literacy by developing partnerships amongst iwi, hap , whānau and Māori groups and financial education providers (including government, non-government and financial sector organizations) by identifying and using iwi and Māori information distribution channels by targeting the schools with high Māori student population and by developing a monitoring and evaluation program to report on the level and growth of the financial knowledge levels of Māori. The Commission held five stakeholder workshops on the Maori strategy in 2012 to discuss ways of engaging Mäori at iwi, hapu and whanau level. The Commission is also very involved in working with the Ngai Tahu to understand and duplicate their success in financial literacy with other Maori. For instance, he Retirement Commission in partnership with ANZ and the Ngäi Tahu developed The MoneyMinded Aotearoa program, which aims to follow participants for 18 months to track their progress in financial knowledge and behavior after completing a face-to-face program. The program has been running successfully in Australia and has been contextualized to suit the needs of Ngäi Tahu participants. It is hoped that, once the pilot phase is complete, the program will be made available to the rest of the Mäori population. 5.3.4 Māori Financial Literacy Landscape An analysis of the New Zealand financial literacy literature was undertaken examining three dimensions: a. Year Studies Written (2000-2013); b. Life Cycle (Children, Youth, Adults, Elderly); and c. Financial Literacy Focus/Concepts. Four reports were added in the annotated bibliography appendices that were either new or significant enough to be part of this report. The reports are delineated in Appendix 3B of this study. a. Year New Zealand Studies Written (2000-2013) An analysis of 16 Maori financial literacy studies from New Zealand showed the following. Refer to Table 20 in Appendix 6. 93.75% of the studies were written in the last 3 years from 2010 to 2013. 6.25% of the studies/reports were written between 2006 - 2009. No studies were written in 2000 and 2001 and 2002-2005. b. Life Cycle (Children, Youth, Adults, Elderly) Looking at the New Zealand financial literacy studies across the life cycle, the findings indicate that the majority (29.6%) of studies related to the youth population. Twenty seven per December 20, 2013
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Literature Review of Indigenous Financial Literacy cent of the studies related to the adult population, 27.8% of the studies were about the elderly population and 14.8% were about youth. Refer to Table 21 in Appendix 6. c. Financial Literacy Focus/Concepts The picture of the financial literacy focus that emerged from an examination of the New Zealand financial literacy studies indicated that a broad array of financial literacy topics were covered. Refer to Table 22 in Appendix 6 for the complete list of financial literacy topics.
23.6% of the studies each covered 3 financial literacy topics: Understanding money financial & commercial literacy programs; and Evaluation of program. 8.8 % of the studies each covered 3 financial literacy topics: Good practice/best practice; Schools - improve Indigenous literacy in schools; and Indigenous and nonIndigenous surveys. 5.9% of the studies each covered 3 financial literacy topics: National strategy report; Economic and social development partnerships; and a longitudinal study of Ngāi Tahu's financial literacy plan.
Findings from the Financial Literacy Literature New Zealand is unusual in having an independent government-funded agency with the main objective of promoting financial literacy (Crossan, 2010). The Commission for Financial Literacy and Retirement Income is an autonomous crown entity, set up in 1993, that works to improve the financial wellbeing of all New Zealanders throughout their lives. Their work focuses on “improving New Zealanders financial literacy, reviewing retirement income policy, and monitoring retirement villages legislation.” the Retirement Commission actively sought public-private partnerships for many of its activities, including individual programs as well as national initiatives.
The Commission set out the National Strategy for financial literacy in 2010 and an enhanced National Strategy for Maori in 2012 and is working hard in this direction.
The Retirement Commission has conducted three national surveys. One in 2006, 856 adults throughout New Zealand were interviewed, including an extra 104 Māori and 96 Pacific people added to ensure statistically significant results for those groups (ANZ Retirement Commission, 2006). In 2009, 850 adults throughout New Zealand were interviewed however there were no additional samples of Māori or Pacific Island people for cost and timing reasons, meaning that statistically significant results for those groups are not possible in the 2009 study.
In New Zealand, the Ministry of Education is responsible for the delivery of financial education in schools.
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In New Zealand, the Commission for Financial Literacy and Retirement Income has been working closely with schools and tertiary institutions in efforts to educate New Zealanders about managing their personal finances.
The main New Zealand banks contributed funding to a pilot program in 2008, which led to personal financial education being integrated into the national school curriculum. In 2009, responsibility for personal financial education in schools moved from the Retirement Commission to the Ministry of Education, and teaching resources were made available to all schools. From this year, personal financial education is being integrated into school programs in language, social studies, mathematics, and technology for years 1-10 (Crossan, 2010). However, the curriculum is not mandatory.
Ngai Tahu is New Zealand’s largest South Island tribe, has modeled promising directions in Indigenous financial literacy education. Since negotiating Te reme o Ngāi Tahu in 1996, Ngāi Tahu has received substantial financial compensation, primarily through the signing of the Heads of Agreement, the Deed of Settlement and subsequently the passage of the Ngāi Tahu Claim Settlement Act in 1998. Ngai Tahu set up Whai Rawa savings scheme. Whai Rawa also supports members to
increase their level of understanding of financial and investment matters through education and training programs. In 2010 Te R nanga o Ngāi Tahu commissioned a Financial nowledge Survey, supported by the Retirement Commission and ANZ. The survey indicates that Ngāi Tahu has similar levels of financial literacy to the New Zealand population, and that members of Whai Rawa are more likely to have high levels of financial literacy.
Banks have also helped to move Indigenous financial literacy forward in New Zealand. For instance, ANZ supports and encourage partnerships with Mäori and Pacific Islanders to extend the delivery of relevant and culturally appropriate programs.
5.3.5 Māori Financial Literacy Programs An analysis of the New Zealand Financial Literacy Programs was undertaken examining the following dimensions. a. Life Cycle b. Financial Literacy Concepts c. Learning Methodology d. Learning Environment Four programs were added to the supplemental program appendices which were either new or significant enough to be included in this report. Refer to Appendix 1B. a. Life Cycle As outlined in Table 23 in Appendix 6, when examining the New Zealand programs across the life cycle, it was found that 35.3% of programs in the study address both youth and adult populations. Twenty-three percent of the programs target the elderly and 5.9% of the programs December 20, 2013
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Literature Review of Indigenous Financial Literacy target children. b. Financial Literacy Concepts An analysis of the New Zealand programs in the study indicated that the financial literacy concepts that emerged covered a broad and diverse array of topics that are delineated in Table 24 in Appendix 6. The key topics covered are noted as follows. The majority (19%) of programs focused on retirement. 9.5% of the programs addressed credit and borrowing. 9.5% of the programs focused on financial planning. The remaining programs focused on a variety of 13 financial concepts outlined in Table 24 in Appendix 6. c. Learning Methodology An analysis of the New Zealand programs in the study showed that the key learning methodologies used to assist Maori in financial literacy programs are as follows. 14.3 % of the programs provided online resources and tools. 14.3 % of the programs provided certified training. 14.3 % of the programs provided needs based training. The remaining programs provided a variety of learning methodologies that are listed in Table 25 in Appendix 6. d. Learning Environment An analysis of the New Zealand programs in the study showed that the learning environment provided by the programs were as follows. Refer to Table 26 in Appendix 6. 28.6% of the programs are delivered online. 28.6% of the programs are in-person workshops. 14.3% of the programs provided self-guided or home based learning. 14.3% of the programs provided community capacity development, education, in schools. 14.3% of the programs provided real world experience, such as supermarkets. 5.3.6 Aboriginal/ Māori Promising Practices An examination of the promising practices that emerged from the New Zealand programs in the study are noted below across the five promising practices dimensions. Refer to Table 27 in Appendix 6. In relation to the dimension of community, it was found that 45.5% of the programs in the study provided benefits to the community; 27.3% of the programs were community driven; and 27.3% of the programs supported community delivered programs.
In relation to the dimension of culture, it was found that 33.3% of the programs addressed cultural relevance; 33.3% of the programs in the study engaged in knowledge translation; and 33.3% of the programs practiced cultural safety.
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In relation to the dimension of practical benefits, it was found that 62.5% of the programs in the study provided financial literacy education when incorporated in existing education programming; 25% provided financial literacy education in employment training; 12.5% provided personal benefits; and no financial benefits were provided.
In relation to the dimension of partnerships, it was found that 33.3% of the programs in the study partnered with the public sector; 27.8% partnered with the Indigenous sector; 22.2% partnered with the financial sector; and 16.7% partnered with the private sector.
In relation to the dimension of a strength based approach, it was found that 62.5% of the programs provided local solutions and 37.5% of the programs incorporated continuous quality improvement mechanisms.
5.3.7 Case Study: New Zealand: The Ngai Tahu Financial Literacy Success A study found little difference between the financial knowledge of the Ngai Tahu and other New Zealanders. The success was attributed to the tribe’s governing body, Te Rananga o Ngai Tahu, established a long-term saving scheme for their members and provides financial education to its members. The authors write, "With the evidence strongly suggesting that Māori are disadvantaged, it may seem surprising that members of Ngāi Tahu, one particular Māori tribe, show levels of financial literacy that are not significantly different from those of the general population" (Crossan et al,. 2011, 12). The authors offer two reasons for their success; income from a land claims settlement and the Ngai Tahu’s approach to community financial health and financial literacy education. Te Rūnanga o Ngāi Tahu, the tribe’s governance body vision was to ensure settlement benefits where shared by all the community. Its trust manages assets in equities, property, and seafood and tourism businesses. Whai Rawa implemented a subsidised long-term savings scheme and provided financial education courses for community members. The study concluded that success, "This is thought to be at least partially the result of the tribe‘s focus on investing communal assets for the future benefit of its members and the savings and education initiatives undertaken. The tribe’s governing body has established a long-term saving scheme for their members and are providing financial education seminars for young adults." If there is a lesson learned, the authors write, "the challenge for young people of having to budget their daily expenses, manage consumer debt and save for a home deposit makes the need to set financial goals a much more pressing issue. It is in this context that we believe the benefits of greater financial literacy are beginning to be seen." The Ngāi Tahu success has been attributed to overall financial health of the community and to educating young adults on financial literacy. (Source: Crossan, Diana, Feslier, David, and Hurnard, Roger, 2011; Financial Literacy and Retirement Planning in New Zealand, Netspar Discussion Papers. Discussion Paper 01/2011015. Pp. 1-24.) December 20, 2013
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5.4 The United States Profile 5.4.1 North American Indians/Native Americans The Indigenous Peoples in the United States are referred to as Native Americans or American Indians, Indigenous Peoples from Hawaii are called Native Hawaiians and in Alaska they are called Alaskan Natives, and include Inupiaq, Yupik, Aleut, Eyak, Tlingit, Haida, Tshimshian and a number of Northern Athabascan cultures. The population of American Indian and Alaska Native is 5,220,579. (IWGIA, 2012) This population is younger than the US population in 2008, 28.3% Native American and Alaskan Native were below 18 years of age. 64% were between 18 and 64 years of age and 7.4% are 65 years of age and older. The median age of Native Americans and Alaskan Native is 31.2. According to the United States Census Bureau, approximately 5.2 million people in the U.S., or 1.7% of the total population, identified as Native American or Alaska Native in combination with another ethnic identity in 2010. About 2.9 million, or 0.9% of the population, identified themselves only as American Indian or Alaska Native… Almost 80% of those identifying as American Indians or Alaska Natives live outside Native areas, many in large cities (IWGIA, 2013). A Harvard University study of 2000 census data found that socio-economic conditions for Native Americans had improved between 1990 and 2000 (Cornell, 2006, 1). The study found the key reason for improvements was self-determination, allowing tribes to make decisions on their own lands. 5.4.2 Socio-Economic Conditions As of the 2010 Census, the nation's population of American Indians and Alaska Natives, including those of more than one race is 5.2 million. As of April 1, 2010, 29.0 years of age is the median age for American Indians and Alaska Natives, and no other race. This compares with a median age of 37.2 years for the population as a whole. There are 565 federally-recognized Indian tribes. In 2010, 54% of American Indian and Alaska Native householders own their own homes. This is compared with 65% of the overall population. 28% of American Indians and Alaska Natives aged 5 and older speak a language other than English at home, compared with 21% for the nation as a whole. 77% of American Indians and Alaska Natives aged 25 and older had at least a high school diploma, GED or alternative credential. Also, 13 % of American Indians and Alaska Natives aged 25 and older obtained a bachelor's degree or higher. In comparison, the overall population had 86% with a high school diploma and 28% with a bachelor's degree or higher. $34.4 billion in receipts for American Indian- and Alaska Native-owned businesses in 2007, a 28.0% increase from 2002. These businesses numbered 236,967, up 17.7% from 2002. December 20, 2013
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26% of civilian-employed American Indian and Alaska Native people aged 16 and older worked in management, business, science and arts occupations. In addition, 25% worked in service occupations while 24% worked in sales and office occupations The median income of American Indian and Alaska Native households is $35,062. This compares with $50,046 for the nation as a whole. 28.4% of American Indians and Alaska Natives were in poverty in 2010. For the nation as a whole, the corresponding rate was 15.3%. 29.2% of American Indians and Alaska Natives lacked health insurance coverage. For the nation as a whole, the corresponding percentage was 15.5%. (Source: US Census, Facts for Features Special Edition. http://www.census.gov/newsroom/releases/archives/facts_for_features_special_edition s/cb11-ff22.html)
5.4.3 United States National Strategy for Financial Literacy Overview. The United States was the first country in this study to develop a National Strategy. The US Treasury established its Office of Financial Education in 2002; and the US Congress established the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act in 2003. In 2006 the Commission published its National Strategy on Financial Literacy. Since 2004, the Commission has reviewed the National Strategy annually to make appropriate changes and recommendations to reflect changing circumstances and priorities. Goals. The overarching goals of the National Financial Literacy Strategy for the United States are: 1) to make it easier to access and use helpful, appropriate, and timely financial education and information in a format most useful to the intended recipient; and 2) to help consumers identify reliable and unbiased sources of information and equip them with the skills needed to choose reliable products and services. Delivery. As part of the National Strategy, the Treasury‘s Office of Financial Education partnered with other Federal agencies to increase financial literacy by implementing the following initiatives: conducting a series of conferences with other Commission-member agencies, convening a series of roundtables addressing different ethnic populations and topics; conducting a credit literacy media campaign to educate consumers; raising discussions on integrating financial education into school curriculum; enhancing teacher training programs; and convening international dialogue on financial education. The Commission established the MyMoney.gov website, which provides, “unbiased information aimed at educating consumers so that they can obtain materials that can assist them in making informed financial decisions.” The Commission also pursues public-private partnerships to develop financial literacy initiatives. Implications for Indigenous Peoples. The US National Strategy does make some small mention of financial literacy and Native Peoples. The US National Strategy calls attention to the fact that there are few financial institutions on reservations and that programs need to be December 20, 2013
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Literature Review of Indigenous Financial Literacy more sensitive to critical issues such as Native language, Internet access, and other communications challenges. The report also explicitly states, “Aboriginal communities seek specific strategies to help them better secure financial services resources, while gaining the products, underwriting, and delivery mechanisms that are culturally compatible.” While there is no specific Native American strategy, the Native section of the US Treasury's Community Development Financial Institutions (CDFI) Fund comes close as it supports the development activities of these Native CDFIs and has done much to encourage their formation and development. In 2000 the Native Financial Education Coalition (NFEC) was founded as a result of a Department of Department of Treasury initiative on financial literacy. The NFEC focused early efforts on financial education policy development. A February 2012 survey and a series of NFEC meetings, partners have defined goals moving forward to: bring partners together; research and best/promising practices; awareness campaigns at all levels and community well-being. In addition, NFEC is moving forward with a focus on April National Financial Literacy Month. 5.4.4 North American Indians/Native Americans Financial Literacy Landscape An analysis of the United States financial literacy studies was undertaken examining three dimensions: a. Year Studies Written (2000-2013); b. Life Cycle (Children, Youth, Adults, Elderly); and c. Financial Literacy Focus/Concepts. a. Year United States Studies Written (2000-2013) An analysis of the 15 financial literacy studies reviewed from the United States showed the following. Refer to Table 28 in Appendix 6. 53.3% of the studies were written between 2006 - 2009. 26.7% of the studies were written between 2010 - 2013. 20% of the studies were written between 2002 - 2005. No studies were written in 2000 and 2001. The following statistics are reflective of the studies captured in this study and may not be reflective of the entire universe of studies. b. Life Cycle (Children, Youth, Adults, Elderly) Looking at the United States financial literacy studies across the life cycle, the findings indicate that the majority (37.5%) of studies related to the youth population. Twenty-five per cent of the studies related to adults; 25% of the studies were about the elderly; and 12.5% were about children. Refer to Table 29 in Appendix 6. c. Financial Literacy Focus/Concepts The picture of the financial literacy focus that emerged from an examination of the United States financial literacy studies reviewed indicated that a broad array of financial literacy December 20, 2013
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Literature Review of Indigenous Financial Literacy topics was covered. Refer to Table 30 in Appendix 6 for the complete list of financial literacy topics. 17.1% of the studies focused on Economic & social development partnerships business partnerships. 11.4% of the studies each focused on: Predatory lending in Native communities and Indigenous consumer assistance network. 8.6% of the studies each focused on the following topics: Good practice - best practice; and schools, equipping young Indigenous youth with financial literacy skills. 5.7% of the studies focused on experiential learning. The remaining studies covered a broad array of 12 topics which are listed in Table 30 in Appendix 6. Findings from the Financial literacy Literature The majority of financial education and skills-building activities (in the USA) are those currently led by non-federal government and private sector organizations (OECD, 2008, 32).
The JumpStart Coalition has championed personal financial literacy in the United States since as early as 1995, conducting surveys and holding a clearinghouse. They provided the data for the earliest studies of Native youth financial literacy and allowed their surveys to be used to create an over sample.
First Nations Development Institute and its wholly owned subsidiary First Nations Oweesta Corporation (a community development financial institution) are recognized leaders in Indigenous financial literacy education in the United States. These organizations work in partnership with Native American tribes and communities throughout the U.S. to assist them in designing and administering financial and investor education programs. Oweesta also conducts numerous studies and produces many reports on Indigenous financial literacy.
Native Community Development Financial Institutions (CDFIs) such as loan funds, banks, and credit unions offer a variety of programs including financial education, consumer credit counseling, business planning and small business lending, homebuyer education and mortgage lending, budgeting, credit repair, savings through Individual Development Account programs, free tax preparation services through Volunteer Income Tax Assistance (VITA), and Earned Income Tax Credit (EITC) counseling. There are 72 certified Native CDFIs in 19 states as of September 2012 (NFEC).
The United States has also established a government-initiated savings regime for the working poor. Individual Development Accounts (IDAs) can be used for purchasing a first home, acquiring an education or job training, or starting a small business. Studies by the Center for Social Development show that tribes have trouble accessing the funding available from the federal for IDAs. A study conducted in 2003 found that over 75% of
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Literature Review of Indigenous Financial Literacy States do not include Tribal governments’ as approved IDA program sites (King et al, 2003).
Some Native nations have implemented IDA programs; for instance, the Cherokee Nation was among the first to implement IDA programs for youth and adults. The First Nations Development Institute reports that, “the Nation’s youth and adult IDA programs work to discourage dependence on unscrupulous lenders, encourage debt repair and good financial management, increase financial literacy, promote savings, and better facilitate asset accumulation in low-income families” (FNDI, 2008).
Banks are also working to help address the financial literacy needs of Native Americans. There are some 20 tribally owned banks and nearly all have special programs for Native Americans. Additionally, banks that hold minors’ accounts and process per caps for tribes, regardless of whether they are Native owned tend to have financial education programs for Natives. For example, the Native American Bank (NAB) is expanding its physical presence to Native communities across the country (www.nadna.com).
Homeownership programs, provided by tribes or Native organizations, often include “homebuyer and homeowner education” focused on access to financing, understanding credit, managing a budget, and other topics.
The Native Financial Education Coalition (NFEC), which pre-dates Oweesta, led the nationalization of Native Financial Literacy efforts. The First Nations Development Institute (FNDI) may have created the curriculum but it was NFEC that got financial education on the agendas of tribes and tribal organizations and did much to spearhead the roll out of curriculum and 'Supertrainer' (train the trainer) sessions. It has sponsored Native programming in Washington DC, during national financial education month (April) every year for nearly a decade.
The JumpStart Coalition considers 24 states to have a component of personal financial education in their school curriculum. Results from the JumpStart Survey of Personal Financial Literacy indicate low levels of financial literacy among American youth
A growing number of schools and school-related programs in Native communities, from HeadStart, K-12 through college, offer financial education in a variety of subject areas (NFEC). Youth financial literacy education is regarded as a high priority as the JumpStart Surveys reveal Native American youth had even lower financial literacy scores than nonNative youth.
Tribal economies are growing and from 2012 -2014 Native individuals and tribes are receiving more than $3.0 billion in large financial settlements. This presents positive opportunity and in this climate financial literacy education is gaining increasing importance. Gaming tribes were interested because of concern of how per caps were being
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Literature Review of Indigenous Financial Literacy used. They had been providing these per caps for 15 years. Some tribes require financial education as a precursor to their youth getting the per cap minors' account payout. 5.4.5 North American Indians/Native Americans Literacy Programs An analysis of the United States Financial Literacy Programs was undertaken examining the following dimensions. a. Life Cycle b. Financial Literacy Concepts c. Learning Methodology d. Learning Environment a. Life Cycle As outlined in Table 31 in Appendix 6, when examining the United States programs reviewed in this study across the life cycle, which tended to be national curriculums’ servicing, it was found that the majority (38.9%) of programs focused on the youth population. Twenty five percent of the programs target adults; 22.2% target the elderly; and 13.9% of the programs target children. Anecdotally it was found that there are many programs that have “financial literacy” as a sub-component that could not be identified in a literature search. b. Financial Literacy Concepts An analysis of the United States programs examined in this literature search indicated that the financial literacy concepts that emerged covered a broad and diverse array of topics that are delineated in Table 32 in Appendix 6. The key topics covered are noted as follows. The majority (17.3%) of programs focused on managing finances. 13.5% of the programs addressed saving and building assets. 11.5% of the programs focused on investments and securities. 9.6% of the programs focused on financial planning. 9.6% of the programs focused on credit and borrowing. 7.7% of the programs focused on banking. Other programs focused pm a variety of topics outlined in Table 31 in Appendix 6. c. Learning Methodology An analysis of the United States programs reviewed in the study showed that the key learning methodologies used to assist American Indians/Native Americans in financial literacy programs are as follows. 20% of the programs provided activity based or interactive workshops. 14.3 % of the programs provided community workshops and training. 11.4 % of the programs reinforced culture. 8.6% of the programs conducted research. 5.7% of programs each provided: online resources and tools; money management courses; and game based activities. The remaining programs provided a variety of learning methodologies that are listed in Table 33 in Appendix 6. December 20, 2013
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d. Learning Environment An analysis of the United States programs reviewed in the study showed that the learning environment provided by the programs were as follows. Refer to Table 34 in Appendix 6. 64.7% of the programs are community based capacity development, education. 11.8% of the programs provided online learning.. 5.9% of the programs each provided: publications; self-guided/home based learning; and simulations. 5.4.6 North American Indians/Native Americans Promising Practices An examination of the promising practices that emerged from the United States programs reviewed in the study are noted below across the five promising practices dimensions. Refer to Table 35 in Appendix 6. In relation to the dimension of community, it was found that 46.7% of the programs in the study provided benefits to the community; 33.3% of the programs supported community delivered programs; and 20% of the programs were community driven.
In relation to the dimension of culture, it was found that 39.4% of the programs in the study engaged in knowledge translation; 30.3% of the programs addressed cultural relevance; and 30.3% of the programs practiced cultural safety.
In relation to the dimension of practical benefits, it was found that 34.6% of the programs in the study provided financial literacy education when incorporated in existing education programming; 30.8% provided personal benefits; 23.1% provided financial benefits; and 11.5% provided financial literacy education in employment training.
In relation to the dimension of partnerships, it was found that 34.1% partnered with the private sector; 26.8% partnered with the Indigenous sector; 19.5% partnered with the public sector; and 19.5% partnered with the financial sector.
In relation to the dimension of a strength based approach, it was found that 58.8% of the programs incorporated continuous quality improvement mechanisms (refer to section 3.2 of the study for definition); and 41.2% of the programs provided local solutions.
5.4.7 Case Study: United States - Oweesta the Bottom-Up Approach to Success Since 1994, the First Nations Development Institute and its wholly-owned subsidiary First Nations Oweesta Corporation worked in partnership with Native American tribes and communities in designing and delivering financial and investor education programs. Projects range from helping individuals and families understand the basics of financial management to December 20, 2013
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Literature Review of Indigenous Financial Literacy helping individuals understand financial markets and a variety of financial instruments for borrowing and saving. With the support of individuals, foundations, corporate and tribal donors, First Nations Development Institute improves economic conditions for Native Americans through technical assistance & training, advocacy & policy, and direct financial grants in five key areas. Financial & Investor Education Combating Predatory Lending Native American Business & Asset Development Strengthening Native American Non-profits Native Foods & Health The philanthropic sector played pivotal roles in FNDI’s success and in getting the information out there, such as the American Express Foundation, Merrill Lynch Foundation, Annie E Casey Foundation and others. In addition, the non-government organizations such as Corporation for Enterprise Development (CFED), Opportunity Finance Network (OFN) and others nurtured early efforts of FNDI. If Native American communities are engaged in the program design and decision-making process, they are more likely to support the program. In this way trust is built with the community. For instance, the Native American Community Development Corporation (NACDC) (Oweesta), widely regarded as a leader in Indigenous financial education in the USA, explains that, “At the heart of all of NACDC’s initiatives is a community planning model that includes facilitated assessment and strategic planning sessions. Strategic planning and negotiated action plans form the groundwork for success in each Native community. The community chooses its own path to solutions and NACDC provides mentoring, experts and technical assistance to enhance success”. Success can be measured by their results from 1994 through 2012. First Nations Development Institute has provided more than $18.9 million in financial grant support to 814 Native American programs, projects, and initiatives in 36 states. (Source: www.nacdc.org/financial_literacy.html)
5.5 Findings Across Countries 5.5.1 Overview of Indigenous Peoples Across Countries This study of Indigenous People’s financial literacy encompasses four countries: Australia, Canada, New Zealand and the United States. Comparisons are often made of the Indigenous Peoples in these countries: they have similar colonial histories, laws, and political structures and are among the world’s wealthiest nations. This is not the case for Indigenous Peoples in these countries: they are among the poorest and most marginalized (Cornell, 2006, 1). Population. The distribution of Indigenous populations in each country are delineated in Figure 8 as follows: 1.7 percent in the U.S., 2.5 percent in Australia, 4.3 percent in Canada and 14.6 percent in New Zealand. December 20, 2013
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Literature Review of Indigenous Financial Literacy Figure 8: Indigenous Populations in the US, Australia, Canada and New Zealand
Human Development Index. A comparison using United Nations Development Programme’s (UNDP's) Human Development Index (HDI) of Indigenous Peoples in Australia, Canada, New Zealand and the United States, shows that there are socio-economic development gaps between Indigenous Peoples and the general population. Canada ranked third, Australia fifth, the Unites States sixth, and New Zealand nineteenth on the HDI, which combines indicators of knowledge, individual longevity, and the standard of living in each country. In comparison, Indigenous Peoples in these countries were ranked: 103 in Australia; 32 in Canada; 73 in New Zealand; and 13 in the United States (United Nations, 2011). In another study by Cooke et al., it was concluded that, "Between 1990 and 2000, the HDI scores of Indigenous peoples in North America and New Zealand improved at a faster rate than the general populations, closing the gap in human development. In Australia, the HDI scores of Indigenous peoples decreased while the scores of the general population improved, widening the gap in human development." (Cooke, 2007, 1). It was concluded that despite these countries having high UNDP HDI indexes, Indigenous Peoples only have medium levels, with the biggest gap in Australia. Refer to Figure 9 below. Figure 9: Indigenous Peoples/State HDI Ranking
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Literature Review of Indigenous Financial Literacy Socio- economic Context. Socio-economic conditions have resulted in poorer health and wellness conditions for Indigenous Peoples in all countries. Indigenous life expectancy is lower than the rest of the population for each country. Education is an indicator of income, employment, and health outcomes. In all four countries there is a gap between the secondary school graduation rates of Indigenous and non-Indigenous students. Figure 10 illustrates the Indigenous and non-Indigenous rates of high school graduation. Indigenous populations across the four countries demonstrate lower percentages of high school graduation. Figure 10: Percentage of the population who graduated high school, latest available year Country Total Population Indigenous Percentage Gap 49% 23% 26% Australia 65% 37% 28% Canada 76.1% 62.9% 13.2% New Zealand 80.4% 70.9% 9.5% USA
Sources: Australian Bureau of Statistics (2008); Stewart, S.C. (2006); New Zealand Household Labour Force Survey (2008); U.S. Census Bureau (2000).
Socio-Political Context. Despite some similarities, the socio-political context of Indigenous Peoples within each country varies. Cornell (2006) clearly describes important differences between these four countries, which helps to explain these varying socio-economic contexts. Obviously the differences are substantial, both historically and today. For example, Britain recognized Māori sovereignty over the North Island of New Zealand early on and then, over the years, set out to extinguish it. In contrast, it gave no recognition to Aboriginal sovereignty—or even occupancy—in Australia. Warfare between Indigenous groups and European settlers and states was frequent and at times prolonged in the United States and New Zealand, but much less common in Canada and Australia. Serial treaty-making took place in Canada and the United States, but was unknown in Australia, while treaty-making in New Zealand was limited to the Treaty of Waitangi in 1840—itself quite a different enterprise from Canadian and U.S. treaty-making (Pocock,2000)—which, despite the refusal of some Māori to sign it, was viewed by the Crown as establishing British sovereignty over the whole of the North Island (Cornell, 2006, 3). Reading too much into the socio-economic "gaps" between Indigenous and non-Indigenous populations in all four countries can be misleading. Focusing on gaps is a deficit approach to Indigenous development where policy makers and government see only problems. Not only does it focus on negatives, but some have argued that investing in problems has not resulted in successes. Nonetheless, one of the leading policy areas in which investment has alleviated gaps is education: Indigenous education outcomes have been rising in the four settler states and, with them, employment, income, and health and wellness. Alternatively, "strengths December 20, 2013
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Literature Review of Indigenous Financial Literacy based" approaches focus on what works in Indigenous communities and takes this learning as a starting point for additional investment. It is important to mention that the United Nations (UN) recognizes Indigenous peoples as uniquely situated in socio-political terms, i.e. that there is international recognition of the Indigenousness of the groups represented in this study. In September 2007, the UN General Assembly adopted The UN Declaration on the Rights of Indigenous Peoples which sets out the individual and collective rights of Indigenous Peoples, as well as their rights to culture, identity, language, employment, health, education and other issues. The UN describes it as setting a standard to eliminating human rights violations, combating discrimination and marginalization. National Literacy Strategies. The Australian financial literacy strategy identifies initiatives and priorities to be implemented across a lifelong learning continuum. It relies on using educational pathways to build financial literacy for all Australians. The Strategy recognises that “learning is not confined to childhood or the classroom, but takes place throughout life and requires targeted approaches that match content, learning styles, and delivery channels to different audience needs." The strategy highlights that financial literacy is a skill for life with significant benefits for all ages or incomes contributing to overall health and wellbeing. The Canadian National Strategy on Financial Literacy focuses on lifelong learning as one of its five priorities. The National Strategy proposes that the formal education system provide a foundation for financial literacy. The stress is on the precise teachable moments for just-intime learning at key life events to make better financial choices throughout individuals’ lives. Although the New Zealand financial literacy strategy does not use the term life cycle it focuses attention on extending delivery to where and when it's needed most. The US National Strategy emphasizes that financial education should be provided at key life stages. This is accomplished through awareness and access to effective financial education during life stages at key life events, such a purchasing a car, paying for education, buying a house, etc. 5.5.2 Financial Literacy Landscape Across Countries a. Financial Literacy Studies Across Countries by Year An analysis of the 72 financial literacy studies across the 4 countries showed the following findings. Refer to Table 36 in Appendix 6. Almost 60% (43) of the financial literacy studies across the 4 countries were written in the last three years (2010-2013). 29.2% (21) of the financial literacy studies across the 4 countries were written between 2006 and 2009. 9.7% (7) of the financial literacy studies across the 4 countries were written between 2002 and 2005. 1.4% (1) of the financial literacy studies across the four countries did not provide a year for the study. December 20, 2013
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b. Financial Literacy Studies Across Countries by Life Cycle Examining the financial literacy studies by life cycle stages across the 4 countries, the following findings emerged. Refer to Table 37 in Appendix 6. The majority (33.7%) of financial literacy studies related to the adult population. The lowest percentage (11.4%) of financial literacy studies across the 4 countries related to children. This was found across all four countries. 29.4% of the financial literacy studies across the 4 countries related to youth. 25.5% of the financial literacy studies across the 4 countries related to the elderly. c. Financial Literacy Studies Across Countries by Financial Literacy Focus The majority (45.7%) of financial literacy studies across the 4 countries focused on the following financial literacy topics in order of highest to lowest. 1) Good practice/best practices emerged from 10 (7.1%) of the financial literacy studies across the 4 countries. 2) Improving Indigenous literacy in schools and equipping youth in schools with skills to manage money emerged from 9 (6.4%) of the financial literacy studies across the 4 countries. 3) Understanding money, financial and commercial literacy emerged from 9 (6.4%) of the financial literacy studies across the 4 countries. 4) Economic and social development partnerships and business partnerships emerged from 9 (6.4%) of the financial literacy studies across the 4 countries. 5) Evaluation of program emerged from 8 (5.7%) of the financial literacy studies across the 4 countries. 6) Indigenous and non-Indigenous financial literacy survey emerged from 8 (5.7%) of the financial literacy studies across the 4 countries. 7) Indigenous consumer assistance network emerged from 6 (4.3%) of the financial literacy studies across the 4 countries. 8) National strategy reports emerged from 5 (3.6%) of the financial literacy studies across the 4 countries. The financial literacy focus that emerged from the remaining financial literacy literature across the 4 countries covered a broad array of 44 financial literacy topics. Refer to Table 38 in Appendix 6 for the list of topics. 5.5.3 Country Programs Across the Life Cycle All four national strategies incorporate a life cycle approach. They highlight the need for having a sound foundation in financial literacy and that knowledge is accumulated throughout one's life course or cycle.
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Literature Review of Indigenous Financial Literacy a. Life Cycle Across Country Programs Examining the life cycle stages across the country programs, the following findings emerged. Refer to Table 39 in Appendix 6. The majority (38.1%) of country programs provided financial literacy initiatives to the adult population. This was found across three countries: Australia; Canada; and New Zealand. The lowest percentage (9.5%) of country programs provided financial literacy initiatives to children. This was found across three countries: Canada; New Zealand and the United States. 31.4% of country programs provided financial literacy initiatives to youth. 21% of country programs provided financial literacy initiatives to the elderly. Country programs with the highest percentage of financial literacy initiatives across the life cycle included: the United States with 50% programs for children; the United States with 42.4% programs for youth; Canada with 41% programs for the elderly; and Australia with 40% programs for the adult population. Country programs with the lowest percentage of financial literacy initiatives across the life cycle included: Australia with 4.5% programs for the elderly; New Zealand with 10% programs for children; New Zealand with 15% programs for the adult population; and Australia with 15.1% programs for youth. b. Financial Literacy Concepts Across Country Programs Ten financial literacy concepts emerged from slightly over half (53.8%) of the country programs reviewed; they are listed from highest to lowest. 1) Managing finances and money management emerged from 24 (10.4%) of the country programs. 2) Savings and building assets emerged from17 (7.3%) of the country programs 3) Credit and borrowing emerged from17 (7.3%) of the country programs. 4) Banking emerged from 14 (6%) of the country programs. 5) Budgeting emerged from 13 (5.6%) of the country programs 6) Planning emerged from 10 (4.3%) of the country programs. 7) Investments and securities emerged from 9 (3.9%) of the country programs. 8) Debt and debt management emerged from 7 (3%) of the country programs. 9) Informed consumers and smart shopping emerged from 7 (3%) of the country programs. 10) Retirement emerged from 7 (3%) of the country programs. The remaining financial literacy concepts emerging from the country programs covered a broad array of 57 financial literacy concepts. Refer to Table 40 in Appendix 6 for the list of concepts. c. Learning Methodology Across Country Programs Six learning methodologies emerged from slightly over half (52.7%) of the country programs reviewed in the study; they are listed from highest to lowest. Refer to Table 41 in Appendix 6. December 20, 2013
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Community workshops and training emerged as the number one learning methodology used in 18.1% of the country programs. Activities and interactive workshops emerged as the second learning methodology used in 9.4% of the country programs. Online resources and tools emerged as the third learning methodology used in 7.1% of the country programs. Courses such as money management emerged as the fourth learning methodology used in 6.3% of the country programs. Mentoring emerged as the fourth learning methodology used in 6.3% of the country programs. The website emerged as the fifth learning methodology used in 5.5% of the country programs.
The remaining learning methodologies emerging from the country programs covered a broad array of 35 learning methodologies. Refer to Table 41 in Appendix 6 for the list of learning methodologies. d. Learning Environment Across Country Programs Four key learning environments emerged from slightly over 81.8% of the country programs reviewed in the study; they are listed from highest to lowest. Refer to Table 42 in Appendix 6. Community capacity development, education, and learning environment varies according to need, emerged as the number one learning environment used in 40% of the country programs in this study. Delivery by facilitator, in-person workshops and training classes emerged as the second learning environment used in 20% of the country programs in this study. Online learning emerged as the learning environment used in 12.7% of the country programs in this study. Publications and copies of materials emerged as the learning environment used in 9.1% of the country programs in this study. The learning environments emerging from the remaining country programs in the study are listed in Table 42 in Appendix 6. General Life Cycle Findings. A life cycle approach has specific significance for Indigenous Peoples in Australia, Canada, New Zealand and the United States because the general populations are aging, while Indigenous Peoples are much younger. Dominique Collin expounds on the situation in Canada, “the Aboriginal population is young and growing. This has significant implications for a life events approach to financial literacy. A large proportion of the Aboriginal population is in early phases of financial life (e.g. finding employment, pursuing education, buying a car or buying a first home) and will thus benefit from early intervention and financial education that addresses the early life stage” (Collin, 2011, 14). Within each country there are diverse programs and initiatives designed to address the December 20, 2013
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Literature Review of Indigenous Financial Literacy financial literacy needs of Indigenous Peoples across the life cycle. Programs range from webbased resources, weekly workshops, school curriculum projects, one-off integrative learning events, workbooks etc. As part of this study, 50 Indigenous financial literacy programs were analyzed in order to decipher what gaps, priorities, and successful learning strategies exist across the life cycle. Children and youth were identified as a priority because the Indigenous youth population is the largest Indigenous demographic within each country. Also findings highlighted that only 11.4% of financial literacy literature studies addressed the needs of children and only 9.5% of the financial literacy programs were targeted for children. Children need to be taught the precursors to financial literacy: basic numeracy, logic reasoning, and language skills. Some effective strategies that have been known to work for Indigenous children include hands-on experiential learning such as interactive games, plays, and media. Since financial literacy is being incorporated (to varying degrees) in each Country’s education curricula, organizations might consider working with school boards to enhance interactive and culturally relevant learning. A 2009 general study by Lewis Mandell found evidence supporting the effectiveness of personal financial education for pre-high school students, particularly grade 5 students (Mandell, 2009). Children also need to be taught the value of money and the role it plays in family and community wellness. One effective way to impart this sort of knowledge is through family members who may serve as positive examples or through familial based learning. For instance, Mangere Budgeting Services Trust Healthy Life Styles Program (which has been identified as a leader in financial literacy education by ASIC) invites children to take part in supermarket tours, meal planning, and cooking classes. By engaging in participatory learning, children begin to understand the value of money by gaining a first-hand experience of how much things cost. In addition, the children also get to feel good about being a contributing member of the family. Several reports have found that high school students are very receptive to learning about financial matters, especially if the right topics are used to help them learn (Saboe-Wounded Head, 2010). The topics that are most likely to engage high-school students are those that bear on decisions or situations they will have to deal with in the short to medium term, (cost of post-secondary education, buying a car, living costs after college, managing debt). Again, with Indigenous students it has been found that hands on tools and situational learning strategies work well. One learning mechanism that may be employed is student portfolios. A student portfolio is a real life tool that tracks student’s personal financial situation and includes academic work, resumes, personal reflections, student savings and assets. These types of strategies have proven successful in imparting financial information and modifying bad financial behaviours (Fadel, 2011, 19). Another learning strategy for Indigenous youth, particularly Indigenous youth outside the education system are innovative workshops that facilitate experiential learning. Benjamin Marks and Sarah Dewees collected evaluation data from Indigenous Shoshone youth who participated in a Spending Frenzy workshop delivered by the First Nations Development Institute. The workshop was based on a Mad City Money model, which is a two and a half hour hands-on financial stimulation that gives youth a taste of the real world by letting them December 20, 2013
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Literature Review of Indigenous Financial Literacy take on the identity of someone with an occupation, salary, and real world expenses, such as rent and car insurance payments. Keep in mind that these workshops are one afternoon compared to other programs that are a semester or longer that are more likely to change behaviour. It is significant that 83.5% of students agreed that the spending frenzy was relevant to their lives and 95% of students stated that they would use the information they had learned during the spending frenzy to assist them with managing their money (Dewees & Marks, 2012). Indigenous adults also seem to also benefit from in-person, situational, and interactive learning strategies. One program that stands out with regards to adult Indigenous financial literacy education is the My Moola program in Australia. My Moola has received both high participant satisfaction and good reception in communities. The program’s interactive 10 week program links personal development and goal setting with financial literacy and ongoing mentoring. Workshops include: goal setting; overcoming barriers to success; making money stretch past payday; planning to win; looking after my future; internet and phone banking; credit can be a wealth hazard; money loans, sharks and traps; sharing my vision and reflection. The 10-module program takes a holistic view to financial empowerment with several key objectives for participants including:
Increase participants skills in personal development related to goal setting and overcoming barriers to success. Provide participants with an understanding of the impacts of financial decisions related to expectations, needs, and aspirations. Increase participants awareness and knowledge of costs, risks, and benefits of financial products and services. Provide families with tools to develop a shared vision around culture, education and economic well-being. Provide on-going support through individual mentoring of participants.
Experiential learning has also been promoted as an effective strategy to enable Indigenous adults to enhance their financial literacy levels. For example, at Canada’s Public Policy Forum Aboriginal participation in activities such as major resource development, financial literacy, financing Toronto Roundtables, and experiential learning was identified as a good strategy to develop Aboriginal business acumen. Learning methods across the Life Cycle are depicted in Figure 11.
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Figure 11: Learning Methods Across the Life Cycle
5.5.4 Promising Practices Across Country Programs The following promising practices were used as the framework to conduct an analysis of programs across countries. The key dimensions included community, culture, practical benefits, partnerships and strength based approach. Refer to Table 43 in Appendix 6 to reference the findings specified in this section.
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Key Dimensions Across Country Programs The promising practices across the five key dimensions showed the following results. 1) Partnerships emerged as a promising practice in 143 (32.6%) programs across the four countries in the study. 2) Culture emerged as a promising practice in 97 (22.1%) programs across the four countries in the study. 3) Community emerged as a promising practice in 83 (18.9%) programs across the four countries in the study. 4) Practical Benefits emerged as a promising practice in 75 (17.1%) programs across the four countries in the study. 5) Strength Based approach emerged as a promising practice in 41 (9.4%) programs across the four countries in the study. 1) Partnerships Across Country Programs The four elements of the Partnerships dimension included: private sector; public sector; Indigenous sector; and Financial sector. Examining the Partnerships dimension across the four country programs, the following findings emerged. Private Sector partnerships emerged with the highest percentage (28.7%) of programs across the four countries: 14 programs from both the United States and Australia; 10 from Canada; and 3 from New Zealand. Public Sector partnerships emerged from 27.3% of the four country programs with 15 from Australia, 10 from Canada, 8 from the United States and 6 from New Zealand. Indigenous Sector partnerships emerged from 25.2% of the four country programs with 12 from Australia, 11 from the United States, 8 from Canada and 5 from New Zealand. Financial Sector partnerships emerged with the lowest percentage (18.9%) of programs across the four countries: 4 from New Zealand; 7 from Australia; and 8 from both Canada and the United States. Many of the leading Indigenous financial literacy programs operate and offer their services December 20, 2013
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Literature Review of Indigenous Financial Literacy successfully by acquiring diverse partners. For example, VanCity and SEED Winnipeg in Canada, First Nations Development Institute in the USA, and First Nations Foundation in Australia, all leaders in Indigenous financial education work in diverse partnerships across the public, private, and financial sectors, some having more than 15 partners at a time for each project undertaken. Each of the National Strategies on Financial Literacy for Australia, Canada, New Zealand and the United States endorse operating in partnerships when delivering financial literacy education. The successful development and delivery of Indigenous financial literacy programs relies to a great extent upon partnerships. This is because the nature of these programs requires specialized expertise across various fields. It was unanimously decided at Canada’s Public Policy Forum Aboriginal Participation in Major Resource Development, Financial Literacy and Financing Roundtables, that when developing financial literacy for Indigenous Peoples, “true and meaningful partnerships need to be established and maintained among governments, the private sector, and Aboriginal communities. This means engaging the grassroots level of Aboriginal communities for their leadership and ideas” (August 2012). Engaging multiple stakeholders enables financial literacy programs to benefit from being locally relevant and accepted, broadly supported and funded, and strengthened by financial expertise. Private sector. Private partnerships may involve partnering with NGOs, individuals, and companies. Overall 68% of the programs had private partnerships, with the most in Australia. Other countries findings are as follows: 34.1% United States, 16.7% New Zealand and 16.7% in Canada. For example, Money Smart in Australia partners with the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA), ANZ, and various Indigenous communities. The program was established in 2005 at six pilot sites in Katherine, Tennant Creek, Nguiu (Tiwi Islands) and Galiwinku (Elcho Island) in the Northern Territory, and Geraldton and Kununurra in Western Australia. MoneyBusiness is now being delivered in over 215 communities in remote, regional and urban Australia. Public sector. In each case (Australia, Canada, New Zealand and the United States) the national government has a financial literacy strategy and implementation programs are supported through their departments and/or agencies. These public organizations may provide standardized information, resources, and tools that assist various organizations in constructing and delivering financial literacy education programs. By partnering with school boards organizations can gain access to many school aged Indigenous students. For example in 1996 the Blackfeet Mini Bank was established at the Browning Middle School on the Blackfeet Reservation in Montana. Introduction of the banking experience in the schools was to encourage children to save and promote sound money management. Students opened a savings account with their Social Security card and $3.00 and learned about banking processes. Universities might also be attractive partners especially when organizations are looking to assess program development and efficiency and/or conduct surveys or studies that access participant’s financial literacy levels. Keep in mind that universities can be public and/or private depending on the country. The Ngai Tahu have been working in partnership with Massey University in New Zealand in order to conduct a longitudinal study on the effects of their intergenerational savings schemes and financial literacy training programs so that they December 20, 2013
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Literature Review of Indigenous Financial Literacy may share their success with other Indigenous New Zealanders. Indigenous Sector. The Indigenous sector consists of Indigenous government and their organizations, Indigenous non-government organizations, Indigenous non-profits like friendship centers, healing centers, or informal community based groups. In the US there are several public sector examples. FNDI is Native controlled and at the local level the Native CDFIs are non-government organizations as are Tribal colleges and universities. Other financial literacy collaborators are tribally run schools such as, primary and secondary education schools. Tribal housing programs have been big collaborators. Financial sector. Financial sector partnerships may involve partnering with banks, credit unions, and Native CDFIs. Dewees and Foxworth (2011), writing about Indian Nation’s legal, political and economic development issues in the United States, recently pointed out that some tribes have used tribal corporations to offer alternative financial products in partnership with large payday lending corporations. Partnering with these kinds of alternative financial service companies may be an attractive business opportunity for some tribal nations because it may generate a few jobs and stimulate some capital flow within reservations. Jerry Buckland, who did extensive qualitative research on four community banking projects in Canada: Pigeon Park Savings (PPS, Vancouver), the Community Financial Services Centre (CFSC, Winnipeg), the Cash & Save (Toronto) and the Fonds d’entraide Desjardin (Mutual Assistance Fund) of the Desjardins Fédération (Québec), noted that, “In all 4 projects, partnerships, at one or more stages, were a key input…. To develop community banking projects, mainstream banks require assistance from organizations with an understanding of these needs and the benefits of providing these services.” (Buckland, 2008, 20). Domonique Collin also endorses partnerships across the public-private-and financial sector explaining, “Aboriginal financial institutions that integrate financial literacy training in their way of doing business have collectively had the single biggest impact on financial literacy over the last 30 years. As these institutions mature, innovative products and ways of bringing capital into Aboriginal communities are developed that address the legal, cultural and structural barriers, often in partnership with mainstream financial providers” (Collin, 2011, 4). 2) Culture Across Country Programs The three elements of the Culture dimension included: knowledge translation; cultural relevance and cultural safety. Examining the Culture dimension across the four country programs, the following findings emerged. Knowledge translation emerged from 41.2% of the four country programs and was the most number of programs for all 4 countries: Australia (14); the United States (13); Canada (8); and New Zealand (5). Cultural Relevance emerged from 30.9% of the four country programs: the United States (10); Canada (8); Australia (7) and New Zealand (5). Cultural Safety emerged from 27.8% of the four country programs and was the least number of programs from all 4 countries: Australia (5); New Zealand (5); Canada (7); and the United States (10).
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Literature Review of Indigenous Financial Literacy Knowledge translation. Dr. Mary Oxner at St Frances Xavier University (St FX) in Canada recently received a Social Sciences and Humanities Research Council (SSHRC) grant to develop a financial literacy program for Native youth (aged 18-35) in Paq’thkek. She will be building on a community-based financial literacy program developed by the St FX business faculty in 2004. To ensure the project develops a financial literacy program sensitive to the needs and financial decisions of youth in Paq’thkek, Dr. Oxner hired a team of graduates to research the local community. Resources and information from the business faculty’s financial literacy program model will be extracted and adapted accordingly. In addition, Dr. Oxner intends to share the results of her research on the financial literacy levels of the community with the community members themselves to facilitate their participation and gather critical insights that are culturally specific. Dominique Collin, author of, “Aboriginal Financial Literacy in Canada” (2011), underscores the importance of knowledge translation when he states, “culturally adapted and relevant training has been developed and shown to be effective”. It is not enough to simply change names to local dialect or add pictures of dream catchers to manuals. Rather, the content itself and the way the content is presented and distributed need to be culturally appropriate. Cultural relevance. The AFOA British Columbia created an informational guide on money and money management titled, “First Nations Financial Fitness: Your Guide to Getting Healthy, Wealthy and Wise.” The book is not only decorated in culturally relevant symbols and pictures but financial information (like income, expenses, and budgeting) is delivered in a culturally sensitive and relevant manner. The material is introduced by beginning, “we share the journey of financial literacy by looking through the lenses of the past, present, and future” (2011). The potlatch system is explained as an example of financial literacy in a pre-contact context and it provides a way for readers to access financial information. The language in the manual is also plain and easily understandable. Anna Wilcynski et al. (2006) reporting on the community consultations for National Indigenous Money Management Agenda in Australia, endorse a culturally relevant approach when they stated: “There was widespread consensus among participants regarding the most effective mechanisms for providing financial training and advice. Content material and delivery need to be accessible and relevant”. Cultural safety. Culturally safe practices can improve trust, access, and program delivery to Indigenous Peoples. An example of a culturally safe approach would be the Fannie Mae Foundation where financial skills curriculum is developed specifically for Native American adults in partnership with the First Nations Development Institute. Information is presented through a framework of Native values that embraces community, traditional resource management, the interconnection between generations, traditional wisdom, and historical experience. 3) Community Across Country Programs The three elements of the Community dimension included: that financial literacy initiatives provide benefits to the community; that financial literacy initiatives be delivered in and by community; and that financial initiatives be community driven. Examining the Community dimension across the four country programs, the following findings emerged. December 20, 2013
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Community benefits emerged from 49.4% of the four country programs and was the most number of programs from the 4 countries: Australia (14); the United States (14); Canada (8); and New Zealand (5). Community delivered emerged from 29% of the four country programs with 10 programs in the United States; 8 programs in Australia; and 3 programs both in Canada and New Zealand. Community driven emerged from 21.7% of the four country programs and was the least number of programs from 3 countries: New Zealand (3); Australia (4) ; and the United States (6).
Community benefits. Interest in financial literacy programs may increase if the program is seen to benefit the entire community. For example, the Ngai Tahu, an Indigenous People in New Zealand developed the Whai Rawa savings trust, an intergenerational savings scheme, which incorporates financial literacy education into its program design and delivery. The Whai Rawa savings scheme was designed to support its members to achieve increased personal financial wealth in the medium to long term. The scheme supports a culture of saving and asset building, and aims to assist the Ngai Tahu whanau to access higher levels of tertiary education, increase levels of home ownership, and increase emphasis on retirement savings. The Whai Rawa frames their project as a, “tool to achieve communities life aspirations.” The Ngai Tahu have at large been extraordinarily receptive of the Whai Rawa program. It is estimated that there are currently 16,700 tribal members and that membership continues to grow (Maori Economic Development Panel, 2012). In 2010, Te Runanga o Ngai Tahu commissioned a Financial Knowledge Survey, supported by the Retirement Commission and ANZ. The survey indicated that the Ngai Tahu have similar levels of financial literacy to the New Zealand population (and scored markedly higher than other Maori) and that members of Whai Rawa are more likely to have even higher levels of financial literacy. These results indicate that innovative programs that respond to community needs and advance a community’s collective interests while providing financial education are highly successful. Community delivered. A final way organizations can continue to ensure that a focus on community is maintained is by having the community members deliver the program or by partnering with a local institution in the delivery. Community driven. Communities with a vested interest in programs and materials that are designed specifically for the community have a greater likelihood of educating students in a culturally relevant and appropriate manner. If communities are engaged in the conceptualization process, they are more likely to support the program. Indigenous peoples sometimes mistrust outside institutions and programs because there is a history of ongoing colonization. Involving the community at the grass roots level ensures that their voices are heard and that their priorities are addressed within the program. One way to achieve this may be seeking advice from elders during the preliminary phases of program development, by involving the community in decision-making and design, and by partnering with local institutions. For instance, the Native American Community Development Corporation (Oweesta), widely regarded as a leader in Indigenous financial education in the USA, explain December 20, 2013
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Literature Review of Indigenous Financial Literacy in their website that “At the heart of all of NACDC’s initiatives is a community planning model that includes facilitated assessment and strategic planning sessions. Strategic planning and negotiated action plans form the groundwork for success in each Native community. The community chooses its own path to solutions and NACDC provides mentoring, experts and technical assistance to enhance success” (www.nacdc.org/financial_literacy.html). 4) Practical Benefits Across Country Programs The four elements of the Practical Benefits dimension included: education; personal; employment; and financial. Examining the Practical Benefits dimension across the four country programs, the following findings emerged. Education emerged from 38.7% of the four country programs and was the most number of programs from all 4 countries: 9 from the United States; 8 from Australia; 7 from Canada; and 5 from New Zealand. Personal emerged from 25.3% of the four country programs with 8 from the United States, 6 from Australia, 4 from Canada and 1 from New Zealand. Employment emerged from 20% of the four country programs with 6 from Canada, 4 from Australia, 3 from the United States and 2 from New Zealand. Financial emerged from 16% of the four country programs and was the least number of programs from 3 countries: zero from New Zealand; 3 from Australia; and 3 from Canada. Further Education. Many of the programs incorporate financial literacy training into already existing programming: like basic literacy program, tertiary education, or school curriculum, for example, AFOA’s Dollars & Sense: Guidance for Aboriginal Youth and FNDI’s Crazy Cash City (Refer to programs 24, 29, 41, 46 in Appendix 1A). Interdisciplinary and cross sector learning can enhance financial literacy programs because now not only are participants gaining financial knowledge but they are acquiring complimentary skills that can enhance other areas of their lives. Personal. The programs collected offer diverse examples of ways in which financial literacy programs may do so. For instance, The Rumbalara Football Netball Club (RFNC) is a sports club in Australia that offers financial literacy training to participants. Students benefit from physical exercise, camaraderie, and financial education simultaneously. Also, several leading programs have integrated financial literacy training and education into already existing health or nutrition programs. For example, Mangere Budgetting Services Trust, an incorporated society registered under the charitable Trust Act 1957, was identified by the Commission for Financial Literacy and Retirement Income as an exemplary organizations delivering financial literacy education in New Zealand. Mangere Budgetting Services Trust has integrated financial literacy training into their, “Healthy Lifestyles Program,” which delivers cooking demonstrations, offers advice on good nutrition, and offers supermarket tours where individuals and families simultaneously learn how to “shop smarter, buy healthier food, and make the dollars stretch further; thereby creating better futures” (www.mangerebudgetting. org.nz). Another innovative example of an organization dedicated to improving the lives of Aboriginals and low income Canadians living in inner cities is SEED Winnipeg. This December 20, 2013
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Literature Review of Indigenous Financial Literacy organization has introduced a financial literacy component into their smoking cessation program. Employment. A few of the programs linked financial literacy education to employment training or employee training. Often financial literacy is a core aspect of entrepreneurial training, or job training in the financial sector. In Canada the Enterprising Women’s program, “Business Leadership Training, Financial Management Training”, staff work with adult Aboriginal women to expand economic development opportunities and support selfemployment by delivering training, mentoring, and networking services. The organization utilizes the Peer Circle concept as a source of peer support for Aboriginal women in business and as a source for small business loans. Financial. Additional benefits include matched savings plans, children development accounts, or home ownership programs. These are all strategies that have been successfully incorporated into various financial literacy programs. For example, the Native American Housing Partnership in the United States was created to provide innovative and flexible home ownership financing opportunities on or near reservations. The housing partnership empowers Native American families to build, buy, or renovate homes. Through the program, individuals participate in home buying and financial literacy classes and learn how to establish individual development accounts. SEED Winnipeg is another example of a financial literacy institution that incorporates a financial benefits dimension into its programming. SEED delivers a Saving Circle Program that helps low-income individuals and families save for needed assets including furniture, medical expenses, a computer, education, a small business, or household necessities. The program uses special matched savings accounts to match participant’s savings 3:1 up to a specified limit. Participants have six months to save toward their asset goal (www.seedwinnipeg.ca). 5) Strength Based Approach Across Country Programs The two elements of the Strength Based dimension included local solutions and continuous quality improvement. Examining the Strength Based dimension across the four country programs, the following findings emerged. Local Solutions emerged from 53.7% of the four country programs with 7 from the United States, 6 from Australia, 5 from New Zealand and 4 from Canada. Continuous Quality Improvement emerged from 46.3% of the four country programs with 10 from the United States, 4 from Canada, 3 from New Zealand and 2 from Australia. Local solutions. The Australian Securities and Investments Commission report on Financial and Commercial Literacy Programs for Indigenous Communities states, “It is important to identify what Indigenous people are doing right and use this to work from a strengths perspective and that building on existing traditional knowledge will also help entrepreneurs to feel more ‘connected’ to culture and the community” (ASIC, 2011). Also in New Zealand, the Maori Financial Literacy Strategy adopts a strength-based approach, “It uses traits that are recognized through iwi, hap and whan au structures that are central to Ma ri cultural December 20, 2013
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Literature Review of Indigenous Financial Literacy aspirations such as whanaungatanga” (ASIC, 2011, 2). Appreciative Inquiry focuses on increasing what a community or organization does well rather than on eliminating what it does badly. Solutions could be based on traditional practices, local lessons learned, learn by doing, and research. Continuous Quality Improvement. Continuous quality improvement is important to incorporate evidenced based knowledge into programs. The Native Financial Education Coalition managed by the National Congress of American Indians, set goals to conduct ongoing research, promote best/promising practices, bring partners together, conduct awareness campaigns at all levels and promote community well-being. In their evaluation report, Marks and Dewees evaluated the financial stimulation pilot, Crazy Cash City, to discern what may be learnt and changed to better serve the needs of a Native youth audience. This experiential learning style appeared to be effective with 98% of the student participants (Refer to study 71 in Appendix 3).
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6. Discussion of Key Findings In this study, individual profiles were provided for each country (Australia, Canada, New Zealand and the United States) which covered: demographics for the Indigenous populations; socio-economic conditions; national financial literacy strategies; financial literacy landscape of the financial literacy literature and the life cycle; financial literacy programs and the life cycle; and promising practices. The findings that emerged from the financial literacy studies and financial literacy programs reviewed from each country profile were then examined across the four countries using the life cycle and promising practices frameworks. The highlights and emerging gaps in Indigenous financial literacy studies and programs within and across countries are provided in this section. NOTE: The key findings are limited to the studies and programs reviewed in this study.
6.1
Highlights and Emerging Gaps
6.1.1 Indigenous Peoples Key findings from the literature reviewed indicate the following about Indigenous peoples in Australia, Canada, New Zealand and the United States. The majority of Indigenous peoples are younger than the country populations with the median age for Indigenous peoples ranging from 21 to 31 years of age compared to the non-Indigenous peoples ranging from 37 to 41 years of age. With younger Indigenous populations, the need for financial literacy education at younger ages becomes a priority to ensure that countries are developing financial literate Indigenous populations. As stated in the study, with a large proportion of the Aboriginal population in early phases of financial life, they will benefit from early intervention and financial education that addresses the early life stage.
The majority of Indigenous peoples live in disadvantaged conditions with the Human Development Index (HDI) showing a socio-economic development gap between Indigenous peoples and the general population across four countries. According to the HDI (United Nations, 2011): Canada ranked third compared to Aboriginal peoples ranking 32; Australia fifth compared to Indigenous Australians ranking 103; the United States sixth compared to Native Americans ranking 13; and New Zealand nineteenth compared to the Maori ranking 73. By providing financial literacy education across the life cycle, it is a significant
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Literature Review of Indigenous Financial Literacy investment which will benefit individuals, communities, and countries.
Indigenous peoples have their own cultures, customs, languages, worldviews and values. They are different from the general population and providing culturally appropriate financial literacy programs is of utmost importance.
6.1.2 National Financial Literacy Strategies Key findings across the four countries indicate the following. All countries have developed national strategies for financial literacy except for Canada. This is a clear financial literacy gap in Canada. While the Canadian National Task Force for Financial Literacy made recommendations to move financial literacy forward, only a cursory mention was made regarding Aboriginal peoples: to make financial literacy training programs eligible for funding for young Aboriginal Canadians; and "to support existing capacity building initiatives in First Nations communities by offering culturally relevant financial literacy tools, training and resources to organizations involved in these initiatives" (The Task Force on Financial Literacy, 2010, 9). National literacy strategies were developed for the United States in 2006, in New Zealand in 2010, and in Australia in 2011. Canada appointed a National Task Force for Financial Literacy in 2009 and passed the Financial Literacy Leader Act which received Royal Assent in March 2013. While all countries are at different stages in the evolution of financial literacy, it is a recent phenomenon in all countries in the general population. The development strategies for Indigenous populations across the four countries are in their infancy - they are just beginning. This study is timely because it provides leading edge information about Indigenous financial literacy across four countries and highlights emerging gaps. It will enable AFOA Canada to reach out and share current information internationally, develop networks and establish relationships with those in Indigenous financial literacy. 6.1.3 Financial Literacy Landscape Key findings of importance regarding the financial literacy literature reviewed in this study are listed below.
An analysis of 72 financial literacy studies across four countries showed that almost 60% of the studies were written in the last three years (2012-2013). This is an indicator that financial literacy is becoming a priority in the four countries with more being done to enhance financial literacy knowledge and skills of country populations. It is also an indicator that there is still much work to be done to move financial literacy forward as a field of study.
Of the 72 financial literacy studies, 52 (72%) were about Indigenous peoples. It is important to note that only 6 (29%) of the 52 financial literacy studies were about Canadian Aboriginal financial literacy. This is evidence of a gap in the literature with
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Literature Review of Indigenous Financial Literacy the need for more studies to build the financial literacy knowledge base in Canada. It is anticipated that the existing study will contribute to that knowledge gap.
The majority (33.7%) of the financial literacy studies across the life cycle focused on the adult population while the lowest percentage (11.4%) of studies focused on children. This provides evidence that there is a major gap in financial literacy studies regarding children. It is also important to note that the 'majority' of studies at 33.7% is itself relatively low. To build the financial literacy knowledge base, more research across the life cycle is needed for children, youth, adults, and the elderly.
The financial literacy focus across the financial literacy literature covered a widespread array of 52 topics with 10 (7.1%) studies representing the 'majority'. This is an indicator that provides evidence that financial literacy is still evolving and more research is needed to advance the field. Despite this, some key topics covered in the studies included the following. Good Practice-Best Practice emerged from 10 (7.1%) of the studies. Improving Indigenous financial literacy in schools emerged from 9 (6.4%) of the studies. Understanding money, financial and commercial literacy emerged from 9 (6.4%) of the studies. Economic and social development partnerships emerged from 9 (6.4%) of the studies. Evaluation of programs emerged from 8 (5.7%) of the studies. Indigenous and non-Indigenous financial literacy survey emerged from 8 (5.7%) of the studies.
The study includes an Annotated Bibliography of the financial literacy literature of all 72 studies in Appendix 3. This is important because it serves as a reference tool for those seeking to learn more about what financial literacy studies have been written from 2002 to 2013 in Australia, Canada, New Zealand and the United States.
6.1.4 Financial Literacy Programs Key findings of importance regarding financial literacy programs reviewed in this study are listed below.
In the 50 financial literacy programs across the four countries, the majority (38.1%) of programs targeted the adult population while the lowest percentage (9.5%) of the
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Literature Review of Indigenous Financial Literacy programs addressed children. This provides evidence that there is a major gap in financial literacy programs targeted for children. As with the financial literacy studies, it is also important to note that the 'majority' of programs at 38.1% is itself relatively low. Financial literacy programs are needed across the four stages of the life cycle for children, youth, adults, and the elderly. A gap identified in this study was that there is little information, support, and programs available to elderly Indigenous Peoples. This gap is important to address as some of our informants have alluded to the issue of elder abuse. Sometimes elders are taken advantage of when community members borrow money and fail to pay it back. Elders would benefit from financial education that would provide them with strategies to protect themselves from this troublesome behaviour. An awareness campaign through public radio stations may be an effective way to raise awareness around this issue. One positive way to engage elders in financial literacy education is by designing programs that facilitate intergenerational learning. One of our key informants at SEED Winnipeg informed us of an informal workshop that they undertook which involved both elders and youth. Elders were sent to schools to tell financial life history stories. Thus, elders educated the youth on important financial lessons they learned and were able to reflect on their current financial situations. Yarning circles were also identified as a good way elders could gain access to financial counselling at community and friendship centers. Family learning models may be an effective strategy for targeting all individuals across the life cycle. Involving all members of the family to sit down and discuss finances and plan budgets may motivate adults to make desirable financial choices because they wish to lead by example and secure a future for their families. It also encourages further in home learning for children and involves the elderly in a way that is meaningful to them.
Key financial literacy concepts that emerged from 53.8% of the country programs reviewed in this study are listed below. For those who are in the process of developing financial literacy initiatives, it is important to know what programs are available; it may prevent duplication and lead to collaboration with program providers. 1) Managing finances and money management emerged from 24 (10.4%) of the country programs. 2) Savings and building assets emerged from17 (7.3%) of the country programs. 3) Credit and borrowing emerged from17 (7.3%) of the country programs. 4) Banking emerged from 14 (6%) of the country programs.
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Literature Review of Indigenous Financial Literacy 5) Budgeting emerged from 13 (5.6%) of the country programs. 6) Planning emerged from 10 (4.3%) of the country programs. 7) Investments and securities emerged from 9 (3.9%) of the country programs. 8) Debt and debt management emerged from 7 (3%) of the country programs. 9) Informed consumers and smart shopping emerged from 7 (3%) of the country programs. 10) Retirement emerged from 7 (3%) of the country programs. Furthermore, programs focused on a wide range of 66 international financial literacy topics that related to key Indigenous issues being addressed within communities. Issues included: social issues such as tackling addictions, alcohol, drugs, gambling and rebuilding social norms and capabilities; community issues such as community financial education, affordable housing, food and nutrition; and economic issues such as economic development and building a healthy economy.
The two key learning environments emerging from the majority of programs included: community capacity development education used in 40% of the country programs and in-person workshops and training used in 20% of the country programs. This provides evidence to support the need for financial literacy programs to be community based and delivered in person.
The study includes a detailed overview of all 50 Indigenous Financial Literacy Programs in Appendix 1A. It highlights each program by organization, life cycle focus, financial literacy concepts, learning methodology, learning environment, and reference. This is important because it serves as a reference tool for those seeking to learn more about what is being done in programs in the four countries.
6.1.5 Promising Practices Key findings of importance regarding promising practices across country programs reviewed in this study are listed below. The top three dimensions emerging as promising practices across the four country programs included: partnerships in 32.6% of the programs; culture in 22.1% of the programs; and community in 18.9% of the programs.
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Literature Review of Indigenous Financial Literacy As stated in the study, engaging multiple partners enables financial literacy programs to benefit from being locally relevant and accepted, broadly supported and funded, and strengthened by financial expertise. It was also indicated in the study, that by partnering with school boards, organizations can gain access to many school aged Indigenous students. With the successful development and delivery of Indigenous financial literacy programs relying on partnerships, there is a need to develop partnerships with relevant bodies and organizations. With respect to culture, content material that is culturally appropriate and relevant to Indigenous peoples will ensure program success. Programs that benefit the community, are delivered within the community, and engage community people in the design and delivery which ensures program success. There is a great need to design and deliver financial literacy programs for Indigenous populations: that are culturally sensitive, appropriate and relevant; that benefit community; and that are community designed, developed and delivered.
7. Summary and Recommendations 7.1 Summary The purpose of this study was to conduct an international literature review and produce a research report to provide a picture of Indigenous financial literacy in Australia, Canada, New Zealand and the United States over the last 13 years from 2000 to 2013. The study provides an examination of Indigenous financial literacy studies and existing financial literacy programs (curricula, education, and initiatives) available to Indigenous peoples in each country across the four stages of the life cycle: children (birth to 12 years of age); youth (13 to 25 years of age); adults (26 to 64 years of age); and the elderly (65 and over). A promising practices framework was also used to examine existing Indigenous financial literacy programs across five dimensions: community; culture; practical benefits; partnerships; and a strength based approach. The methodology for the study included the development of relevant search terms and conducting systematic searches of the academic electronic databases, the web for evidence-based programs, and financial literacy studies. In addition, members of the AFOA Canada International Reference Group identified key studies and programs for inclusion in the study. A total of 72 financial literacy studies and 50 Indigenous programs were generated to provide the data for this study. Financial literacy studies and programs were then analyzed using the lenses of the life cycle and promising practices frameworks. Tables were developed to determine and display patterns emerging across the data and can be found in Appendix 6. Research findings for the December 20, 2013
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Literature Review of Indigenous Financial Literacy study include individual country profiles covering: demographics; socio-economic conditions; national strategies for financial literacy; financial literacy literature; financial literacy programs; promising practices; and a case study. Findings also include an analysis of data across countries covering: an overview of Indigenous peoples; financial literacy literature; country programs; and promising practices. A section on the discussion of key findings covers highlights and emerging gaps regarding financial literacy studies and programs within and across countries. Based on the key findings of the research, the following recommendations were forwarded for consideration.
7.2 Recommendations Development of Indigenous Curricula, Programs and Materials to Address Gaps 1. Develop culturally appropriate and relevant financial literacy education curricula and materials for First Nations children and youth in community First Nations schools across Canada. 2. Develop culturally appropriate and relevant financial literacy education materials, tools (including online games) and web-based portal for Aboriginal children, youth, adults and the elderly over a five year period. 3. Develop financial literacy programs for Aboriginal peoples over 50 to address elder abuse and address the financial needs of the elderly. 4. Develop a financial literacy 'train the trainers' program for community based workers, social workers, program coordinators, and teachers so they may provide financial education and support to Aboriginal individuals and families. 5. Develop a national program that will engage Aboriginal communities with approaches that are focused on culture, are community-driven, collaborative, strength based, and that incorporate continuous quality improvement to be delivered in partnerships across sectors. 6. Develop a community-based operations manual on promising practices including, lifelong learning, community, culture, partnerships, strength based and benefits, with a focus on urban, rural, remote and isolated regions. 7. Develop a guide for community financial literacy evaluation and evidence based program design. Communication, Promotion, and Awareness 8. Develop a communication plan and materials to promote and share findings of this study both nationally and internationally. Online webinars, presentation materials, and an international conference on Indigenous Peoples Financial Literacy, Education, and Wellness is recommended to encourage the sharing of Indigenous peoples community December 20, 2013
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Literature Review of Indigenous Financial Literacy based knowledge, experiences, and best practices on financial literacy. 9. Develop a national campaign to promote Aboriginal Financial Wellness through good financial decision making for healthy individuals and communities based on Aboriginal values such as respect, love, and wisdom. Partnerships 10. Work collaboratively with others and form partnerships that will assist in advancing Indigenous financial literacy across the life cycle. Further Research 11. Conduct in-depth research to examine the diverse international Indigenous exemplar financial literacy initiatives to learn more about the design, development, implementation, and delivery of Indigenous financial literacy education in various contexts and for various purposes. 12. Conduct in-depth research to identify the financial literacy needs of Aboriginal peoples in Canada and develop an Aboriginal financial literacy framework across the life cycle and life events addressing personal, business and governance levels.
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APPENDICES APPENDIX 1A. Indigenous Financial Literacy Programs (Indigenous specific programs, general programs and Indigenous created programs) Australia: 1.
Program(s):
MoneySmart
Organization(s): Life Cycle Focus:
ASIC Australian Securities and Investments Commission General Australian population (across the life cycle except children); however, MoneySmart has a server on its website specifically catered to Indigenous Australians. Website provides instructional information on how to manage your finances including: budgeting, saving, banking, managing debt, insurance, making donations, and income tax. Information on borrowing and credit including borrowing basics, credit cards, debit cards, home loans, car loans, small loans, managing debt, consumer credit protection. Information on superannuation and retirement, investing, scams, life events etc. Online information resources and tools. The server for Indigenous peoples offers publications specifically for Indigenous peoples such as: “paying for funerals.” Website also provides links to indigenous radio program “Money Talks” and an Indigenous Helpline Online learning. In addition, the Indigenous Outreach Program provides support to Aboriginal and Torres Strait Islanders who want to know more about money matters. The Indigenous Outreach staff are able to assist with complaints, provide copies of any of ASIC's Indigenous educational materials and provide general assistance and financial literacy education. They also work with industry and consumer advocates to increase the financial knowledge of and improve the services provided to Indigenous Australians. Ongoing
Concepts:
Learning Methodology:
Learning Environment:
Timeline: Reference:
2.
Program(s):
MoneyBusiness
Organization(s):
Australian Government Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA), ANZ, and various Indigenous communities. The program was established in 2005 at six pilot sites in Katherine, Tennant Creek, Nguiu (Tiwi Islands) and Galiwinku (Elcho
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Island) in the Northern Territory, and Geraldton and Kununurra in Western Australia. MoneyBusiness is now being delivered in over 215 communities in remote, regional and urban Australia. Adult Aboriginal and Torres Straight Islanders Money, money management, savings culture MoneyBusiness is available as community education workshops and/or an approved money management course. The program provides a comprehensive set of community workshop materials. These include facilitator guides, visual prompt cards, games and activities that have been designed to take into account particular issues facing Indigenous people. Varies according to community needs Varies according to community needs
3.
Program(s):
Indigenous Financial Services Network (IFSN)
Organization(s): Life Cycle Focus:
Reconciliation Australia Indigenous Financial Services Network Organizations delivering financial services to Aboriginal and Torres Strait Islanders adults IFSN works to: Increase the scope and scale of financial literacy programs delivered by the Banks and Australian Securities and Investments Commission (ASIC) Increase education around rights and responsibilities when it comes to financial services Improve customer service through greater cultural awareness in financial institutions and a focus on recruiting Aboriginal and Torres Strait Islander employees Improve customer support services Improve regulation of unscrupulous lenders Increase focus on education around ‘book-up’ practices Support for lifting savings behavior Suitable personal credit products Suitable transaction products The Indigenous Financial Services Network (IFSN) aims to improve Aboriginal and Torres Strait Islander peoples' understanding of financial services and their access to financial products. Currently the IFSN is working on four work-streams: 1. Addressing unfair ATM fees in remote communities 2. Developing a best practice guide for financial literacy in Indigenous communities
Concepts:
Learning Methodology:
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3. Understanding the barriers to growth for small Indigenous businesses 4. Understanding the financial issues associated with Aboriginal and Torres Strait Islander people who spend time in prison. The IFSN does not run programs itself but rather seeks to influence the actions of its membership. Ongoing
4.
Program:
My Moola
Organization (s): Life Cycle Focus: Concepts:
First Nations Foundations and ANZ Adult aboriginal Australians goal setting, overcoming barriers to success, making money stretch past payday, planning to win, looking after my future, internet and phone banking, credit can be a wealth hazard, money loans, sharks and traps, sharing my vision and reflection. My Moola involves an interactive program that links personal development and goal setting with financial literacy and ongoing mentoring. Some of the material contained in the My Moola financial literacy component has been drawn from ANZ’s MoneyMinded resource and MoneyBusiness The program is delivered by Indigenous facilitators and employed by local organizations. The program is designed so it develops the capacity of the local Indigenous community to own and control the program moving forward and actively leading the change-management process within the community. 10 week program < http://www.fnf.org.au/my-moola.html>
Learning Methodology:
Learning Environment:
Timeline: Reference:
5.
Program(s):
Yarrabah and Palm Island Money Management Program
Organization(s):
Indigenous Consumer Assistance Network (ICAN) was contracted by FaHCSIA to provide MoneyManagement Programs (MMPs) in two Aboriginal communities in Far North Queensland. One community is the community on Palm Island, 65 km north-northwest of Townsville. The other, Yarrabah, is approximately 50 km by road from the regional center in Cairns Adult Indigenous Household budgets, calculating household expenses and sharing, personal budgets, financial goals (household and personal), debt management, keeping paperwork, PIN security, debit & credit cards are different, the cost of banking – ATM, different types of bank accounts,
Life Cycle Focus: Concepts:
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internet and phone banking, credit can be a hazard, money – loan sharks & traps and pay-day lenders ICAN and communities adapted the program to suit local needs and find creative and culturally appropriate ways to build staff capacity. Financial Counseling Mentorship was offered. Local staff were able to redevelop existing financial education workshop resources to suit local environment Workshops community developed and delivered, and financial counseling Introduction and exit interviews, 4 workshops, and continued support if needed evaluation report done by James Cook University
6.
Program(s):
Milba Djunga
Organization(s):
The State of Queensland (Department of Education, Training, and Employment) Aboriginal and Torres Straight Islanders youth Managing basic finances, paying bills, savings, etc. Milba Djunga, which means ‘smart money’ in the Yidnji language, is a hands-on financial literacy program that engages young Aboriginal and Torres Strait Islander people in consumer situations and real-life money management in a very practical way. Students participating in the program are allocated a ‘job’ and their pay slips are worked out according to how well they carry out their duties at school as well as how often they attend class. Students sign on and off at the beginning and end of each day and they get bonuses for completing work and good behavior. Their pay is docked for not attending, not being on task or for displaying poor behavior. Every fortnight participants attend a ‘market day’, where they can ‘pay their bills’, spend their money at the ‘local store’ and save any left over money by depositing it in ‘the bank’. In this way they learn about paying regularly for essentials like electricity, housing and food, or saving up for the things they want, like TVs and iPods. Milba Djunga has also been developed into an interactive website through a partnership between Education Queensland’s Indigenous Schooling Support Unit and the Australian Securities and Investments Commission (ASIC). The online program is made of two units: 1.Do I want it? Do I need it? How do I get it? –for primary school students.2. How can I start my own business? – Targeted at secondary school students There is also a Your Stories section where you can share your experiences or provide feedback. Interactive web-based and simulative learning
Life Cycle Focus: Concepts: Learning Methodology:
Learning Environment:
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Ongoing and varies according to circumstance
7.
Program(s):
Money Mob Talkabouts
Organization(s):
Financial Management Program Resource Unit; Australian Government Department of Families, Housing, Community Services and Indigenous Affairs, Matrix on Board, in partnership with local schools and local communities, and the women resource center Remote-dwelling Aboriginal people: children, young people, and adults The “learning experiences” in the program will cover four main areas: Be an informed consumer and avoid getting “ripped off” Make wise money decisions Get the most out of banks and financial systems Connect to people and resources that can help you. The program is philosophically grounded in two-way learning where the knowledge of both Indigenous and Western cultures are equally valued and listened to. On the ground, the program relies heavily on storytelling and uses outdoor cinema, DVDs with the capacity to be re-recorded, hands-on games and activities, traditional board games, internet games, and quizzes, stimulated spending, interactive learning, memory and snap cards game pack, dominoes cards game pack, money dice yahtzee, coin rub game, smartboard activities, italk stories, and message theater. The project involves two MoneyMob four wheel drives travelling to remote communities in the Northern Territory to deliver financial literacy education programs to children, young people, and adults. Varies depending on community needs
Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline: Reference:
8.
Program(s):
Training Courses, Money Business Courses, Money Business Kit, Money Management Workers Guide, Family Assistance Payment Education, Money Management Education Program
Organization(s):
Financial Management Program Resource Support Unit The FMRSU service is funded by the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs and delivered by Matrix on Board. Indigenous Australians Trainers/Mentors deliver accredited and non-accredited training to ensure money management workers: Understand money management and budgeting, financial
Life Cycle Focus: Concepts:
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Learning Methodology:
Learning Environment: Timeline: Reference:
Varies according to circumstance www.fmrsu.com.au
9.
Program(s):
ICAN Indigenous Consumer Assistance Network Money Mentor Program Website: Online tools and Resources
Organization(s): Life Cycle Focus: Concepts:
ICAN Indigenous Consumer Assistance Network consumers ICAN provides Indigenous consumers with assistance to alleviate consumer detriment, education to make informed consumer choices, and advocacy to highlight consumer disadvantage. Located in Cairns, Yarrabah, Palm Island and Thursday Island in Queensland the Indigenous Consumer Assistance Network Ltd (ICAN) provides consumer education, advocacy and financial counseling services to Indigenous consumers across the nation. Provides workshops, mentoring, hosts website with resource materials and online tools Ongoing < http://ican.org.au/ >
Learning Methodology:
Learning Environment: Timeline: Reference:
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Program(s):
NSW Government Fair Trading Indigenous Section
Organization(s): Life Cycle Focus:
NSW government Fair Trading The fair-trading website has information for Indigenous Consumers and traders. Provides practical knowledge on tenancy - for landlords and people who rent, avoiding scams, incorporated associations, strata living, consumer rights, retirement village living, buying a used car, credit and debt, book up, shopping and consumer guarantees, keeping your kids safe, starting a business, tenancy and housing, aboriginal housing providers, fair trading, community education. The Fair Go program increases awareness and understanding of consumer rights and responsibilities within the Aboriginal communities of NSW through long-term relationships with Indigenous community organizations. Online web learning, community outreach programs, seminar learning
Concepts:
Learning Methodology: Learning Environment: Timeline: Reference:
Varies accordingly Varies accordingly < http://www.fairtrading.nsw.gov.au/Indigenous.html>
11.
Program(s):
MPower Money Management Program
Organization(s): Life Cycle Focus: Concepts:
Cape York Partnerships Indigenous families in Cape York MPower Money Management Program educates families to manage money so that basic material needs (food, clothing, shelter etc.) are covered; engages families to manage money as a means of tackling addictions to alcohol, drugs and gambling and to develop alternative ways for people to express cultural reciprocity; rebuild social norms and capabilities through financial literacy; to build assets and realize aspirations through saving and disciplined money management. MPower is pre-requisite to community members being able to take advantage of other CYP programs. MPower Coaches hold an MPower Conversation with clients to map out where they are in their lives, where they want to be and what they need to do to get there. This includes developing an MPower Plan comprising a family budget, goal setting, and coaching sessions. Families receive training with specially designed money management tools to improve their money management capacity. MPower operates an iBank kiosk, a customized facility that offers independent or assisted access to telephone and internet banking and online shopping facilities. One on one in person learning
Learning Methodology:
Learning
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Varies accordingly for each individual/family
12.
Program(s):
The Saver Plus Program
Organization(s):
ANZ Banking Group, the Brotherhood of St Laurence, Berry Street, the Benevolent Society, the Smith Family, and the Department of Families, Housing, Community Services and Indigenous Affairs Young and adult aboriginal Australians Savings and money management skills Saver Plus is a matched savings and financial education program that can assist clients reach a savings goal, become a regular saver, and build money management skills. Saver Plus provides an opportunity to have every dollar saved (up to $500) matched with an additional dollar for your own or your family’s education-related expenses. Matched savings and financial education.
Life Cycle Focus: Concepts: Learning Methodology:
Learning Environment: Timeline: Reference:
Varies accordingly
13.
Program(s):
The Rumbalara Football Netball Club (RFNC) various sports programming
Organization(s): Life Cycle Focus: Concepts: Learning Methodology:
The Rumbalara Football Netball Club (RFNC) Youth Basic financial literacy concepts Cross-sector learning: The RFNC delivers programs that simultaneously encourage healthy living, leadership, prudent financial management, education, skills and employment. Sports club interactive learning
Learning Environment: Timeline: Reference:
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On going
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Program(s):
Manage Your Income, Manage Your Life
Organization(s):
Caritas Australia, A Catholic Agency for International Aid and Development Adult Australian Indigenous people in Western NSW This program works to upskill communities, develop leadership skills, establish networking and mentoring opportunities, and build selfreliance and increases confidence in money management. The Manage Your Income, Manage Your Life program focuses on improving financial literacy and money management skills by running workshops and training courses that foster an understanding of financial institutions, and build self-reliance and confidence in money management. This program also helps participants pass on the knowledge and skills they have learnt to people they live and work with. The training is implemented by First Australian Financial Counselors and an experienced non-First Australian Financial Counselor. It later evolves into a 'Train the Trainer' model, so potential financial mentors who have already undertaken general training can then support members of their own community or organization in financial management. Mentorship and train the trainer
Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline: Reference:
Varies accordingly
15.
Program(s):
Indigenous Consumer Guide: An Information Handbook to Help Indigenous People Understand Their Consumer Rights
Organization (s): Life Cycle Focus: Concepts:
Office of Regulatory Services (Australia) Indigenous Consumers Includes general tips for smart shopping, buying a motor vehicle, motor vehicle repairs, purchasing with credit, renting, insurance, door to door traders etc. This guide is designed to provide Indigenous consumers with information about making smart purchasing decisions for a range of products in a wide range of situations Informational guide
Learning Methodology: Learning Environment: Timeline: Reference:
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Varies according to individual Publication No. 08/0791 http://www.act.gov.au
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Program(s):
Financial Literacy Training Program for Traditional Credit Union (TCU) Members
Organization(s): Life Cycle Focus:
Traditional Credit Union Indigenous adults and organizations in remote communities of the Northern Territory Australia TCU provides the following services: personal banking products, business banking products, community sponsorship, financial counseling, financial literacy education, employment and training opportunities. The financial literacy training component includes topics: budgeting, saving, interest rates, fees and charges, loans To help build social and economic capacity in remote Indigenous communities by providing personalized quality financial education and services. Varies accordingly
Concepts:
Learning Methodology: Learning Environment: Timeline: Reference:
Varies accordingly
www.tcu.com.au
17.
Program(s):
Organization(s):
Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline:
December 20, 2013
Home Ownership on Indigenous Land Program – Money Management Component (Money management education workshops and HOIL Structured Education Program (HOILSEP). Indigenous Business Australia Local service providers with funding from the Department of Families, Community Services and Indigenous Affairs (FaCSIA) Adult Indigenous Money management education workshops cover: Money budgeting, credit, debt, financial services and consumer awareness. HOILSEP covers the benefits and risks of home ownership, responsibilities of homeowners, costs of purchasing and maintaining a home, the home purchase and loan process, and specific components of the HOIL program. The Home Ownership on Indigenous Land (HOIL) program, administered jointly by the Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) and Indigenous Business Australia (IBA), seeks to increase home ownership on Indigenous community titled land. Workshops administered by FaHCSIA’s Money Management Branch, delivery done by independent service providers in communities. HOILSEP is a formal education program developed by FaHCSIA and IBA Workshops vary according to circumstance. HOILSEP is delivered in six one‐hour workshops. However, participants
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can progress through an ‘Express Pathway’ if they can demonstrate relevant prior knowledge and experience about aspects of managing their money, home ownership, and the HOIL process. http://anao.gov.au/
18.
Program(s):
‘Dealing with book up: a guide’ and ‘Dealing with book up: key facts’
Organization(s):
ASIC with the assistance of the Australian Bankers Association Inc.; NSW Office of Fair Trading; Queensland Department of Tourism, Fair Trading and Wine Industry Development; South Australian Office of Consumer and Business Affairs; and the Western Australia Department of Consumer and Employment Protection. Anyone working on developing responses to ‘book up’ in Indigenous communities including government agencies, community leaders, nongovernment organizations, financial counselors, community legal workers or private businesses Book up, action tips, other ways, money skills, the law, getting help, key facts Comprehensive guide that provides materials relevant to a range of situations. The guide includes a CD which has a presentation that community workers or government officers can use to encourage discussion about ‘book up’. A short key facts booklet, based on the guide, includes checklists, sample contract terms for store managers, a budget planner and a quick reference guide Guide book
Life Cycle Focus:
Concepts: Learning Methodology:
Learning Environment: Timeline: Reference:
Varies accordingly www.moneysmart.gov.au/tools-and-resources/publications/indigenousdealing-with-book-up
Canada: 19.
Program(s):
The City: A financial life skills resource, Financial Basics: A financial literacy workshop, and Your Financial Toolkit: A financial education program for adults
Organization(s): Life Cycle Focus: Concepts:
Financial Consumer Agency of Canada (FCAC) Youth and adults Basic financial skills for youth including budgeting, saving, and credit,
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investing, fraud prevention and financial planning information for young adults, and basic personal finances workshops for adults. FCAC, in collaboration with its partners, has developed several educational programs and materials to help Canadians increase their financial and personal money management skills and knowledge. The city: A financial life skills resource is delivered in classroom learning, through self-learning, as well as web-based learning. Financial Basics is delivered through workshops and in-person learning Your financial toolkit is available through Self-learning, Web-based learning, training or workshops 11 module learning programs / workshops http://www.fcac-acfc.gc.ca/eng/education/
20.
Program(s):
CCFL Training and Capacity Building, Knowledge Exchange, Program Development, Program Evaluation
Organization(s):
Canadian Center for Financial Literacy (a division of Social and Enterprise Development Innovations) The Canadian Center for Financial Literacy is a “train the trainer” program that equips organization working with low income Canadians to provide financial literacy services Exploring our relationship with money, creating income & basics of taxes, budgeting, banking and financial services, savings tools, credit basics, credit history, debt management, consumerism Canadian Center for Financial Literacy provides training, program support, evaluation tools and an online community for practitioners. In person, online, workshops
Life Cycle Focus:
Concepts:
Learning Methodology: Learning Environment: Timeline: Reference:
One of two day training programs, 9 module program, and facilitator toolkit < http://www.theccfl.ca/home.aspx>
21.
Program(s):
SEED Asset Building Programs (ex: the Saving Circle Program)
Organization(s): Life Cycle Focus:
SEED Winnipeg Supporting Employment Economic Development Low income Canadians living in the inner cities, SEED works with many aboriginal clients (adults, children, youth, and elderly) Setting goals & priorities Where does my money go?
Concepts:
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22. Program(s): Organization (s): Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline: Reference:
December 20, 2013
Making a budget and sticking to it Understanding credit Dealing with debt Problem solving Being a smart shopper How to get free money for your child’s education Combine financial literacy education with asset building programs to assist low-income participants to save for productive assets or household necessities. Teaching methods incorporate intergenerational learning teaching financial literacy in a historical and cultural context. Combined learning: financial literacy education paired with smoking cessation programs, nutrition and parenting classes. Programs include money management training classes, matched savings credits that are added to the funds that participants save on their own, opportunities for peer support from fellow participants, and one-to-one support from SEED staff. Intermittent workshops and ongoing peer and staff support http://seedwinnipeg.ca//
Vancity Savings Credit Union – Aboriginal Financial Literacy Committee Vancity Savings Credit Union Aboriginal youth and adults 1. Access to financial services and financial literacy 2. Affordable housing and home ownership 3. Building stronger communities through economic development Vanity Savings Credit Union’s Aboriginal Financial Literacy Committee is a group of partners who work directly with Aboriginal youth and adults, have begun an exciting project aimed at developing tools to address the need to improve and build culturally sensitive financial literacy tools for Aboriginal clients. They work in partnership with local First Nations, the Métis community, and Aboriginal not-for-profit organizations to support community development and independence. Part of this project includes a handbook and an Aboriginal Financial literacy website, both of which will be targeted at engaging Aboriginal clients in ways that are meaningful to them. Varies accordingly www.vancity.com
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Program(s):
Arrowmight Learning for Life
Organization(s): Life Cycle Focus: Concepts:
Arrowmight Adult aboriginal and non-aboriginal population Financial literacy is combined with basic adult literacy, numeracy and post-literacy education. The focus of the program is on critical thinking, computing skills, English grammar, reading, document use, learning to learn and continuous learning. The literacy course and optional computer course are both home-based programs that encourage self-directed learning and family learning. The program is based on the Cuban pedagogy found in the Yo si Puedo program in Latin America, Africa, and New Zealand. DVD and multimedia lessons, assistance provided by the program’s community facilitators 3 modules http://www.arrowmight.ca
Learning Methodology:
Learning Environment: Timeline: Reference:
24.
Program(s):
Dollars & Sense: Guidance for Aboriginal Youth
Organization(s): Life Cycle Focus: Concepts:
Aboriginal Financial Officers of Canada Aboriginal Elementary, Middle and High School students Worked in collaboration with TD Bank Group on this program. Principles of effective money management, income and expenses, budgeting and goal setting, saving and investing, purchasing, consumer awareness, credit and risk, banking, debt, how sound financial practices impact you and your community and careers in finance Modular Approach: Secondary School Module for Grades 11 & 12; Middle School Module for Grades 7 & 8; and Elementary School Module for Grades 3 & 4. Dollars and Sense is intended to be used in Aboriginal schools presented by facilitators. Includes module manuals, facilitator guides, and videos. Each module is activity-based for practical hands-on learning. Modules are matched to the school periods and may cover one or two periods of instruction. www.afoa.ca
Learning Methodology: Learning Environment: Timeline:
Reference:
25.
Program(s):
Building Community Capacity: AFOA Canada Workshop on Demystifying Finance for Elected Leaders
Organization(s): Life Cycle Focus: Concepts:
AFOA Canada Elected Leaders Building financial literacy, roles and responsibilities of First Nation
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leadership in context of financial management, basic financial accounting concepts and reporting, role of budgets in helping elected leaders manage community funds, the importance of and the tools available to achieve accountability and transparency Interactive one day workshop workshop and guidebook One day www.afoa.ca
26.
Program(s):
First Nations Financial Fitness: Your Guide to Getting Healthy, Wealthy, and Wise
Organization(s): Life Cycle Focus:
Aboriginal Financial Officers Association of British Columbia Aboriginal Canadians across four life stages. There are sections in manual specific to kids, teens, adults, and families. Informational guide that explains what financial literacy is, how to assess whether or not you are financially literate and how to empower yourself to be financially literate. This package covers topics such as income, expenses and cash flow, pay cheques, money traps and how to avoid them, budgeting, identifying needs and wants. Introduces and explains tools like cash envelopes, spending journal, electronic budget trackings, credit cards, income tax return. Manual suggests tips and guidance on how to speak to your family and partner about money and provides direction to further information (websites and resources). Culturally relevant pedagogy. This manual approaches financial literacy by looking to the “past, present, and future.” Encourages a family learning strategy Self guided learning
Concepts:
Learning Methodology: Learning Environment: Timeline: Reference:
Varies according to personal circumstance http://fnbc.info/first-nations-financial-fitness-your-guide-gettinghealthy-wealthy-and-wise-0
27.
Program(s):
Managing My Soniyaw
Organization(s): Life Cycle Focus: Concepts: Learning Methodology:
The Edmonton Financial Literacy Society Aboriginal adults Improve money management skills and quality of life The primary objective of this initiative is to provide effective approaches to support Edmonton's Aboriginal Community in improving their money management skills and quality of life in order to overcome barriers such
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as affordable housing, home ownership, debt reduction, long term savings and crime prevention. All teachings are geared to reinforcing the positive aspects of Aboriginal culture and also bridging the issues of money that were never relevant to the traditional Aboriginal way of life. Flexible and adaptable learning environments including specially designed workshops and materials Flexible and adaptable timelines http://www.efls.ca/projects/aboriginal.html
28.
Program(s):
Business Leadership Training, Financial Management Training
Organization(s): Life Cycle Focus: Concepts:
Enterprising Women Adult Aboriginal Woman Business Leadership Training: Strategic and business leadership Communication and leadership Women’s Peer Circle Development and Support Conflict Management Making the most of community resources and more Financial Management Training: The Psychology of Money Asking for the Money Getting the Money It’s Your Money Keeping the Money Managing the Money Goal of Enterprising women is to expand economic development opportunities and support self-employment for aboriginal women by delivering training, mentoring, and networking services. The organization utilizes the Peer Circle concept as a source of peer support for aboriginal women in business and as a source for small business loans One-one counseling, mentoring, and support, group workshops and training – PARO on Wheels (mobile programming to communities), Elearning via video conference and webcasting, networking events and opportunities – community engagement Ongoing based on need http://www.enterprisingwomen.ca/succeed/aboriginal-mentorshipprogram1
Learning Methodology:
Learning Environment:
Timeline: Reference:
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Program(s):
Aboriginal Youth Entrepreneurship program
Organization(s): Life Cycle Focus: Concepts:
Martin Aboriginal Education Initiative Youth Business mathematics, financial literacy, English, accounting, marketing, and information/ communications technology, leadership skills. AYEP teaches students various elements of business and personal financial literacy including how to develop a budget, knowledge of banking, how to create spreadsheets and the importance of financial projections. The goals of AYEP are to teach Aboriginal youth about business and entrepreneurship, to encourage them to complete their high school education and to go on to post-secondary studies. Through the program, students develop the attitudes, knowledge and skills necessary to achieve success in secondary school, postsecondary education or training, the workplace and daily life. Students are given entrepreneurial experience and the opportunity for business ownership. Financial literacy is a component. Innovative hands-on activities, classroom instruction, simulations, competitions, conferences, guest speakers, field trips to businesses and mentors On going http://www.maeiieam.ca/Aboriginal_Youth_Entrepreneurship_Program.html
Learning Methodology:
Learning Environment: Timeline: Reference:
New Zealand: 30.
Program:
Sorted: The Kiwi Guide to Money
Organization (s): Life Cycle Focus:
The New Zealand Government General New Zealand population across all stages of the life cycle. (They estimate that users are typically in the 25-49 age group). Comprehensive Everyday financial matters, financial planning around “life events” like retirement, graduation, marriage etc. The objective of the sorted website is to provide New Zealanders with the motivation, resources, and tools necessary to “sort out” their finances. The website features free independent impartial information for all kiwis. Online web based learning. The website provides booklets, resources, links, and easy-to-use interactive calculators. The Sorted resources also include seminar materials for use by organizations and businesses as well
Concepts: Learning Methodology:
Learning Environment:
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as a list of seminar facilitators. Ongoing
31.
Program(s):
Papa Whairawa
Organization(s): Life Cycle Focus: Concepts:
Te Wānanga o Aotearoa (a Maori tertiary education provider) Young Indigenous adults Financial terms, money personalities, banking services, planning for retirement, consumer rights, types of debt, financial decisions, goods and services Papa Wahiawa is a New Zealand Qualifications Authority (NZQA) approved program. On completion of the program students will receive a Papa Whairawa - Financial Literacy Certificate (Level 1). Te Wānanga o Aotearoa is guided by Maori principles and values providing holistic learning. Home based learning – holistic education guided by Maori values and principles 9 month program
Learning Methodology:
Learning Environment: Timeline: Reference:
32.
Program(s):
Fin-Ed Center at Massey University – (A series of certificate courses have been designed for people who want the skills to take charge of their personal finances or those who want to facilitate or teach financial literacy to others).
Organization(s):
The Fin-Ed Centre (Financial Education and Research Centre), was established in 2011 as a joint initiative between Westpac New Zealand and Massey University Young adult – adult, general New Zealand population with some projects specifically for Indigenous Peoples First strand programs include tailor-made certificates for individuals and organizations who would like to be involved in facilitating or teaching financial literacy at school, tertiary institutions, industry or community level. Second Strand programs are more individualized and tailored for specific financial information needs. The Fin-Ed center aims to help New Zealanders become more financially savvy by improving their knowledge, attitudes, and behavior towards money. The center is working on a series of projects to equip New Zealanders’ with the knowledge and understanding needed to make better-informed financial decisions and to become more financially
Life Cycle Focus: Concepts:
Learning Methodology:
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literate through mentoring, practical learning, research consulting projects, and events. A mixture of face-to-face teaching and online learning. Varies accordingly and is dependent upon trainer, individual and community
33.
Program(s):
Mangere Budgeting Services Trust general services
Organization(s):
Mangere Budgeting Services Trust The Commission for Financial Literacy and Retirement Income in their study of financial literacy programs across New Zealand identified Mangere Budgeting Services Trust as an exemplary financial literacy educator and program provider with high rates of customer satisfaction. This is an example of one of the over 300 budgeting services in New Zealand that provide services to Maori. Based in Mangere, South Auckland Mangere Budgetting Services Trust provides support to the Mangere community and right across South Auckland as well as raising the issues affecting low-income families/whanau right across Aotearoa Provides a range of social services and educational programs, e.g. 3 week course described below, which includes many indigenous clients: One on One Budget Advice Support Budget Planning and Financial Plans Negotiations with Creditors Advocacy with Government and Non-Government agencies Financial Literacy / Educational Budgeting Seminars Housing Advocacy Family and Individual Counseling Strengthening Families Program Food Parcels for families and individuals in need Access to quality second-hand clothing Access to Furniture Bank Cooking Classes “How to cook on a tight budget” Free phone Budgeting helpline Financial literacy and budgeting three week course Super market shopping tours Varies depending on program, individual, family, or community needs
Life Cycle Focus:
Concepts:
Learning Methodology: Learning Environment: Timeline:
December 20, 2013
Varies depending on program, individual, family, or community needs Varies depending on program, individual, family, or community needs
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< http://www.mangerebudgeting.org.nz/>
34.
Program(s):
Financial Literacy and Budgeting Workshop 3 week course
Organization(s): Life Cycle Focus: Concepts:
Mangere Budgeting Services Trust Adults (many Indigenous clients) Learn to prepare and balance a household budget, understand habitual behaviors and learn how to change bad habit, goal setting and planning for the future, preparing and planning cash flow. Learn how and where to save money, understand Kiwisaver, retirement and insurances, learn about borrowing: credit, debt, and contracts. How to get out of debt early and stay out of debt. Understanding what security is, repossessions and what being a guarantor truly means, and how to teach the kids money skills (For example, giving pocket money to children and teaching them to save a percentage of it on a regular basis). Community needs based learning model. The purpose of these classes and seminars is to create the awareness of the various aspects of one's financial life and show clients how to be and how to stay in control of their money. Attendees will receive support material so they can put into practice everything they will learn in class. In person learning Sessions delivered at Budgeting & Family Support Services Mangere @ 59B Mahunga Drive, Mangere. This course is three weeks long of one and a half hour sessions < http://www.mangerebudgeting.org.nz/financial-literacy-a-education>
Learning Methodology:
Learning Environment: Timeline: Reference:
35.
Program(s):
Healthy Life Styles Program
Organization(s):
Mangere Budgeting Services Trust funding from Counties Manukau District Health Board Adults and families (many Indigenous clients) Nutrition, smart shopping, bargain shopping, stretching the dollar, and reading food labels Hands-on practical learning and guidance. This program offers cooking demonstrations, food advice, and guided supermarket tours. Learning in real life environment – supermarket or kitchen
Life Cycle Focus: Concepts: Learning Methodology: Learning Environment: Timeline: Reference:
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Offered on an individual workshop basis
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United States of America: 36. Program(s): Organization(s): Life Cycle Focus: Concepts:
Learning Methodology: Learning Environment: Timeline: Reference:
MyMoney.Gov U.S.A Government General population across all stages of the life cycle, (except children) Content is organized by Life Events, My Resources, and Tools. The Life events section includes financial information surrounding a variety of events such as; birth and adoption, going to college, marriage and divorce, home ownership, natural disasters and unexpected events, starting or losing a job, starting/buying a business, planning for and retiring, death of a family member. The resource section provides information specific to youth, teachers, parents, caregivers, women, employers, military, retirees, researchers, and financial education providers. The tools section includes calculators, budget worksheets, and checklists, college preparation lists, consumer protection Self directed learning through information resources and online tools Website: online tools and resources Ongoing across the life cycle < http://www.mymoney.gov/>
37.
Program(s):
The JumpStart Coalition
Organization(s): Life Cycle Focus: Concepts:
The JumpStart Coalition Pre-kindergarten through college-age youth JumpStart developed national standards in k-12 Personal Finance Education. Chapters are organized into the following: Financial Responsibility and Decision Making, Income and Careers, Planning and Money Management, Credit and Debt, Risk Management and Insurance, Saving and Investing. JumpStart provides advocacy, research, standards and educational resources. JumpStart holds a clearinghouse for teachers, parents, caregivers and anyone committed to financial smarts for students. ongoing www.jumpstart.org
Learning Methodology: Learning Environment: Timeline: Reference:
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Literature Review of Indigenous Financial Literacy 38.
Program(s):
First Nations Development Institute – Financial and Investor Education
Organization(s):
First Nations Development Institute From 1994 through 2012, First Nations Development Institute has provided more than $18.9 million in financial grant support to 814 Native American programs, projects, and initiatives in 36 states. Life cycle focus varies according to program (mostly youth and adult) First Nations Development Institute and its wholly-owned subsidiary First Nations Oweesta Corporation (a community development financial institution) work in partnership with Native American tribes and communities throughout the U.S. to assist them in designing and administering financial and investor education programs. Projects range from helping individuals and families understand the basics of financial management – opening and maintaining a bank account and using credit wisely – to helping individuals understand financial markets and a variety of financial instruments for borrowing and saving “First Nations Development Institute believes that when armed with the appropriate resources, Native Peoples hold the capacity and ingenuity to ensure the sustainable, economic, spiritual and cultural well-being of their communities.” With the support of individuals, foundations, corporate and tribal donors, First Nations Development Institute improves economic conditions for Native Americans through technical assistance & training, advocacy & policy, and direct financial grants in five key areas: Financial & Investor Education Combating Predatory Lending Native American Business & Asset Development Strengthening Native American Nonprofits Native Foods & Health Delivers a variety of programs in collaboration with partners. Runs a knowledge center and have produced a variety of resources pertaining to Aboriginals and finances. Varies accordingly and is ongoing http://www.firstnations.org/
Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline: Reference:
39.
Program(s):
Oweesta – Training and Technical Assistance, Lending and Capitalization, Research Policy and Advocacy Initiatives
Organization(s): Life Cycle Focus: Concepts:
Oweesta Adult Produced following curriculum: “Building Native Communities: Saving for the Future”
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Learning Methodology: Learning Environment: Timeline: Reference:
“Building Native Communities: Investing for the Future” “Building Native Communities: A Guide to Claiming the Earned Income Tax Credit (EITC) ” “Building Native Communities: A Tribal Leaders Guide to Launching an Earned Income Tax Credit (EITC) Campaign” etc. First Nations Oweesta Corporation supports economic growth in Native American communities through the creation, development and capitalization of Community Development Financial Institutions. Have designed financial education and asset building curriculum and have funded various financial literacy programs Varies and is ongoing http://www.oweesta.org/
40.
Program(s):
Building Native Communities Financial Skills for Families
Organization(s): Life Cycle Focus: Concepts:
Fannie Mae Foundation and First Nations Development Institute Adults and families Topics include building a healthy economy, developing a spending plan, working with checking and savings accounts, understanding credit and credit reports, and how to access credit Materials are presented through a framework of Native values that embraces community, traditional resource management, the interconnection between generations, folklore wisdom, and historical experience. The curriculum incorporates a diversity of interactive hands on learning activities: role play, pair and group work, board games, circle of life activity, intergenerational storytelling, calendar planning, journals, games, “speed dating,” index and answers, skits etc. Self directed learning with manual or instructor teaches using the manual. Materials and classes are adapted to suit each learners needs and each learning environment. Sometimes elders, bankers, and credit counselors are invited to take part in lesson delivery. The trainer’s manual is comprehensive. Trainers are given readiness checklists, a supplies list, training tools and workbook activities, and personal financial tools like monthly budgets. Varies according to each circumstance. The manual covers five lessons in 18 hours of training (109-page participant workbook; 207-page instructor guide)
Learning Methodology:
Learning Environment:
Timeline:
Reference:
December 20, 2013
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Literature Review of Indigenous Financial Literacy 41.
Program(s):
Crazy Cash City
Organization(s):
First Financial Credit Union in partnership with First Nations Development Institute adapted Credit Union National Association’s Mad City Money curriculum to make it suitable for a Native American audience High school students Students are given the opportunity to practice good spending and budgeting Experiential learning. This project draws upon research-proven models related to behavioral economics and building financial capability. Simulative learning. Participants were given a folder containing a fictitious family profile that listed what their income was, the income of a spouse, the age of any children, and any outstanding debt or benefits they received. The high school students then visited about ten booths that provided various choices for housing, transportation, childcare and more, and they were asked to make smart financial decisions based on their family profile. At the conclusion of the seminar, the students were expected to have a fully balanced budget that they logged in their check register and budgeting sheet. Six two-hour reality fairs
Life Cycle Focus: Concepts: Learning Methodology: Learning Environment:
Timeline: Reference:
Benjamin Marks and Sarah Dewees. (2012). Crazy Cash City Evaluation Report. First Nations Development Institute. Pp. 1-32. Can be retrieved @
42.
Program(s):
Saving for the Future: Individual Development Accounts (IDAs) for Native Families Workbook
Organization(s):
First Nations Development Institute (FNDI), First Nations Oweesta Corporation, and Corporation for Enterprise Development (CFED). Adults and families Individual Development Accounts: how to use an IDA to achieve your savings goals, how IDAs help you support your family, how an IDA can help you support your local economy, how to decide what type of IDA you wish to save in, how to use an IDA to support your personal goals into the future. This resource also provides information on traditional economies and forms of money, planning and saving for the future, values, attitudes, wants and needs. This workbook is an interactive educational tool, which uses traditional concepts to inform about financial matters and IDAs. It is designed to be used with the Building Native Communities: Financial Skills for Families financial education workbook. The curriculum utilizes culturally based
Life Cycle Focus: Concepts:
Learning Methodology:
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Learning Environment: Timeline: Reference:
approaches (ex: circle of saving and holistic control of assets circle) and incorporates important cultural values (ex: saving for seven generations) Varies accordingly and is dependent upon delivering organization, participants, and instructors Varies accordingly Sarah Dewees. (2005). Saving for the Future: Individual Development Accounts (IDAs) for Native Families Workbook. First Nations Development Institute (FNDI), First Nations Oweesta Corporation, and Corporation for Enterprise Development (CFED). Pp. 1-88. Can be accessed @
43.
Program(s):
Building Native Communities: Investing for the Future Workbook
Organization(s):
Developed in partnership with the First Nations Development Institute and NASD Investor Education Foundation Tribal leaders This workbook was written to introduce tribal members to the world of investing. The manual covers topics around investments include risk, types of risks, diversification, compound interest, setting up a bank account, money market accounts, stocks, bonds and mutual funds and a variety of other financial terms and services. It also informs on concepts such as the time value of money and the power of periodic investment. There are educational materials and directions to further resources as well. This informational package adopts a cultural and historic approach to teaching finance. For instance, before beginning to discuss investing practices the manual provides information on how ancestors used to invest. The manual is also holistic in the sense it looks at investing in a variety of ways i.e. investing in your health, your personal life, as well as in your savings accounts. Varies accordingly and is dependent upon delivering organization, participants, and instructors Varies accordingly Gelvin Stevenson Cherokee. (2006). Building Native Communities: Investing for the Future Workbook. First Nations Development Institute and NASD Investor Education Foundation. Pp. 1-182. Can be accessed@
Life Cycle Focus: Concepts:
Learning Methodology:
Learning Environment: Timeline: Reference:
December 20, 2013
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Program(s):
Strengthening Future Generations Through Culturally Relevant Financial Education
Organization(s): Life Cycle Focus: Concepts: Learning Methodology:
Delivered by Hawaiian Community Assets Inc. funded by Oweesta 150 Native Hawaiian teenagers aged 13 – 17 Basic financial literacy concepts The financial education project uses Hawaiian Community Assets’ culturally relevant Kahua Waiwai: Building a Foundation of Wealth, Opio Edition. The program provides hands-on, community based financial education. The targeted youth also participate in other programs focused on Native Hawaiian culture and values. Classroom
Learning Environment: Timeline: Reference:
45.
Program(s):
Native American Community Development Corporation (NACDC) Adult Financial Literacy Initiatives
Note
All 70 plus Native Community Development Financial Institutes provide similar programming to the example here; Blackfeet Family Economic Security Program, NACDC Financial Services Inc., Housing, Indian Lands, Native Farmers and Ranchers, Small Business Development & Finance. Native American Community Development Corporation (NACDC) (the non-profit affiliate of Native American Bancorporation). Native American Community Development Corporation’s (NACDC) focus is on assisting Native communities in establishing the mechanisms to promote financial education with both adult and youth-oriented programs. NACDC focuses its efforts on financial education, facilitation services for tribal planning, small business and the provision of development services and technical assistance, housing development finance and home mortgages, as well as on exploring the possibilities for providing nonconventional intermediary financing. NACDC operates with an understanding that community development opportunities and the means to address those opportunities best come from within the community. Its role is therefore to help facilitate effective action that is driven from within the community. Support is provided when possible and as needed and desired by the community. In terms of financial literacy education NACDC states “Our goal is to provide a basic understanding of personal financial planning and show how wise money-management decisions can help you build a better life for themselves, their families, their tribes, and generations to come.”
Organization (s): Life Cycle Focus:
Concepts:
Learning Methodology:
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Timeline: Reference:
Financial education for entrepreneurs at Small Business Centers in native communities, Credit Counseling and support, On-site training of trainers and post-training mentoring for local delivery of educational workshops, classes, peer mentoring network are all offered to help individuals, families and entrepreneurs. Approximately 300 individuals have completed the Financial Literacy portion of the program, several of those have an Individual Development Account (IDA) established in their name at a participating local bank. Ongoing service support
46.
Program(s):
Blackfeet Mini Bank Association
Organization (s):
Native American Community Development Corporation (NACDC) (the non-profit affiliate of Native American Bancorporation). School aged children (The Blackfeet Mini Bank Association has expanded to six different schools on the Blackfeet Reservation.) Basic financial concepts such as credit, savings, investing etc. Native American Community Development Corporation (NACDC) introduced the banking experience in schools to encourage children to save and promote sound money management. Students open a savings account with their Social Security card and $3.00. The account is a savings account at Native American Bank. The account is a free savings account and all service charges are waived until they graduate from high school. Students have sole ownership of the account and are responsible for its maintenance. The Mini Bank Coordinator acts as a direct liaison between the students, schools and the Native American Bank by accepting and recording deposit transactions and ensuring proper transfer of the funds to the bank. Each school has its own “mini bank” and a student board: students develop their own policies and procedures under which their bank operates. Program is designed to encourage students to save for higher education, small businesses, and housing etc. Along with the savings account program, students receive financial literacy training through the Mini Bank savings incentive programs and curriculum. Throughout high school – (NACDC is currently working to in place a better tracking system that follows students as they move through and out of the program, and to create a program that helps convert student savings into equity accounts for current and future small business activities or for continuing education).
Life Cycle Focus: Concepts: Learning Methodology: Learning Environment:
Timeline:
Reference:
December 20, 2013
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Literature Review of Indigenous Financial Literacy 47.
Program(s):
Financial Wellness, Retirement Basics, and Wealth Building
Organization (s): Life Cycle Focus: Concepts:
The Native Learning Center adults Interdisciplinary learning: The NLC’s learning opportunities and resources focus on areas that are critical to the growth and improved quality of life for Native communities. Focus areas include: Celebrating Culture & Language, Financial Wellness, Grant Education, Housing Strategies, and Tribal Government. Financial concepts covered include: the 4% rule for withdrawing from your savings, identifying ways to save for retirement, defining the roles of an employer, a tax advisor, and an investment counselor, describing the three pillars to wealth building, and recalling basic strategies to protect assets. The program provides interdisciplinary education and is designed to assist learners develop a financial strategy Delivery methods vary from face to face onsite instruction to online and distance education. Varies accordingly < http://nativelearningcenter.com/>
Learning Methodology: Learning Environment: Timeline: Reference:
48.
Program(s):
Native Financial Education Coalition
Organization(s): Life Cycle Focus: Concepts: Learning Methodology:
National Congress of American Indians Indigenous peoples across the life cycle Financial literacy from a broad policy perspective Goals of the Coalition include Bringing partners together Research and best/promising practices Awareness campaigns at all levels Community well-being
Learning Environment: Timeline: Reference:
Varies accordingly On going
49.
Program(s):
Tribal Exchange Stock Market Game
Organization (s): Life Cycle Focus: Concepts:
National Congress of American Indians Native students grade 4 -12 Stocks, bonds, mutual funds, and team building.
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Timeline: Reference:
Interactive learn by doing game Interactive game designed for students at school, clubs, or within self contained courses. Participants are organized into teams. Teams are generally comprised of three to five students to ensure that all students play an important role in the decision-making processes of the game. Each team is given $100,000 in game money to invest in a stocks, bonds, and mutual funds. The game rules specify that each team must have at least two stocks and one bond or mutual fund in their portfolio to be eligible. The team that increases the value of the investment most by the end of the game period wins. 10-week program that runs through the fall semester < http://www.ncai.org/initiatives/nativefinancial-ed/stockmarket-game>
50.
Program(s):
Project G-7: Building Financial Skills for Indigenous Youth in North Carolina
Organization (s): Life Cycle Focus: Concepts:
North Carolina Indian Economic Development Initiative, Inc. K – 12 Indigenous students Integrated financial education curriculum blending basic numeracy moving towards understanding basic financial concepts. This program was designed to increase financial knowledge, change key behaviors for certain financial activities, and improve confidence levels for key financial behaviors in students. Project G-7 is based on blending American culture with traditional North Carolina Native values. Classroom environment
Learning Methodology:
Learning Environment: Timeline: Reference:
December 20, 2013
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APPENDIX 1B. Indigenous Financial Literacy Supplemental Programs for New Zealand 1.
Supplemental Program for New Zealand
Program:
Maori Women’s Development Inc.
Organization (s): Life Cycle Focus: Concepts:
Maori Women’s Development Inc. – business programme
Learning Methodology:
Māori women Māori Women's Development Inc is a unique, indigenous financial institution formed by Māori women, controlled, managed and operated by Māori women, for the economic development of Māori Women and their Whanau. MWDI’s objectives include: 1. To provide loans to Māori women and their whānau to enable and assist them to enter into and commence business and/or to expand and restructure their existing businesses. 2. To establish, maintain and conduct a society for the promotion, advancement and encouragement of Māori women and whānau into business throughout NZ. 3. To provide developmental training programs for Māori Women and their whānau to empower and enable them towards economic and financial independence 4. To empower Māori business women and their whānau through sharing information and knowledge 5. To assist, support and foster the development of business ideas, opportunities and up-skilling amongst Māori women and their whānau 6. To encourage and support Māori Women and their whānau into general wealth through business development.
Learning Environment:
Timeline: Reference:
Ongoing http://www.mwdi.co.nz/
December 20, 2013
Developmental training programs to empower and enable them towards economic and financial independence. To empower through sharing information and knowledge To assist, support and foster the development of business ideas, opportunities and up-skilling amongst Māori women
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Literature Review of Indigenous Financial Literacy 2.
Supplemental Program for New Zealand
Program:
Tupoho Iwi and Community Social Services Trust
Organization (s): Life Cycle Focus: Concepts:
Tupoho iwi and Community Social Services Trust – budgeting service
Learning Methodology:
Learning Environment: Timeline: Reference: 3.
Ongoing through life cycle Budget service: one on one councelling, advocacy with creditors and government. A safe environment to talk in private with one of PIC’s qualified budget advisors. Affiliated with the New Zealand Federation of Budgeting Services. Setting financial goals for the future. Private one-on-one counseling and support. Advocacy on behalf of clients with creditors and government. One-on-one http://www.tupoho-iwi-social-services.org.nz
Supplemental Program for New Zealand
Program:
Good With Money
Organization (s): Life Cycle Focus: Concepts:
BNZ Adults
Learning Methodology:
December 20, 2013
BNZ launched Good With Money in September 2013 during Money Week. The programme is a series of resources specifically designed to enable users to grow specific skills to aid their money management. Workbooks cover the basics around financial management with a focus on developing skills and unlocking the ability to have choices. Topics include Understanding your financial behaviour Setting Goals Understanding your budget Keeping a spending diary Taking on and getting out of debt Saving for big things and a rainy day The programme is available to members of the public (for self-driven learning) from the BNZ website which contains helpful information to aid the money management and skills development processes. This programme is culturally generic - the focus is ensuring that as different groups and cultures require different ways to approach money management, basic transferable skills are built (being able to identify what a want or a need is, identifying fixed or flexible costs, identifying where in the budget adjustments can be made, knowing what is important for long-term wellbeing). Where this programme is relevant to iwi is in appropriate delivery. A network of BNZ staff of Maori descent is brought together to help
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Literature Review of Indigenous Financial Literacy facilitate presentations where appropriate and available. BNZs network of financial literacy facilitators enjoys a fantastic ethnic diversity which enables us to pull on cultural leadership where needed, and our Maori staff are cultural leaders for marae and hapu.
Learning Environment: Timeline: Reference:
Online self-directed learning and presentation where appropriate and available. Ongoing http://www.bnz.co.nz/personal-banking/be-moneysmart/budgeting/personal-financial-goals
4. Supplemental Program for New Zealand Program(s):
Te Rūnanga o Ngāi Tahu
Organization(s):
Te Rūnanga o Ngāi Tahu (Te Rūnanga) has been actively involved in the development and delivery of financial literacy resources for Ngāi Tahu whānui over the past seven years. Kaupapa covered in these resources range from basic core competencies of personal financial management through to investor education. The main driver for this engagement in financial education was the establishment of Whai Rawa, an incentivised savings programme for registered Ngāi Tahu whānau. Te Rūnanga continue to promote to whānau the use and availability of financial literacy resources from other sources such as Sorted and Open Wānanga General population across all stages of the life cycle Te Huringa – an online financial literacy digital resource specifically designed for Māori with an emphasis on targeting those who are underserved in our communities. The resource has a strong focus on long term behavioural change of participants. The digital resource is being developed in stages with phase 1, which targets 16 – 26 year olds, due to be available mid-2014. It should be noted that this resource will be available for anyone to use. Games Based Learning – An initiative which began during MoneyWeek 2013 uses games based learning as a means to make delivery of financial education fun whilst providing learning experiences for whānau without the consequence of bad decisions. Information and resource sharing – via our various media, Te Rūnanga regularly shares a wide range of material to engage whānau with financial literacy. Papatipu Rūnanga Capability – Te Rūnanga are investigating the need and desire of kaupapa Māori services being established in the communities they are a part of. We believe these services will break down some of the challenges whānau are faced with.
Life Cycle Focus: Concepts:
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December 20, 2013
Self-directed learning through information resources and online tools Website: online tools and resources Ongoing across the life cycle http://www.whairawa.com/ http://ngaitahu.iwi.nz/
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APPENDIX 1C Programs Tabulated by Country Across Financial Literacy Dimensions Country/ Programs AUSTRALIA 1
2
FINANCIAL LITERACY DIMENSIONS Financial Literacy Concepts Learning Methodology
Life Cycle 2, 3, 4
3
3
3
4
3
0 Managing Finances 1 Budgeting 2 Savings 3 Banking 4 Debt 5 Insurance 6 Donations 7 Income Tax 8 Credit & Borrowing 9 Credit Cards 10 Debt Cards 11 Income Loans 12 Small Loans 13 Consumer Credit Protection 14 Superannuation 15 Retirement 16 Investments 17 Scams 18 Life Events 0, 2
19 Book Up 20 Regulation of unscrupulous Lenders 21 Customer Support Services 22 Recruit Aboriginal Employees 23 Financial Services 2, 8, 16 25 Goal Setting 26 Overcoming Barriers 27 Planning 0, 3, 8, 12, 17
December 20, 2013
1 2 3 4
Online Resources & Tools Publications Website Indigenous Help Line
Learning Environment 1 2
Online Learning Publications & Materials
5
Community Education Workshops 6 Money Management Course 7 Networking 8 Advocacy 9 Research 29 Remote
Varies to need
10 Mentoring 5
3
Indigenous facilitator delivery 4 Develop local Indigenous capacity
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Literature Review of Indigenous Financial Literacy Country/ Programs 5
Life Cycle 3
6
1, 2
7
1, 2, 3
8
3
9 10
3 3
11
3
12
2, 3
Financial Literacy Concepts 28 Keeping Paper Work 29 Pin Security 1,3,4,9,10,17,20,25 31 Paying Bills 31 Starting a Business 0, 2 33 Informed Consumer 34 Wise Money Decisions 35 Connect to People and Resources that can help you 3, 17
37 Professional Accountability 38 Casework Management 39 Duty of Care 40 Codes of Conduct 41 Client Contact 42 Privacy & Confidentiality 43 Reporting Requirements 44 Networks & Relationships 0, 1, 23, 28 33, 34 45 Tenancy for Landlords and renters 46 Buying a Car 47 Fair Trading 8, 15, 17, 19, 32, 33 48 Tackling Addictions 49 Rebuilding Social Norms & Capabilities 0, 1, 2, 25, 27 0, 2
December 20, 2013
Learning Methodology 11 Build staff capacity 5,10
Learning Environment 3, 4
5
5 Ipods 1
11 Storytelling, italk stories 12 Cinema, theatre 13 DVDs 14 Games, Board 15 Activities 18 Internet Games 19 Quizzes 20 Card Games 21 Dominoes 22 Money Dice, Yahtzee 23 Coin rub games 24 Smartboard Activities 25 Coaching 5, 6, 10
6 Money Mob Four Wheel Drive travels to remote communities
1,3, 5, 7, 10 1, 3, 5
26 ibank Kiosk, internet banking 5, 25
4
4
27 Saver Plus – match every dollar saved
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Literature Review of Indigenous Financial Literacy Country/ Programs 13
Life Cycle 2
14
3
0, 44
15
3
16
3
17
3
18
3
50 Door to Door Traders 5, 8, 33, 45, 46 28 Employment Opportunities 36 Financial Counseling 1, 2, 3, 12 24 Home Ownership 0, 1, 4, 8, 23, 33 0, 19
Country/ Programs
Financial Literacy Concepts 0
Learning Methodology 17 Cross sector learning
Learning Environment 7 Sports club interactive learning 4
28 Train the Trainer 5, 10 2
2
5 29 Remote
4
5 2
2
FINANCIAL LITERACY DIMENSIONS Financial Literacy Concepts Learning Methodology
Life Cycle
CANADA 19
2, 3, 4
1 Budgeting 27 Planning 2, 8, 16, 17,
20
2, 3, 4
21
1, 2, 3, 4
22
2, 3, 4
1 Budgeting 2 Savings 3 Banking 4 Debt 7 Taxes 8 Credit & Borrowing 23 Financial Services 24 Consumerism 1 Budgeting 2 Savings 4 Debt 8 Credit & Borrowing 34 Wise money decisions 30 Problem solving 23 Financial Services 66 Affordable housing 51 Economic development
December 20, 2013
Learning Environment
5 Workshops 6 Money management 31 Collaboration on education programs 1 Online Resources & Tools 5 Workshops 11 Capacity building
1 Online learning 8 Self-learning 9 Classroom, workshops 1 Online learning 9 Classroom, workshops
5 Workshops 6 Money management 11 Intergeneration learning 12 Combined learning
13 Peer support 14 One on one training
3 website 22 Culturally sensitive tools
1. Website 2. Publication
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Literature Review of Indigenous Financial Literacy Country/ Programs 23
Life Cycle 3, 4
24
2
25
2, 3, 4
26
1, 2, 3, 4
27
Financial Literacy Concepts 23 Financial Services 53 Adult literacy 54 Numeracy
Learning Methodology 1 Online
Learning Environment 14 DVDs 3 Indigenous facilitator delivery 8 Self-learning, home based 9 Classroom, workshops
0 1 Budgeting 3 Banking 8 Credit & Borrowing 25 Goal Setting 33 55 Sound financial practices impact on community 56 Roles and responsibilities of Indigenous leadership 57 Basic financial accounting 59 Accountability and transparency
6 Money management 16 Activities, interactive workshop
11 Capacity building 16 Activities, interactive workshop
2 Publication 9 Classroom, workshops
3 website 5 Workshops
8 Self-learning, home based
3, 4
1 Budgeting 7 Income Tax 9 Credit Cards 0 Managing Finances 3 Savings 4 Debt 26 Overcoming Barriers
6 Money management 32 Reinforce culture, overcome barriers
9 Classroom, workshop 15 Flexible and adaptive
28
3, 4
0 Managing Finances
5 Workshops 7 Networking 10 Mentoring
9 Classroom, workshop 14 One-on-one training
29
2
0 Managing Finances 3 Banking 32 Starting a Business
5 Workshops 16 Activities
9 Classroom, workshop 15 Flexible and adaptive 16 Mobile program to communities
December 20, 2013
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Literature Review of Indigenous Financial Literacy Country/ Programs
NEW ZEALAND 30 1, 2, 3, 4
31
2, 3
32
2, 3
33
2, 3, 4
34
2, 3, 4
35
2, 3, 4
Country/ Programs
FINANCIAL LITERACY DIMENSIONS Financial Literacy Concepts Learning Methodology
Life Cycle
15 Retirement 18 Life Events 27 Planning 3 Banking 4 15 Retirement 33 34 60 Training the trainer
8 Credit & Borrowing 15 Retirement 27 Planning 36 61 Negotiation with creditors 62 One on one budget advice 1 Budgeting 8 Credit & Borrowing 15 Retirement 21 Customer Support Services 25 Goal Setting 63 Food, nutrition
United States 36 2, 3, 4
1 Online Resources & Tools 3 website 33 Certificate 34 Holistic learning
1 Online Learning 2 Publications & Materials 8 Self-learning, home based
1 Online Resources & Tools 9 Research 10 Mentoring 33 Certificate 8 Advocacy 35 Needs based
1 Online Learning 9 Classroom, workshop
5 Community education workshops 35 Needs based
2 Publications & Materials 9 Classroom, workshop
16 Activities 36 Hands on, interactive
17 Insitu learning, e.g., stores
FINANCIAL LITERACY DIMENSIONS Financial Literacy Concepts Learning Methodology
Life Cycle
18 Life Events 32 Starting a Business
December 20, 2013
Learning Environment
1 Online Resources & Tools 3 website
15 Flexible and adaptive
Learning Environment 1 Online Learning
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Literature Review of Indigenous Financial Literacy Country/ Programs 37
Life Cycle 1, 2
Financial Literacy Concepts
38
2, 3, 4
39
2, 3
40
3, 4
41
2
42
2, 3, 4
2 Savings 25 Goal Setting 27 Planning
43
2, 3, 4
44
2
2 Savings 3 Banking 16 Investments 65 Community-based financial education 0 Managing finances, financial literacy 65 Community-based financial education
0 Managing finances 2 Savings 5 Insurance 8 Credit & Borrowing 16 Investment 27 Planning 34 Decision making, wise money 0 Managing finances 3 Banking 8 Credit & Borrowing 16 Investments 0 Managing finances 2 Savings 7 Income Tax 16 Investments 2 Savings 3 Banking 8 Credit & Borrowing 27 Planning 52 Culturally sensitive tools 55 Sound financial practices impact on community 64 Building a healthy economy 1 Budgeting 34 Decision making, wise spending
December 20, 2013
Learning Methodology 2 Publications 8 Advocacy 9 Research
Learning Environment 1 Online Learning – clearing house 2 Publications & Materials
6 Money management course
15 Flexible and adaptive 18 Collaborative, partners 15 Flexible and adaptive 18 Collaborative, partners 2 Publications & Materials manual 8 Self-learning 9 Classroom, workshop
5 Community education workshops
12 Storytelling 15 Games, Board 16 Activities
16 Activities, interactive, experiential 9 Research 5 Community education workshop 16 Activities, interactive, experiential 32 Reinforce culture 5 Community education workshop 32 Reinforce culture
19 Simulation
5 Community education workshop 16 Activities, interactive, experiential 32 Reinforce culture
9 Classroom
15 Flexible and adaptive
15 Flexible and adaptive
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Literature Review of Indigenous Financial Literacy Country/ Programs 45
Life Cycle 2, 3, 4
46
1, 2
47
2, 3, 4
48
1, 2, 3, 4
49
1, 2
50
1, 2
Financial Literacy Concepts 8 Credit & Borrowing 27 Planning
0 Managing finances, financial literacy 2 Savings 3 Banking 8 Credit & Borrowing 0 Managing finances, financial literacy 2 Savings 15 Retirement 16 Investments 27 Planning 0 Managing finances, financial literacy
0 Managing finances, financial literacy 16 Investments 44 Networks, relationship – team building 0 Managing finances, financial literacy 54 Numeracy
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Learning Methodology 5 Workshops 10 Mentoring 5 Community education workshop 37 Community-driven development 6 Money management 16 Activities, experiential 1 Online Resources & Tools 38 Distance education
Learning Environment 4 Develop local Indigenous capacity 9 Classroom, workshop 9 Classroom, workshop 12 Combined learning 15 Flexible and adaptive
9 Research 31 Collaboration on education programs 39 Awareness campaigns 40 Community wellbeing
15 Flexible and adaptive
15 Games, board 16 Activities, Interactive 16 Activities 32 Reinforce culture
9 Classroom, workshop 9 Classroom, workshop
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APPENDIX 2. Promising Practice Analysis
Across Programs After identifying promising practices, the dimensions were measured against the 50 programs in this study to assess if organizations and programs were employing these promising practices to enhance Indigenous financial literacy education. The following tables demonstrate the results of this analysis.
Australia 1. MoneySmart (ASIC) 2. MoneyBusiness (ASIC) 3. Indigenous Financial Services Network (IFSN) 4. My Moola First Nations Foundations and ANZ 5. Yarrabah and Palm Island Money Management Program/ ICAN and FaHCSIA 6. Milba Djunga/ The State of Queensland 7. Money Mob Talkabouts 8. Training Courses/ FMRSU
Community a. Benefits b. Driven c. Delivered
Culture
X
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b.
X
a.
X
a. c.
a. b.
X
a.
X
a.
b.
b.
a. b. c. d.
X
a. b. c.
a. b. c.
b. c. d.
a. b. c. d.
a. b.
a. b. c.
a. b. c.
X
a. b. d.
a.
X
b.
d.
a. b. d.
X
a. b.
a. b. c.
b. c.
a. b. d.
a.
a. c.
b.
b. c.
a. b. c. d.
X
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9. ICAN Money Mentor Program Website: Online tools and Resources 10. NSW Government Fair Trading Indigenous Section 11. MPower Money Management Program/ Cape York Partnership 12. The Saver Plus Program/ ANZ Banking Group 13. The Rumbalara Football Netball Club (RFNC) 14. Manage Your Income, Manage Your Life/ Caritas Australia 15. Indigenous Consumer Guide: An Information Handbook to Help Indigenous People Understand Their Consumer Rights
Community a. Benefits b. Driven c. Delivered
Culture
a.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
b.
X
a. b. c. d.
X
a.
b.
X
a. b. c. d.
X
a.
X
b. d.
a. b. d.
X
X
X
a.
b. c.
b.
a. c.
a. b. c.
b. d.
b.
a.
a. c.
b.
b. c. d.
b. d.
X
X
X
X
a.
X
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16. Financial Literacy Training Program/ Traditional Credit Union 17. Home Ownership on Indigenous Land Program – Money Management Component (IBA) 18. ‘Dealing with book up: a guide’ and ‘Dealing with book up: key facts’ CANADA 19. The City, Financial Basics, and Your Financial Toolkit (FCAC) 20. CCFL Training and Capacity Building, Knowledge Exchange, Program Development, Program Evaluation 21. SEED Asset Building Programs (ex: the Saving Circle Program)
Community a. Benefits b. Driven c. Delivered
Culture
a. b. c.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
a.
a. b. c. d.
a.
a. c.
b.
a. b. d.
a. b. d.
a.
a.
X
X
a.
X
X
X
X
a.
X
X
X
b. c.
a. b.
b.
a. b. c.
a. b. c.
a. b. c. d.
a. b. c. d.
a. b.
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22. Vancity Savings Credit Union – Aboriginal Financial Literacy Committee 23. Arrowmight Learning for Life 24. Dollars & Sense: Guidance for Aboriginal Youth (AFOA) 25. Building Community Capacity: AFOA Canada Workshop on Demystifying Finance for Elected Leaders 26. First Nations Financial Fitness: Your Guide to Getting Healthy, Wealthy, and Wise (AFOA BC) 27. Managing My Soniyaw/ Edmonton Financial Literacy Society
Community a. Benefits b. Driven c. Delivered
Culture
a. b.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
a. b. d.
a. b. c. d.
a. b.
X
X
b.
b.
X
a.
a. b. c.
X
a. b. c. d.
X
a.
a. b. c.
c.
a. b. c. d.
X
a. b.
a. b. c.
b. d.
a. b. c. d.
a.
a. b. c.
a. b. c.
d.
a. b. c. d.
b.
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28. Business Leadership Training, Financial Management Training/ Enterprising Women 29. Aboriginal Youth Entrepreneurship program/ Martin Aboriginal Education Initiative New Zealand 30. Sorted: The Kiwi Guide to Money 31. Papa Whairawa/ Te Wānanga o Aotearoa 32. Fin-Ed Center at Massey University 33. Mangere Budgeting Services Trust general services 34. Financial Literacy and Budgeting Workshop 3 week course (Mangere)
Community a. Benefits b. Driven c. Delivered
Culture
a. b. c.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
a. b. c. d.
a. b. c. d.
a.
a.
a. b.
b. c.
a. b. c. d.
X
X
X
X
a.
X
a.
a. b. c.
b.
a. d.
a. b.
a.
a. b. c.
b.
a. c. d.
a. b.
a. b. c.
a. b. c.
b. c. d.
a. b. c. d.
a. b.
a. b. c.
a. b. c.
b.
a. b. c. d.
a.
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35. Healthy Life Styles Program USA 36. MyMoney.Gov 37. The JumpStart Coalition 38. First Nations Development Institute – Financial and Investor Education 39. Oweesta Training and Technical Assistance, Lending and Capitalization, Research Policy and Advocacy Initiatives 40. Building Native Communities Financial Skills for Families/ Fannie Mae Foundation and FNDI 41. Crazy Cash City/ First Financial Credit Union and FNDI
Community a. Benefits b. Driven c. Delivered
Culture
a. b. c.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
b. d.
a. b. c. d.
a.
X X
X X
X b.
a. a. b.
X X
a. b. c.
a. b. c.
a. b. c.
b. c. d.
a. b.
a. b. c.
a. b. c.
a. b. c.
b. c. d.
a. b.
a. b. c.
a. b. c.
d.
b. c. d.
a. b.
a. c.
a. b. c.
d.
a. b.
b.
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Literature Review of Indigenous Financial Literacy Community a. Benefits b. Driven c. Delivered
42. Saving for the a. c. Future: Individual Development Accounts (IDAs) for Native Families Workbook/ FDNI, Oweesta and Corporation for Enterprise Development (CFED). 43. Building a. c. Native Communities: Investing for the Future Workbook/ NASD Investor Education Foundation and FDNI 44. Strengthening a. b. c. Future Generations Through Culturally Relevant Financial Education/ FNDI and Hawaiian Community Assets Inc.
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Culture
a. Cultural relevancy b. Knowledge translation c. Cultural safety
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
a. d.
b. d.
a. b.
a. b. c.
a.
b. d.
a.
a. b. c.
b. d.
b. c. d.
a. b.
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45. Native American Community Development Corporation (NACDC) Initiatives: Adult Financial Literacy, Blackfeet Family Economic Security 46. Blackfeet Mini Bank Association (NACDC) 47. Financial Wellness, Retirement Basics, and Wealth Building/ The Native Learning Center 48. Native Financial Education Coalition/ National Congress of American Indians 49. Tribal Exchange Stock Market Game/ National Congress of American Indians 50. Project G7: Building Financial Skills for Indigenous Youth in North Carolina
Communit y a. Benefits b. Driven c. Delivered
Culture
a. b. c.
Practical Benefits
Partnerships
Strength based
a. Financial b. Education c. Employment d. Personal
a. Public sector b. Private sector c. Financial sector d. Indigenous sector
a. Local solutions b. Continuous quality improvement
a. b. c.
a. b. c. d.
b. c. d.
a. b.
a. c.
b.
a. b. d.
a. b. c. d.
b.
a. b. c.
a. b. c.
b. d.
a. b. d.
X
a.
a. b. c.
b. c.
a. b. c. d.
b.
a.
b.
b.
a. b. c. d.
X
a.
b.
X
a. b.
b.
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APPENDIX 3A - Annotated Bibliography of Financial Literacy Literature Australia 1. AFCCRA. (2010). ATM Fee in Indigenous communities. Australian Financial Counselling and Credit Reform Association (AFCCRA) published November 2010. PDF file: ATM-Fees-in-Remote-Indigenous-Communities. Pp. 1-22. This report produced by the Australian Financial Counseling and Credit Reform Association examines the detrimental impact of ATM fees in Indigenous communities. It is based on the grassroots experiences of money management workers and financial counselors working with clients in remote Indigenous communities. The case studies in this report indicate that ATM fees of $20 - $40 are commonly incurred by people on the day Centrelink payments are due. As well, Indigenous consumers are more likely to withdraw small amounts of cash and so incur more fees. The recommendation the AFCCRA put out was that there should not be any charge to use ATMS in Indigenous communities. 2. The Australian Government Financial Literacy Foundation. (2008). “Understanding Money: Good Practice in Developing Financial Literacy Initiatives with Indigenous Australians. © Commonwealth of Australia 2008 ISBN: 0 642 74446 7. Pp. 1-54. The Financial Literacy Foundation wrote this booklet targeted at organizations interested in working with Indigenous Australians to build their money skills. It highlights the existing work being done by various financial institutions, community groups and government agencies to meet the financial literacy needs of Indigenous Australians. The report outlines good practices: build trusting relationships and work together with Indigenous Australians (community ownership in development, work with individuals train the trainer, work with other organizations); understand Indigenous cultures and the local environment; develop effective delivery methods; develop a working knowledge of appropriate points of referral and evaluate initiatives; share what you have learnt. The report provides practical steps and questions to consider when implementing each principle. 3. ANZ. (2012). “Money Minded Summary Report: the Reach and Impact of Money Minded in Asia Pacific 2010-2011.” RMIT University. Pp. 1-64. This report provides an annual update on MoneyMinded and its use in communities across Australia, New Zealand and the Pacific. It gives an estimate of the program’s reach across Australia and New Zealand for the year ending September 2011, and provides an indication of how the program has impacted the financial management behavior of a sample of its Australian participants. The report also includes a case December 20, 2013
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Literature Review of Indigenous Financial Literacy study of the expansion of MoneyMinded by ANZ in the pacific countries of Papua New Guinea and Fiji and how the program has assisted participants in these countries improve their money management skills and knowledge. 4. Altman, J. C. (2002). “Generating Finance for Indigenous Development: Economic Realities and Innovative Solutions.” CAEPR Working Paper No. Pp. 1-17. accessed @ http://online.anu.edu.au/caepr/ This is an exploratory ideas paper that sets out to consider how real development futures might be financed and delivered to Indigenous people, especially those residing in rural and remote regions. Altman asks how can institutions and statutory and nonstatutory policy frameworks be used by Indigenous interests to strategically leverage development capital? Altman concludes that access to development capital is only a part of the answer to the development problems of Indigenous Australians, especially in remote regions and suggests that parallel action is needed by the state, the Indigenous sector, and the corporate sector to ensure progress in this area. 5. Australian Securities and Investments Commission. (2011). Report 229 National financial literacy strategy Australian Securities and Investments Commission March 2011. PDF file: ASIC-national-financial-literacy-strategy. Pp. 1-62. This Strategy aims to help Australians improve their financial wellbeing by providing a national framework and focus for financial literacy education and services in Australia. Implicit in the Strategy is that this must be a long-term endeavor that spans generations. There are four core elements of the Strategy: using educational pathways to build financial literacy for all Australians; providing Australians with trusted and independent information, tools and ongoing support; recognizing the limits of education and information, and developing additional innovative solutions to drive improved financial wellbeing and behavioral change; and working in partnership and promoting best practice. 6. Australian Securities and Investments Commission. (2011). Financial and Commercial Literacy Programs for Indigenous Communities: Workshop Report. Australian Securities and Investments Commission. Pp. 1-22. This report summarizes the discussions held at a workshop convened by the Australian Securities and Investments Commission (ASIC), the Northern Territory (NT) Government and CPA Australia. A group of approximately 50 individuals from a range of backgrounds (including business, government, Indigenous commerce, small business and not-for-profit organizations) came together for the workshop. The workshop was dedicated to finding meaningful answers in the quest for best practice in engagement, delivery, and measurement of financial and commercial literacy programs for Indigenous communities. Best practices included but were not limited to: “local
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Literature Review of Indigenous Financial Literacy needs, local solutions,” support and mentoring, strengths based perspectives, and a community driven model etc. 7. Bin Salik, M. Adams, I., & Vermuri, S. R. (2004). Strategies for Improving Indigenous Financial Literacy in Schools. Australian Journal of Indigenous Education, 33, 31-36. The Indigenous Australian population is not only considerably younger than the nonIndigenous population but is also on the rise. The challenge for many is to provide the kind of education that equips young Indigenous Australians with the necessary skills for managing their money. This challenge is further compounded, as the adult Indigenous population is not well versed in money management. This paper examines some of the strategies that are needed to improve Indigenous financial literacy in schools. 8. Clark-Murphy, M., Gerrans, P., & Truscott, K. (2009). Financial literacy and Superannuation Awareness of Indigenous Australians: Pilot study results. Australian Journal of Social Issues, 44, 417+.
Financial literacy in the general Australian population and how to improve it is now firmly on the national agenda, partly as a result of supperannuation. This paper reports on the results of a pilot study, which explored the financial literacy levels, and knowledge of supperannuation of Indigenous Australians living in the urban environment. Previous studies have indicated that social disadvantage has strong correlation with poor financial literacy but previous studies of financial literacy in Australia have not specifically reported on the Indigenous population. Findings suggest that in some areas financial literacy is significantly weaker than that in the general population. Several areas of comparative weakness relate to an over belief in the role of government and the extent to which financial matters are regulated. There is also a high level of desire for financial education and information but a lower level of usage of potential sources of financial information. The findings suggest that a closing of the financial literacy gap is required. 9. Demosthenous, Catherine, Robertson, Boni, Cabraal, Anuja, and Singh, Supriya. (2006). Cultural Identity and Financial Literacy: Australian Aboriginal Experiences of Money and Money Management. Smart Internet Technology Cooperative Research Centre & Griffith University, Smart Internet Technology Cooperative Research Centre & RMIT University. Paper presented to the Financial Literacy, Banking and Identity Conference 25th and 26th October 2006, Storey Hall RMIT University, Melbourne. Pp. 1-17. This paper explores Australian Aboriginal experiences of money and money management, with a focus on cultural identity and financial literacy. This research is based on face-to-face interviews and yarning circles with Aboriginal elders and community people in Brisbane, Queensland. The authors examine aboriginal people’s December 20, 2013
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Literature Review of Indigenous Financial Literacy experiences of money and money management within a historical framework of colonization and dispossession. The preliminary results of this research project show that a history of Aboriginal people’s experience of money and social obligation to kin and community influence money management. 10. ICAN Annual Report. (2010). Indigenous Consumer Assistance Network Ltd. ABN: 62 127 786 092. Pp. 1-55.
