1. “Money Is for Caring” CAEPR September 2015 Money, Culture, Financial Capability & Well-being in Indigenous Australia

2. 1 Lack of access to safe, affordable, appropriate financial products & services Source: Measuring Financial Exclusion in Australia NAB 2014 FINANCIAL EXCLUSION IN AUSTRALIA A Growing ‘Under-banked’ Population… CAEPR @ ANU September 2015 17% “Under-banked” Indigenous 2.5 times more excluded: Source: Measuring Financial Exclusion in Australia NAB May 2012 - Persists, but why? - Irrespective of location - Cultural barriers Money, Culture, Financial Capability & Well-being in Indigenous Australia - Low financial capability

3. World-views on: money financial capability well-being 2 PhD STUDY The INDIGENOUS Lens.. Well-being: ability to achieve the financial goals that Indigenous people value Strengths-based: culture as an enabler rather than a barrier, to greater inclusion Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

4. BEHAVIOURAL ECONOMICS What is financial capability? 3 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015 Ability to make informed decisions about money, in order to improve one’s well-being…

5. ECONOMICS 101 What is money? 3 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

6. DEVELOPMENT ECONOMICS What is well-being? Adapted From: Human Development & Capabilities Approach (Amartya Sen/Martha Nussbaum) 4 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015 ‘Freedom’ to achieve goals you value

7. INDIGENOUS RESEARCH PARADIGM Qualitative: Sociology & Behavioural Economics 5 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

8. SOCIOLOGY OF ‘INDIGENOUS MONEY’ Culturally Distinctive vs. ‘Anglo-Celtic’ money… Money is not top priority, caring for family is… One of many resources, sharing vs. saving… Domestic boundary: large & fluid Family Cluster: financial unit > nuclear household… 6 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

9. Imposed from the ‘outside’ Role of community elders 7 SOCIOLOGY OF ‘INDIGENOUS MONEY’ Culturally Distinctive vs. ‘Anglo-Celtic’ money… Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015 History: colonisation/dispossession ‘Disconnect’ traditional knowledge (trade & exchange, valued resources) Remote: recent/not much education Regional/urban : cultural identity Role-model using money ‘wisely’ Custodians - impart knowledge School-based education

10. ‘IndigECONOMICS’ 101 What is ‘Indigenous money’? Medium of relationships, not just exchange.. Family is the store of long-term value.. Caring is the unit of account.. Money, Culture, Financial Capability & Well-being in Indigenous Australia 8 ACFID @ Monash June 2015

11. FINANCIAL DECISION-MAKING & CAPABILITY Influenced by ‘Indigenous Money’ … Culturally Distinctive ‘Indigenous-money’ Family & domestic boundary is larger than nuclear household History - Money has been imposed from ‘outside’ Money prioritised for caring for family over saving Knowledge, goals & aspirations about money Controlling money whilst maintaining relationships Individually Owned, Joint Use Discretionary Spending Managing & using money whilst maintaining relationships ‘Chuck-in’ style Female-managed, male control over big decisions Role of elders in using money wisely Distinctive banking patterns Know more about ‘both’ worlds Want to ‘Connect’ and build on cultural knowledge Use wisely + retain cultural identity Feelings about & attitudes to money Feel positive if choices reinforce cultural norms, negative if clash Money is for survival Money is for caring 9 Family & Community Goals Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

12. FINANCIAL CAPABILITY & WELL-BEING ‘Freedom’ to achieve financial lives they value… Adapted From: Human Development & Capabilities Approach (Amartya Sen/Martha Nussbaum) 10 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

13. INDIGENOUS FINANCIAL EXCLUSION Culturally Distinctive Capability & Well-being… 11 Money, Culture, Financial Capability & Well-being in Indigenous Australia CAEPR @ ANU September 2015

14. INDIGENOUS FINANCIAL INCLUSION ‘Culturally Appropriate’ Design… PRODUCT DESIGN REMOTE SERVICE DELIVERY CAPABILITY ‘UNDER-BANKED’ POLICY Money, Culture, Financial Capability & Well-being in Indigenous Australia 12 ACFID @ Monash June 2015

15. INDIGENOUS FINANCIAL CAPABILITY ‘Culturally Appropriate’ Design… Elders are vital: custodian, role model & mentor Connect to traditional knowledge: resources, rights/obligations Language of ‘Caring’: saving, managing, goal- setting Individual Obligations, Collective Benefit Collective support to achieve goals Care for Oneself to Care for Others Goal-oriented Savings Build elders’ capability Practise skills in family Allocate, Manage & Preserve Manage Money to Manage Wellbeing Family & Community Goals Learn by Example & ‘Doing’ Family & domestic boundary > nuclear household History - Money has been imposed from ‘outside’ Money prioritised for caring for family over saving Role of elders in using money wisely Collective governance & control Money, Culture, Financial Capability & Well-being in Indigenous Australia 13 CAEPR @ ANU September 2015

16. Vinita.Godinho@rmit.edu.au RMIT University, Melbourne +61395709393 Money, Culture, Financial Capability & Well-being in Indigenous Australia

17. Money & Financial Capability: Indigenous Australia ‘Indigenous-money’ - regional & urban ‘Indigenous -money’ remains culturally distinctive vis-à-vis literature on ‘Anglo- Celtic’ money.. 11 of 16 Some differences in context -employment -perceived racism -cultural identity.. & differences in: -gender -inter-marriage -control of money -talk about money yet 14 Money, Culture, Financial Capability & Well-being in Indigenous Australia