Indigenous literacy to benefit under FSC partnership
The Financial Services Council (FSC) has entered a new partnership to improve the financial literacy of Indigenous Australians.
A long-term alliance with First Nations Foundation (FNF) will see the FSC provide funds and resources to FNF to expand its adult literacy program for indigenous communities to increase employee retention and knowledge of financial matters.
The partnership comes after a review of the industry body’s charitable partnerships identified financial literacy as its next focus. FNF was chosen after being shortlisted along with a number of other financial literacy programs.
The Centre for Social Impact released a report last year that showed that indigenous Australians are more disadvantaged than the national average - 43.1 per cent were either severely or full socially excluded compared with 17.2 per cent.
The FSC said the program had flow-on effects for families and communities.
“Access to appropriate and affordable financial products and services such as a transaction account, insurance and a moderate amount of credit can make a significant difference,” FSC chief executive John Brogden said.
FNF chairperson Paul Briggs said that many indigenous Australians were yet to join the workforce.
“Knowledge and confidence in using money, the financial system and its products are keys to managing a budget, planning a work career, running a business or building long term assets, such as a houses and superannuation,” he said.
“Through the First Nations Foundation program we are witnessing people transition from intergenerational dependency on welfare, mums returning into the workforce and young people getting their first part-time job to, in some cases, huge salaries from the resources industry.”
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