“Wealth” is about community and culture

Through support networks and modern storytelling, First Nations Australians are gradually regaining their financial independence

Financial wellness is important to all of us. But just one in 10 one First Nations people reports being financially secure compared to one in two non-Indigenous Australians.

That’s not surprising. Indigenous Australians have faced – and still face – significant hurdles in achieving financial security.

Land dispossession and stolen wages are just some of the challenges confronting Indigenous people. (As recently as the mid-1960s many Indigenous workers were paid in rations and those who were paid a wage often received a third of non-Indigenous pay.)

It has left a legacy that sees many First Nations people with little control over their money, no ability to build wealth and few opportunities to grow intergenerational wealth.

We also have unique cultural attitudes to wealth. A 2019 survey by the University of NSW’s Centre for Social Impact in conjunction with the First Nations Foundation asked Indigenous Australians what it means to be “wealthy”. The responses confirmed that, far from owning a home or having a small fortune in super, wealth among Indigenous Australians is a metaphor for family, community and culture. Money provides the means to care for family and community.

As a guide, one

STORY LARISHA JEROME

survey participant felt that being rich would enable them to “look after the community – because the community looks after me”.

With this in mind, financial wellness projects for Indigenous women need to be culturally safe. So, when my team and I travel to meet First Nations women in places as diverse as the Torres Strait Islands, Arnhem Land and our state capitals, we adjust our approach to suit whatever works for that community.

The common thread is huge interest among Indigenous women in improving their financial wellbeing. Women want to generate wealth for their families. They want to experience the mental, physical and spiritual benefits of good financial health. With such a diverse group of women to connect with, how do we achieve our goals?

We have built a network of Indigenous women, sharing our lived experiences, and we host monthly webinars. We offer a My Money Dream training program to develop financial literacy by talking about smart savings, setting goals, debt reduction, bill automation and budgeting.

We offer face-to-face self-care sessions that offer a culturally safe space for Indigenous women to have conversations about money – discussions that many of these women are having for the first time –followed by a women’s empowerment session and weaving for cultivating that healing and safe space for our women.

My own podcast, Rich Blak Women, which explores Indigenous perspectives on money, identity, business and community, is among the mix of resources available. Storytelling is the beating heart of Indigenous culture.

It is the chief means for recording our history and podcasts are a modern-day yarning circle.

Taking on “money shame”

Have we achieved results? Yes! We are empowering Indigenous women, their communities and their lineage. We are healing ourselves, and passing that healing onto others to overcome intergenerational disadvantage. We are giving power back to Indigenous women to feel confident, capable and educated by providing the resources they need – and the people they need for support.

Importantly, we are relieving “money shame”. Women often take care of the finances in Indigenous households and “humbugging” – the practice of asking or pressuring a family member for money – can see women give away their own money and not have enough left for their own needs.

We are empowering women to say “no” to humbugging in a culturally sensitive way when they don’t have enough to help everyone.

Our supportive, 2000-strong network of Indigenous women allows for shared experiences. We are changing subconscious money beliefs to give Indigenous women the power to do things our way.

My own experience is testimony to the power of change. As a proud Jarowair, Wakka Wakka and Wulli Wulli woman from South-East Queensland, I was raised on Darug country in western Sydney. I was not born into a wealthy family. We lived in Housing Commission, and at age 17 I was homeless and living in a residential care home.

At that point I decided the disadvantage would stop with me. Since then, I’ve worked in banking, debt collection, financial hardship and financial abuse prevention, and I am a law student and lead the Indigenous Women’s Financial Wellness Strategy here at the First Nations Foundation.

Change is possible. Financial wellbeing is achievable for Indigenous women and their communities. Initiatives like the First Nation’s Indigenous Women’s Financial Wellness Project are helping Indigenous women retain their culture of community while nurturing personal financial wellbeing, and that’s something all Australians could learn from.