First Nations Foundation

First Nations Foundation (FNF) was established in early 2006 by a group of respected First Australian leaders, with the vision of enabling First Australians to make informed decisions about their financial wellbeing, in turn securing a sound economic future for themselves and their communities. FNF is a not-for-profit company limited by guarantee and is an income exempt charitable institution, set up with the support and assistance of Credit Union Australia, Arnold Bloch Leibler, ANZ and Indigenous Enterprise Partnerships.

Address

Ross House, 247 Flinders Lane
Melbourne 3000
Melbourne

Website: http://www.fnf.org.au

Contact

Name: Project Officer Martha Piper

Phone: 03 9671 4780

Fax: 03 9671 4780

» Contact First Nations Foundation

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Projects in Progress

Financial Inclusion

First Australians are the most marginalised people in Australia and with a lack of accessible and culturally appropriate financial services and products through mainstream financial service providers, they are also some of the most financially excluded.

There are many barriers preventing the financial participation of First Australians, including fear of rejection, low confidence, racism (real or perceived), low levels of product experience, managing family demands, low income levels and poor job security. To address the issue of financial inclusion therefore requires financial education to go beyond the dissemination of information, to understand the impact that these factors have on the life aspirations of First Australian people and unlock how First Australians can engage with mainstream society from a position of confidence, both socially and economically, while maintaining and strengthening their cultures, values and sense of identity.

Knowledge and confidence in using money, the financial system and its products are key to managing a tight budget, planning a career, running a business or building long term assets such as houses and superannuation.

‘Closing the gap’ in critical areas of financial and economic participation is also a key to improved health, employment and education outcomes, enabling First Australians to live full and productive lives – living, learning and earning.

To achieve financial inclusion for First Australians, we believe change is required on two fronts: engaging the financial services industry and building the capacity of First Australians to work together to achieve financial inclusion.

My Moola - Opening Financial Pathways

My Moola is a financial literacy education program that was developed in 2007 through a partnership between First Nations Foundation and ANZ under a shared commitment to improving the financial inclusion of Indigenous Australians. It was piloted in the Goulbourn Valley region of Victoria with a valuable contribution from the Indigenous community.

Following the success of My Moola in Shepparton, the First Nations Foundation has support from its project partners Rio Tinto and the Australian Government to explore how the financial literacy program with its unique focus on personal development could be adapted to other Aboriginal and Torres Strait Islander communities around Australia - starting with Roebourne and Melbourne. My Moola is not a fixed program delivered by outsiders to communities. Rather, it is community led and uses a community development approach to develop an appropriate program, employing and training local facilitators.