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Exploring Financial Disengagement of Indigenous Australians : Culture Matters
Cheong, May Fong Ola, Olukunle Rotimi La Macchia, Graeme Lam, Yi Bao
Cheong, May Fong
Ola, Olukunle Rotimi
La Macchia, Graeme
Lam, Yi Bao
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Abstract
Financial disengagement of Indigenous Australians stems from external and internal sources. External factors include geographical location, unemployment, lower income, and lower financial literacy. Internal factors relate to Indigenous cultural norms of sharing which influence money management practices. The High Court of Australia’s decision in Australian Securities and Investments Commission v. Kobelt highlights the cultural practice of ‘demand sharing’ and the use of the ‘book-up’ system within remote Indigenous communities. The majority 4:3 decision that Mr. Kobelt did not engage in unconscionable conduct with his practice of the book-up system with Indigenous customers indicates the relevance of cultural lenses in evaluating unconscionable conduct in Indigenous context.
Applying an Indigenous Standpoint Theory and using a mixed methodology of statistical and reflective analytical approaches with Indigenous oral testimonies, this article demonstrates that culture matters and that connection to culture and community is key to Indigenous Peoples’ identity and strength. It provides resilience and is foundational to well-being, including financial wellbeing. Thus, effective design and implementation of financial literacy and capabilities programs worked by, or in consultation and collaboration with, Indigenous Peoples will contribute to financial engagement of Indigenous Australians. The lessons learned could also apply broadly to promoting financial engagement of Indigenous Peoples in the CANZUS nations.
Keywords
Indigenous Australians, Financial Literacy, Financial Disengagement, Financial Exclusion, Financial Capabilities, Culture, Community, Money
Date
2023
Type
Journal article
Journal
Book
Volume
19
Issue
1
Page Range
45-70
Article Number
ACU Department
Thomas More Law School
Faculty of Law and Business
Faculty of Law and Business
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Relation URI
DOI
Event URL
Open Access Status
License
All rights reserved
File Access
Open
Notes
Copyright © 2023. All rights reserved.