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Extend and secure the financial wellbeing of the Indigenous and Islander community now and for future generations
Indigenous Community & Financial Services
- Higher levels of financial stress – Indigenous population (761,300 as of June 2017) only 10% are financially secure, overall approximately half of the population experience severe financial stress, this is due to probable consequence of prolonged experience of poverty. Lack of financial literacy passed down from generation to generation and/or lack of not wanting to conform to mainstream which deters the community from asking industry for assistance.
- Financial literacy amongst the community – Difference levels of literacy, lack of understanding on what is e.g. superannuation and life insurance and how does it help or impact me and or my family. May feel it is just to hard to deal with.
- Racism or lack of trust – Cognitive bias – racism (real or perceived) affects community engagement with industry and/or industry attempting to engage community members. Lack of trust by community towards industry due to a fundamental disconnect. Issues of treatment of vulnerable people etc. (e.g. Clear View Life and other providers targeting community with poor financial literacy with pressure selling, undue harassment and making false and misleading representations).
- Lack of cultural awareness of industry towards community – Intergenerational trauma: Understanding the shared past continues to impact many Indigenous and Islander people today and is still being felt personally, socially and collectively. Multi-level family structures: Indigenous and Islander households tend to be more socially complex, with multi-family/generational, in additional money is a shared asset amongst family and community along with shared decision making (therefore you are advising a family not just an individual) Issues facing remote community: lack of accepted identification, lack of access to technology, products and services, language barrier (traditional no English)
- Lower mortality – Indigenous and Islander life expectancy is lower than average, increasing the likelihood of the need to access retirement benefits earlier or accessing personal insurance (95% of community are dangerous underinsured, have no idea they hold any insurance or hold no insurance at all. Having a higher rate of poor physical and mental health, top 5 leading causes of death as follows: Ischaemic heart disease (angina or hearth attack): 70% more likely to suffer than non-indigenous. Diabetes mellitus: 4 times more likely to suffer. Chronic lower respiratory disease (lungs): smoking. Malignant neoplasm (cancer). Intentional self-harm (twice as high as non-indigenous)
Financial Advise is key to Indigenous Progress
Roberts Financial’s commitment is to work with community and industry on financial empowerment to extend and secure the financial wellbeing of the Indigenous and Islander community now and for future generations.
Speak to a professional or contact our office if you would like some assistance taking control of your financial planning needs.
Roberts Financial Foundation acknowledges the Traditions Owners of country throughout Australia and recognises their continuing connection to the land. We pay our respects to their Elders, past, present and future.