Suncorp partner boosts First Nations people's financial wellbeing

Charity offers workshops, digital resources, financial literacy training

Suncorp partner boosts First Nations people's financial wellbeing

Insurance News

By Roxanne Libatique

Suncorp Group (Suncorp) partner First Nations Foundation has shared how its training has positively affected First Nations communities' financial wellbeing.

The First Nations Foundation charity uses a hybrid method of training sessions, workshops, and digital resources and its online financial literacy training program, My Money Dream, to improve Indigenous Australians' understanding of money management. It also teams up with financial institutions to deliver culturally appropriate financial literacy resources for First Nations communities and clients.

In its first impact report, First Nations Foundation delved into positive trends in the way Indigenous Australians manage their money, including improving how First Nations people access and set up free bank accounts, growth in understanding the significance of a good credit score, and a better understanding of using online banking tools and setting up direct debits.

First Nations Foundation CEO Phil Usher said the predominantly low levels of financial wellbeing among Indigenous communities reflect systematic and historical issues sustaining their negative impacts.

“What most people don’t understand is it's not about just telling Aboriginal people the basics of money management. It's about having the yarn on how we perceive money and how we can use it to help our family and communities,” he said. “We have to support Indigenous Australians in healing their relationship with money and how this relates to the trauma they've experienced.”

How the insurance industry improves First Nations people's financial wellbeing

Katherine Carmody, EGM digital distribution at Suncorp and sponsor of the Suncorp First Nations Employee Resource Group (ERG), said the insurance giant is committed to reconciliation and its partnership with First Nations Foundation – particularly delivering meaningful and profound outcomes for First Nations people.

Reflecting on her training experience with the foundation, Carmody said: “The training this morning was so inspiring; thank you for sharing your stories, authenticity, and courage with us.”

The Australian Securities and Investments Commission (ASIC) recently released a framework to deliver positive financial outcomes for First Nations people.

The framework outlines long-term outcomes requiring ongoing collaboration and engagement between ASIC and its stakeholders.

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