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“Money Is for Caring”
CAEPRSeptember
2015
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Lack of access to safe, affordable,
appropriate financial products & services
Source: Measuring Financial Exclusion in Australia NAB 2014
FINANCIAL EXCLUSION IN AUSTRALIAA Growing ‘Under-banked’ Population…
CAEPR @ ANU September 2015
17%
“Under-banked”
Indigenous 2.5 times more excluded:
Source: Measuring Financial Exclusion in Australia NAB May 2012
- Persists, but why?
- Irrespective of location
- Cultural barriers
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- Low financial capability
• World-views on:• money• financial capability
• well-being
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PhD STUDYThe INDIGENOUS Lens..
• Well-being: ability to achieve the financial goals that Indigenous people value
• Strengths-based: culture as an enabler rather than a barrier, to greater inclusion
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CAEPR @ ANU September 2015
BEHAVIOURAL ECONOMICS What is financial capability?
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CAEPR @ ANU September 2015
Ability to make informed decisions about money, in order to improve one’s well-
being…
ECONOMICS 101What is money?
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CAEPR @ ANU September 2015
DEVELOPMENT ECONOMICSWhat is well-being?
Adapted From: Human Development & Capabilities Approach (Amartya Sen/Martha Nussbaum)
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CAEPR @ ANU September 2015
‘Fre
ed
om
’ to a
ch
ieve g
oals
you
valu
e
INDIGENOUS RESEARCH PARADIGMQualitative: Sociology & Behavioural Economics
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CAEPR @ ANU September 2015
SOCIOLOGY OF ‘INDIGENOUS MONEY’Culturally Distinctive vs. ‘Anglo-Celtic’ money…
Money is not top priority, caring for family is…
One of many resources, sharing vs. saving…
Domestic boundary: large & fluidFamily Cluster: financial unit > nuclear household…
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CAEPR @ ANU September 2015
Imposed from the ‘outside’
Role of community elders
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SOCIOLOGY OF ‘INDIGENOUS MONEY’Culturally Distinctive vs. ‘Anglo-Celtic’ money…
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CAEPR @ ANU September 2015
• History: colonisation/dispossession
• ‘Disconnect’ traditional knowledge (trade & exchange, valued resources)
• Remote: recent/not much education
• Regional/urban : cultural identity
• Role-model using money ‘wisely’
• Custodians - impart knowledge
• School-based education
‘IndigECONOMICS’ 101 What is ‘Indigenous money’?
Medium of relationships,
not just exchange..
Family is the store of long-term
value..
Caring is the unit of account..
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8ACFID @ Monash June 2015
FINANCIAL DECISION-MAKING & CAPABILITYInfluenced by ‘Indigenous Money’ …
Culturally Distinctive‘Indigenous-money’
Family & domestic boundary is larger
than nuclear household
History - Money has been imposed
from ‘outside’
Money prioritised for caring for
family over saving
Knowledge, goals & aspirations about money
Controlling money whilst maintaining
relationships
Individually Owned, Joint Use
Discretionary Spending
Managing & using money whilst maintaining relationships
‘Chuck-in’ style
Female-managed, male control over big decisions
Role of elders in using money
wisely
Distinctive banking patterns
Know more about ‘both’ worlds
Want to ‘Connect’ and build on cultural knowledge
Use wisely + retain cultural identity
Feelings about & attitudes to
money
Feel positive if choices reinforce cultural norms, negative if clash
Money is for survival
Money is for caring
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Family & Community Goals
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CAEPR @ ANU September 2015
FINANCIAL CAPABILITY & WELL-BEING‘Freedom’ to achieve financial lives they value…
Adapted From: Human Development & Capabilities Approach (Amartya Sen/Martha Nussbaum)
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CAEPR @ ANU September 2015
INDIGENOUS FINANCIAL EXCLUSION Culturally Distinctive Capability & Well-being…
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CAEPR @ ANU September 2015
INDIGENOUS FINANCIAL INCLUSION ‘Culturally Appropriate’ Design…
PRODUCT DESIGN
REMOTE SERVICE DELIVERY
CAPABILITY
‘UNDER-BANKED’ POLICY
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12ACFID @ Monash June 2015
INDIGENOUS FINANCIAL CAPABILITY‘Culturally Appropriate’ Design…
Elders are vital:custodian, role model &
mentor
Connect to traditional knowledge:
resources, rights/obligations
Language of ‘Caring’:saving, managing, goal-
setting
Individual Obligations, Collective Benefit
Collective support to achieve goals
Care for Oneself to Care for Others
Goal-oriented Savings
Build elders’ capability
Practise skills in family
Allocate, Manage & Preserve Manage Money to
Manage Wellbeing
Family & Community Goals
Learn by Example & ‘Doing’
Family & domestic boundary >
nuclear household
History - Money has been imposed
from ‘outside’
Money prioritised for caring for
family over saving
Role of elders in using money
wisely
Collective governance & controlM
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13CAEPR @ ANU September 2015
[email protected] University, Melbourne+61395709393
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Money & Financial Capability: Indigenous Australia‘Indigenous-money’ - regional & urban
‘Indigenous-money’ remains
culturally distinctive
vis-à-vis literature
on ‘Anglo-Celtic’
money..
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Some differences in context
-employment-perceived racism-cultural identity..
& differences
in:
-gender-inter-marriage-control of money-talk about money
yet
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