To mark NAIDOC Week (3-10 July 2016), ASIC has released a new series of videos designed to help Indigenous consumers with key money decisions. They encourage people to take time to think things over and walk away from high pressure sales situations. 

The new videos focus on three key financial topics reflecting issues identified by ASIC that impact many Indigenous consumers.  The topics are:

• motor vehicle finance, how to get the best deal on a car and your loan;
• consumer leases, renting items for your home and;
• book up, how to manage your store account or tab.

Using the theme of 'Take a minute with your money', the videos deliver financial tips in an engaging manner through the characters of Aunty B and Uncle Bob, who represent Indigenous elders.  They guide consumers through the key financial decisions and point out the pitfalls to help people avoid being pressured into purchasing unnecessary items or signing up to expensive contracts.

ASIC engaged an Indigenous creative agency to produce the new resources, including testing them with Indigenous consumers in remote and regional Australia, to ensure their relevance and effectiveness.

'ASIC is committed to supporting Indigenous Australians make informed financial choices and avoid being ripped off by providing impartial and tailored financial literacy resources', ASIC Commissioner Cathie Armour said.

'These new resources also support and complement ASIC's ongoing surveillance and enforcement work to identify and stop financial misconduct affecting Indigenous consumers, including cracking down on responsible lending and credit laws,' said Ms Armour.

ASIC will share the resources with Indigenous networks and financial counsellors working with Indigenous people, to assist and support the education work they conduct in remote and regional communities addressing financial misconduct.

Aaron Davis, CEO of the Indigenous Consumer Assistance Network welcomed the new resources.

'Video and social media are a great way to get key financial product messages out to Indigenous consumers.  ICAN will incorporate these videos into our own financial literacy programs and social media strategies over the coming year', Mr Davis said.

Lynda Edwards, Convenor, Aboriginal and Torres Strait Islander Steering Group for Financial Counselling Australia said the video animations would be an important new tool to improve the accessibility and distribution of the financial information shared by counsellors with their clients. 

'Aunty B is a great character who really brings these financial issues to life for Aboriginal and Torres Strait Islander consumers. She's warm and engaging and I think many clients will really relate to the animations. I think the videos will be a great resource for both financial capability workers and financial counsellors working with Aboriginal and Torres Strait Islander consumers – they'll really help our mob understand how to avoid being ripped off', Ms Edwards said.

To view the videos and see ASIC's financial tips for Indigenous consumers visit ASIC's MoneySmart website.

Background

ASIC is the Australian Government agency responsible for financial literacy, consistent with its strategic priority to promote confidence and trust in the financial system.  Financial literacy is about having the knowledge, skills, attitudes and behaviours to make good financial decisions.  ASIC leads and coordinates the National Financial Literacy Strategy, which sets out a national framework for financial literacy work in Australia.  Indigenous Australians are identified as one of a number of priority audiences in the National Strategy.

ASIC's Indigenous Outreach Program (IOP) supports Indigenous consumers to be confident when making financial decisions and dealing with financial services providers by supporting the work of financial capability workers and financial counsellors.  ASIC offers a range of impartial and tailored consumer education resources for Indigenous Australians available on ASIC's MoneySmart website.

In 2015, ASIC's IOP commissioned a project[1] to understand the financial needs of Indigenous consumers, including those in remote and regional communities, and identify the gaps in the available financial literacy resources to support good financial practices. The project identified the three financial topics chosen for the animations.

ASIC's IOP works to address issues of financial misconduct by gathering intelligence about financial services providers engaging in misconduct.  ASIC investigates reports of financial misconduct against financial services providers and takes regulatory action when appropriate.  ASIC’s crackdown on responsible lending and credit laws has seen action taken against firms that failed to observe their obligations, including:

• Amazing Rentals (refer: 15-141MR)
• Make It Mine Pty Ltd (refer: 15-093MR)
• Nobby's General Mintabie Store  (refer: 14-119MR)
• Mr Rental Port Augusta (refer: 13-288MR)
• Mobile Rentals (refer: 13-245MR)
• Zaam Rentals (refer: 13-235MR)
• Channic and Cash Brokers (refer: 13-228MR)
• Ray Rentals (refer: 13-207MR).

ASIC offers a dedicated help line to assist Indigenous consumers with financial issues (Phone 1300 365 957).

Media Contact: 

Miryana Power, Financial Literacy

T: 02 9911 2884 M: 0466 568 121