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The Conflict Between Financial Decision Making and Indigenous Australian Culture

Author

Listed:
  • Wagland Suzanne

    (Western Sydney University, Locked Bag 1797, Penrith NSW 2751, Sydney, Australia)

  • Taylor Sharon

    (Western Sydney University, Locked Bag 1797, Penrith NSW 2751, Sydney, Australia)

Abstract

Financial literacy or financial capability is widely agreed as being funda mental for financial wellbeing (Clitheroe 2004; Worthington 2008). This is particularly relevant in 21st century Australia, where the government’s policy of self-funded retirement is a critically important issue. Previous research undertaken by the Australian and New Zealand Banking Group (ANZ) in Australia, suggests when it comes to financial matters, a large proportion of the population have insufficient levels of the financial knowledge and skills needed to manage their finances into the future. Australia’s Indigenous population has been identified in the ANZ surveys as one of the groups, most at risk. Whilst education programs have been put in place to address these findings, subsequent studies in relation to Australians Indigenous population continues to demonstrate the poorest levels of financial literacy, with little to no identifiable improvement in measured skills over successive studies (ANZ 2003; 2005; 2008; 2011 and 2014). Generally, traditional Indigenous culture is dominated by family and tribe rather than personal wealth gratification; in particular these cultural values relating to money are in direct contrast to western societal values. Our research paper, the first in a series, raises two questions. Firstly is the conflict between western and Indigenous culture an overlooked factor and might go some way to explaining the poor financial literacy levels among Australia’s Indigenous population. Secondly, this paper raises questions that were highlighted in the existing literature as to the content and design of currently offered educational programs that are targeted at Indigenous Australians.

Suggested Citation

  • Wagland Suzanne & Taylor Sharon, 2015. "The Conflict Between Financial Decision Making and Indigenous Australian Culture," Financial Planning Research Journal, Sciendo, vol. 1(1), pages 33-54.
    • Handle: RePEc:vrs:finprj:v:1:y:2015:i:1:p:33-54:n:1003
    DOI: 10.2478/fprj-2015-0003
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    References listed on IDEAS

    as
    1. Alfred Dockery, 2010. "Culture and Wellbeing: The Case of Indigenous Australians," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 99(2), pages 315-332, November.
    2. Jason West, "undated". "2012-01 Financial Literacy Education and Behaviour Unhinged: Combating Bias and Poor Product Design," Discussion Papers in Finance finance:201201, Griffith University, Department of Accounting, Finance and Economics.
    3. Andrew Worthington, 2008. "Knowledge and Perceptions of Superannuation in Australia," Journal of Consumer Policy, Springer, vol. 31(3), pages 349-368, September.
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