NAB: Supporting Indigenous Australians through the Indigenous Money Mentor Network
Since the launch of our first Reconciliation Action Plan in 2008, we've started to build genuine relationships and partnerships with Indigenous Australia. The RAP aims to address Indigenous disadvantage through three key areas: promoting financial inclusion; building access to real jobs and raising awareness among NAB staff of Indigenous Australians and their culture.
To promote financial inclusion, NAB is piloting an Indigenous Money Mentor ("IMM") network as we believe many Indigenous people on low incomes are often financially marginalised as a result of specific cultural and geographic challenges. As a result, it is often difficult for Indigenous people to access culturally appropriate financial literacy information and assistance with money management issues.
The NSW Aboriginal Land Council (NSWALC) is the peak Aboriginal representative body in NSW, representing the members of 120 Local Aboriginal Land Councils. NAB and NSWALC are working together to pilot an IMM role to offer a range of services to NSWALC members.
The role of the IMM is to:
- Provide relevant and ongoing financial literacy information for NSW Aboriginal Land Council members.
- Work with clients to improve their financial wellbeing (including assistance when in financial crisis and helping clients to adopt preventative strategies).
- Provide a supported referral service to help clients obtain assistance from other service providers to address broader issues which may be impacting on their financial wellbeing (eg. consumer protection agencies, health, housing, employment and education services).
- Provide information that will assist clients to access safe and affordable microfinance products (such as No Interest Loans Scheme (NILS) loans, NAB's StepUP Loans and the AddsUP Savings Program) in circumstances where the client identifies that such products will improve their financial wellbeing.
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