Indigenous Financial Management Initiative
Following the implementation of the Cape York Family Income Management the Government has allocated additional funding for similar projects in up to six sites to improve Indigenous financial literacy and money management. The sites will be in Indigenous communities or organisations in the Northern Territory and Western Australia.
The Indigenous Financial Management Initiative will assist Indigenous individuals and families to build self-reliance, improve living standards and well-being, and improve financial and social functioning through increasing financial literacy and money management capacity.
The project will involve:
- Establishment of community-based services that will assist families and individuals in up to six Indigenous communities in the Northern Territory and Western Australia, to operate for at least 3yrs. The services will provide:
- education and intensive coaching in financial literacy and budgeting
- use of tools to implement family budgeting and savings assistance with accessing financial institutions, products and services
- on-going budget monitoring, related family support and referrals
- bill paying and purchasing assistance
- linkages with other local economic and social development initiatives and services.
- Development of financial literacy education materials and budgeting tools for use in community organisations.
- Development and implementation of a training and materials distribution strategy, including negotiations with training providers (RTOs, schools, banks).
- Agreements with financial institutions on project support and/or tailored products and services.
- Development and implementation of appropriate and robust evaluation strategy.