ASIC encourages Indigenous consumers to ‘take a minute with their money’

take a minute with your moneyTo 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.