MetLife boosts Indigenous women's financial literacy with $155,000 grant

MetLife boosts Indigenous women’s financial literacy with $155,000 grant | Insurance Business Australia

Life & Health

MetLife boosts Indigenous women’s financial literacy with $155,000 grant

Two programs to benefit from financial support

Life & Health

By
Roxanne Libatique

First Nations Foundation (FNF) has secured a $155,000 grant from MetLife Foundation, aimed at enhancing the financial literacy of Indigenous women across Australia.

FNF is an Indigenous-led organisation dedicated to enhancing the economic prosperity of Indigenous Australians. As the only Indigenous financial education provider in the nation, the organisation uses evidence-based research to design its programs and advocate for systemic changes.

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How will First Nations Foundation use the grant from MetLife Foundation?

The funding from MetLife Foundation will support FNF’s existing “Rich Blak Women” initiative as well as the newly launched “Resilient and Ready” program. The latter is specifically designed to aid Indigenous women in career development and employment support.

First Nations Foundation Resilient and Ready program

The “Resilient and Ready” program addresses fundamental financial skills such as budgeting, saving, and debt management. Additionally, it offers guidance on setting career goals, negotiating salary increases, and accessing better-paying job opportunities. Participants will also benefit from financial self-care sessions and education on avoiding scams and other financial pitfalls, along with advice on maintaining healthy financial relationships.

“It’s a great sign from MetLife to demonstrate their commitment to the financial well-being of First Nations women,” said FNF chief executive Phil Usher. “At FNF, we’re keen to team up with those who share our passion and drive to financially empower First Nations communities. We’re thrilled to have MetLife on board, supporting Indigenous women in achieving just that.”

Usher said that the program focuses on overcoming limiting beliefs and establishing healthy financial habits.

“Everything we do at the foundation follows a culture-first approach, which is the essence of why our programs are successful,” he said.

MetLife Australia CEO Richard Nunn reiterated the insurer’s commitment to improving the financial literacy of First Nations women.

“We’re committed to increasing financial literacy because we know it is vital to long-term financial health which helps people build a more confident future,” he said. “We look forward to working with FNF through this grant and continuing our journey of cultural learning to deliver better experiences for our First Nations customers.”

Importance of culturally supportive environment

A recent study by the University of Melbourne’s Faculty of Business and Economics revealed that Indigenous-owned businesses in Australia generated $16.1 billion in revenue and employed 116,795 people during the 2021-2022 fiscal year.

Additionally, research by Supply Nation and the Griffith Asia Institute indicated that Indigenous businesses are more likely to employ Indigenous people than non-Indigenous businesses.

Usher emphasised the significance of training Indigenous women in a culturally supportive environment to achieve both personal and communal success.

“Indigenous women are not only leaders in our communities but also often the ones in charge of the household budget. By empowering our mothers, sisters, and aunties, we are ensuring that we have a positive impact throughout the community,” he said.