Abstract:
This presentation addresses two interconnected topics within Indigenous financial well-being: retirement income systems and the use of alternative financial products.
Retirement income systems, such as superannuation, are designed to be non-discriminatory but often fail to account for the significant life expectancy gap between Indigenous and non-Indigenous peoples. This oversight results in Indigenous peoples having less opportunity to benefit from superannuation. We reviewed the literature for and against early access to superannuation for Indigenous peoples and developed some financial models based on early access to superannuation. We found that in addition to early access to superannuation, early access to the age pension is also required. Last, we propose innovative solutions to close the superannuation gap, including the development of an early accumulation superannuation product aimed at fostering intergenerational wealth for Indigenous peoples.
In this presentation, we also explore the involvement of Indigenous peoples in alternative finance, particularly cryptocurrencies and non-fungible tokens (NFTs). Limited research exists on this topic, prompting us to investigate the demographics of Indigenous Australians who own these digital assets and the challenges and opportunities faced. Through an online survey with 62 Indigenous Australians, we discovered that individuals with university degrees, full-time employment, and homeownership had significantly higher levels of NFT ownership. The main challenges reported were related to the storage of these digital assets, while the opportunities were linked to their potential as long-term investments.
Our findings underscore the need for educators to provide guidance on alternative financial products, as traditional educational systems often neglect these topics. By understanding and addressing these financial aspects, we aim to contribute to the economic empowerment of Indigenous communities. The combined examination of superannuation and alternative finance reveals the critical importance of tailored financial strategies to support the unique needs and circumstances of Indigenous peoples.
In summary, this presentation identifies and addresses key financial issues impacting Indigenous Australians. We advocate for policy changes to superannuation systems to account for life expectancy disparities and suggests innovative products to build intergenerational wealth. Simultaneously, it sheds light on the growing engagement of Indigenous Australians with cryptocurrencies and NFTs, emphasising the need for targeted financial advice and education. Together, these insights highlight the broader necessity for inclusive and adaptive financial systems that recognise and support the diverse economic realities of Indigenous communities.
Retirement income systems, such as superannuation, are designed to be non-discriminatory but often fail to account for the significant life expectancy gap between Indigenous and non-Indigenous peoples. This oversight results in Indigenous peoples having less opportunity to benefit from superannuation. We reviewed the literature for and against early access to superannuation for Indigenous peoples and developed some financial models based on early access to superannuation. We found that in addition to early access to superannuation, early access to the age pension is also required. Last, we propose innovative solutions to close the superannuation gap, including the development of an early accumulation superannuation product aimed at fostering intergenerational wealth for Indigenous peoples.
In this presentation, we also explore the involvement of Indigenous peoples in alternative finance, particularly cryptocurrencies and non-fungible tokens (NFTs). Limited research exists on this topic, prompting us to investigate the demographics of Indigenous Australians who own these digital assets and the challenges and opportunities faced. Through an online survey with 62 Indigenous Australians, we discovered that individuals with university degrees, full-time employment, and homeownership had significantly higher levels of NFT ownership. The main challenges reported were related to the storage of these digital assets, while the opportunities were linked to their potential as long-term investments.
Our findings underscore the need for educators to provide guidance on alternative financial products, as traditional educational systems often neglect these topics. By understanding and addressing these financial aspects, we aim to contribute to the economic empowerment of Indigenous communities. The combined examination of superannuation and alternative finance reveals the critical importance of tailored financial strategies to support the unique needs and circumstances of Indigenous peoples.
In summary, this presentation identifies and addresses key financial issues impacting Indigenous Australians. We advocate for policy changes to superannuation systems to account for life expectancy disparities and suggests innovative products to build intergenerational wealth. Simultaneously, it sheds light on the growing engagement of Indigenous Australians with cryptocurrencies and NFTs, emphasising the need for targeted financial advice and education. Together, these insights highlight the broader necessity for inclusive and adaptive financial systems that recognise and support the diverse economic realities of Indigenous communities.