ASIC wants to stop Indigenous Aussies being “ripped off”

Peter Terlato 6 July 2016

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Animated advice for Aboriginal Australians.

In support of Indigenous Australians and the furtherance of NAIDOC Week, the Australian Securities & Investments Commission (ASIC) has released a set of instructional videos about financial decision-making.

The advisory videos are part of ASIC's "Take a minute with your money campaign". The clips focuses on three key areas: motor vehicle finance, consumer leases and book up.

In the animated videos fictional characters Aunty B and Uncle Bob, representative of Indigenous elders, explain to young members of their community ways to get the best deal when buying a car and taking out a loan, how to properly rent household items and lessons on managing money and store accounts.

For example, one of the videos depicts a young Indigenous person on the verge of buying a new car. Oblivious to the salesman's deceptions and pressures, Aunty B swoops in and intervenes, grabbing the contract and cautioning against being "ripped off".

Each educational clip features breakdown of each financial topic, including more tips and teachings.

The resource material was developed by an Indigenous creative agency and tested on Indigenous consumers in remote and regional Australia.

The government will share the videos with supporting Indigenous networks and financial counsellors.

"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.

The government also encourages financial independence for Aboriginal Australians via Indigenous Business Australia (IBA) through the provision of unique schemes and home loan products designed to make property purchasing more accessible.

Check out one of the videos below and discover more financial tips for Indigenous consumers on the Moneysmart website.

Picture: john austin / Shutterstock.com

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