Building the financial capability of Indigenous small business: Lessons from a sociological study

Indigenous people are over-represented amongst financially excluded Australians, and those with lower financial capability. Research consistently finds gaps in Indigenous financial outcomes vis-a-vis national averages, including economic participation, income and assets. Cultural norms, particularly obligations to kin, are identified as barriers to greater Indigenous inclusion. Studies call for ‘culturally-appropriate’ financial policies including capability-building programs, yet Indigenous world-views on money and money management remain under-researched, restricting the ability to inform evidence-based design. Research also neglects Indigenous people living in regional and urban areas. A sociological study based on an Indigenous research paradigm, exploring money and money use in remote, regional and urban Indigenous communities, finds a culturally distinctive understanding amongst participants, which influences their world-views on financial capability and well-being. The study recommends strengths-based approaches to designing Indigenouscentred solutions which promote financial inclusion and enhance financial capability. This paper focuses on building the capability of Indigenous small business-owners.