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Ipac boss asks industry to help indigenous Australians

By Madeleine Collins
2 minute read

Paul Clitheroe has called on industry players to understand Aboriginal culture.

Ipac boss Paul Clitheroe said the financial services industry needs to improve the financial literary of indigenous Australians.

Speaking in Cairns yesterday, Clitheroe, who is the chair of the Federal Government's Financial Literacy Foundation, said the industry must understand the needs and cultures of Aboriginal people.

"It's really important that indigenous Australians get the chance to learn about money management in a way where they share ownership of the process and come up with approaches that work best for them," Clitheroe said.

"It's vital that people working in this area understand the needs and cultures of indigenous Australians." 

The financial commentator was in North Queensland to launch a booklet 'Understanding Money: Good practice in developing financial literacy initiatives with Indigenous Australians' for people who work with the Aboriginal population in financial education and services.

The booklet includes principles on handling money and compiles details of financial literacy programs, resources and consumer assistance contacts.

"We hope our booklet provides a practical and constructive resource for all those doing this important work," he said.

"It's very positive to see such a large group of government and non-government organisations, banks, credit unions and consumer agencies all working in this area."

The booklet is part of a $13 million taxpayer-funded campaign to improve financial literacy.